Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-07-10
Days Dealings Showed Large
Number Of Declines.
VERY SHARP BREAK TODAY
Retreat of Bull Manipulators Savored
of Rout.
RETURN TO JUNE AVERAGE
FURRY in Rates for Call Loans Due
Unusually Large Transactions.
The Gold Export.
VERY SHARP BREAK TODAY
RETURN TO JUNE AVERAGE

NEW YORK, July 1O.-Numerous and va
rous reasons might have been named in
connection with today's very sharp break
in the stock market. but after all it was
probably true that the best explanation
OF the further reaction in prices might
be named in the abrupt abandonment of
the ill-advised bullish manipulation which
was inaugurated little over two weeks
ago.
The retreat of the originators of that
undertaking began undoubtedly Mon
day. when the stirring appeals for outside
cooperation were being 2 ,vertised in large
type in the newspapers. Today the re-
treat developed into little less than
rout, as was evidenced in the fact that the
two stocks which had been particularly
touted for an advance of from thirty to
fifty points broke from three to six
points.
Nothing further was heard from the Bos-
ton oracle, but it was suggested that MS
next bulletin might be in the form of an
apology to his followers that he had been
too busy to notify them that he himself
had been engaged in realizing profits over
their heads.
The days dealings showed a large num-
Der of declines which. in point of maximum
extent. have not been exceeded in periods
of really extreme decentralization
Victims of Bull Market.
1t was the common observation, however,
in Wall street today that anybody who
had been misled by the recent machine
made bull market" had only himself to
blame. the thoroughly artificial char
acter of the movement was not only a mat
ter of general knowledge, but of public
comment. 1t should be said. on the other
hand, that the undertaking revealed no lit
tie courage and speculative discernment on
the part of Its engineers, and, whatever
may be the net results. they at least dem
onstrated clearly the thoroughly liqudated
state of the market at the time their opera
lions were instituted.
Action and reaction being equal, and In
opposite directions, II may be assumed that
the general market will return to the levels
at which it rested when the manipulation
was instituted, unless genuine outside in
terest is stimulated strongly in one direc-
ton or another by more powerful influences
than were instrumental in the late rise.
Substantial Progress.
Very substantial progress VS.. at all
events. made today in the return to the
average prices of June "a. AS already men
toned. however. the days ategory of top
les furnished, for the most part, unpIeas-
ant reading.
The London stock market was generally
heavy. with positive weakness showing in
the American department, and the quota
tons from that point were followed up by
selling for foreign account aggregatng
about 5000 shares.
By reason of today's unusually large
transactions bearing upon the money mar
ket there was Hurry in the rates for
call loans. notwithstanding which an addi
tional amount of s1,OOO,OO0 gold was
gagged for export to Paris.
The opening of the federal prosecution
of the American Tobacco Company. with
its implied menace of a receivership for
the property, while not matter of novelty
naturally created q liSuIiefinp
irrespective of the views which were gen
orally held to the success of the govern
mentS undertaking.
In the general depression Of speculative
sentiment the so-called japanese question
likewise engaged a larger share of atten-
ton than has been the case heretofore.
Expectations with regard to the govern
ment crop report found little reflection in
the grain market. which was sluggish up
10 the time of the publication of the gov
eminent estimate.
Some Severe Declines.
Notwithstanding the severity OF the de-
clines in a large number Of stocks, there
was not much in the way OF novelty to
be adduced in connection with particular
movements. This only natural. how
ever, when the character Of the rise in
prices during the past two weeks is con-
sidered.
Amalgamated Copper broke sharply. but
II was open to question whether the de-
cline In that instance was based upon the
reduction in the selling prices for copper
metal. or whether it was due to the iiqui-
dation of Lawson and his following. Mel
Their could anything more specific be
ELECTED in connection with the exceptional
weakness in ST. Paul.
The securities of the American Tobacco
Company and of the marlborough Metro
pOlitan Company were weak, but no more
30 than many other issues against which no
specific market arguments could be dI-
rected.