The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-07-13
WALL STREET NOTES
Market Wholly in Hands of
Professional Traders.
BEARS SHAKE DOWN STOCKS
Go After Reading, 81. Paul, Union
and Southern Pacific, Copper, and
SteeI-LOndOn Prices Are Slightly
HfEher-Bad Bank Statement IL
Feared-Can Money Easy.

Feared-CaH Money Easy.
New York, July 12-''This market" said
one Of the professionals to-day. ''resem-
bles nothing so closely as a race track on
/ days when there are no stake events.
Only the regulars are here. The touts are
around, but doing nothing, because there
+ Is no one to work the tips on, and there
fore there Is a scarcity OF tips. All the
/ speculation is between the regulars. one
group trying to get profits from another
/ and both paying commissions TO brokers.
much as race-track regulars bet against
one another through booSmakers and let
the bookmakers get their profits by bal
ancing books"
There was a large but not over strong
bear party which furnished a fair portion
/ Of the business Of the day. The party
worked on the idea that the buH eontin-
gent which furnished support TO the mar
ket up 20 Tuesday had big blocks of stock
/ left after the upward movement collapsed,
and was intent on putting these stocks
out until the bottom of the bag was
reached
/ There was stil in the bag, the bears in
sisted, Reading, st. Paul. Union Pacific.
and Southern Pacific, Copper, and the Steel
stocks, and they proceeded TO attack them
all. II was a wide scattering Of ammuni-
ton. and many traders considered it
very ambitious campaign for a party
which might soon exhaust even its re-
serve ammunition. The campaign. 1t was
said after the close, was regarded with
/ interest by some Of the large holders of
stock left over from the bull movement
and there were indications toward the
close that at the time they noted slack
ening of the short selling, they took meas
/ ures 20 capture whatever spoiis might be
] won from the attacking party.
With the exception of this and other
minor professional operations. the market
was dull and without other features than
those tending TO throw light on the tech
meal position
The London market. like the local mar
ket held firm and displayed a slightly
/ advancing tendency for the first time this
week Just before the opening here, Lon
don sent over prices II to / point above
the parity of Thursdays New York clos
/ ing indicating that the speculative lqui-
dation abroad had run its course, and fol-
lowed up the advance by moderate pur-
j chases in the New York market. Lon
( don buyers got their stocks cheaper here
than AZ home, the New York opening be-
ing below London prices, and, for once
/ got in pretty close TO the bottom OF the
days fluctuations.
Fears of a bad bank statement, based
principally on the loss OF 100000 by the
banks TO the subtreasury in return Of
government deposits, were largely ex-
pected from the unexpected ease of call
money. TIE highest rate Of the day was
( "a per cent, with most OF the renewals
made at the moderate rate Of 4 1-2 per
cent. and in the afternoon loans were
made as low as ? per cent.
The banks must have a fair reserve, st
was argued, If they can put out money
at the highest rate of the day. The loss
TO the subtreasury must have been COM
pensated by gains in other directions. and
ii was pointed out also that on account
Of the system of averages the loss by
return OF government deposits would
show In the statement for but two days
out of the six.
Some t-rnid stakeholder of the Ameri-
can Snun Company, one Of the subsidi-
aries Of the American Tobacco Company,
came out and offered 100 shares. He
found purchaser at 1872 10, $50 a share
below the price on the last previous sale.
The transaction attracted attention be-
cause Of all inactive stocks on the list,
Snuff has latterly been one OF the most
dormant.
In another speciality there was a note
worthy transaction. American Ice break
ing to 55-9 points off-on a sale Of but
800 shares.
Some American buying Of Canadian Pa
cific is reported in London.
The Seattle assay Office now ranks
second to New York in volume Of gold
receipts.
Money moderately easy abroad, but
further decline IN rates not looked for.
Officially announced subscriptions for
Union Pacific debentures exceeded $780,
900. so that underwriting syndicate would
take rather less than ST.. OOO000
I Thirty-eight roads for the fourth week
OF June show an average gross increase
OF 1861 per cent.
LOCAL FINANCIAL GOSSIP.
Three features Of special interest de-