The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-07-30
WALL STREET NOTES
Lowest Level for COnsOlS i'll
Fifty-nine Years.
STUMP AFFECTS ALL STOCKS
Paris Makes Insistent Demand for
Bar Geld, with Result that Prices
Cover Cash Fredericksburg Quo
tiOns Lowest of the Day.

New York, July "a day in which the
money situation occupied attention TO the
practical exclusion of all else opened with
London news of another decline In con-
soils. carrying the price TO a new low
record for flfty-nine years.
1t was the first day Of the London set
Element, and there was a disposition TO
couple the decline with the failure Of the
Manchurian loan and other subscriptions
Offering in London, and declare that the
money situation in the greatest of all
money markets was very delicate. Al
most cOnCurrently. there came reports Of
an advance Of the price Of bar gold in
the London open market, the advance be-
ing made IN response TO Paris insistent
bidding for gold The tendency TO grow
bearish on London advices was promoted.
also by reports Of a less authentic char
acter, representing the Egyptian situation
as more unpleasant than has generally
been believed
Altogether it was a blue opening Of a
Monday that was blue all day. Some
prominent international bankers contend
ed that the street placed too much i'm
portance In the decline In consols. Il
was pointed out that there was no merit
in comparing them with such issues as
our own government bonds, for instance,
for the reason that the price Of consols
IS regulated entirely by the Investment
demand while the price of governments
here is held by the demand for the bonds
as a basis OF circulation
The bearish effect Of other develop
ments in the foreign or international
money markets was not so readily ex-
planned away Following upon the re-
sistance offered by London to Paris de-
mands for gold. there was a decline OF
Z centime in the Paris check on London.
In natural sequence. there was a very
firm opening to the foreign exchange
market here, with demand sterling az
t:S7 2-5, up 10 points from Saturdays
closing. and rates thus at or close 70
the gold export point, according 10 one
calculation or another
1t became known that the Bank Of
France held open its offer TO advance
funds against gold engaged here. and
export movement on a substatial plane
stood out more prominently after the
engagement Of $4,000 for shipment. The
engagement he'd very little effect on
rates. demand sterling receding but 5
points and closing points up on the
day. Many bankers remained of the opin-
ion that the movement would assume
large proportions. but none was positive
in giving expression 70 this view.
a strong bearish sentiment. created by
pessimistic views of the money situation.
prevailed, and produced a selling pres.
sure under which the market sold off
steadily. The professional element was
bearlsh to a close approach TO unanimitv.
Seemingly traders were so strong in this
view that very few considered II advisa-
bic 10 cover any cash profits before the
close.
In many Of the active stocks. the last
sale was the low sale. Almost without
exception. the others closed at OF close
TO the low.
The outcome Of the Haywood trial and
the compromise in North Carolina were
often referred TO as developments not
tending 10 Increase confidence in the Sc
curity Of investments.
Southern Pacific made a new high rec
ord for the year, 915s, in a very temporary
and solitary rally. The new price was
only held for an instant The close was
1912, rs points off for the day.