The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-07-30
MARKET Is BEARISH
Gold Exports, Rate War. and
Boise Upset Spectators.
FEW RALLIES ARE FEEBLE
Shares or from One 10 Two Points at
Close OF Days Transactions-Ae-
Rio Tinto Leads All Other Cop
Pers on Downward Path.

New York. July 2s.-The renewal Of the
gold export movement. the revival Of
unfavorable rumors regarding the health
of member Of the Standard OIL party,
the North Carolina rate matter, and the
acquittal Of Haywood which was re-
garded as a triumph for the Western
miners federation. enabled operators op-
posed TO an upward movement of prices
TO attack the market with success to
day and TO shake out a good deal Of
stock that had been weakly held for an
advance.
AT the opening, prices were not far
away from the level of Saturdays final
quotations. some stocks being fraction
ally higher and others fTactiouaIly lower
than al the end OF last week. but before
business had been under way for more
than few minutes, "a declining ten
dency set in that continued with few in
terruptions till the close.
The rallies were feeble. and each was
made the occasion Of a new demonstra-
ton against the market. that as a rule
carried prices 10 a lower level than they
had touched on the preceding decline, and
il the last hour the downward move
ment became quite pronounced. so that
at the end many of the leading stocks
were off from one to two points on the
day while one Of last weeks market
leaders, Union Pacific, was of three
points.
Notable Absence OF Support
Activity increased as prices declined.
and the absence Of support for the mar
ket was taken as an indication that the
public had not responded to recent ma
nipulaton conducted with view to in
ducing them to come IN and buy certain
stocks which, for that purpose, had been
made very active in the trading.
London was seller Of stocks IN the
local market and there was pronounced
weakness on the exchange in the British
capital which affected all departments
and sent the price of consols down 10 So
ILLS which was not only the lowest since
the rate of interest was reduced. but the
lowest record made by this security in
nearly sixty years. Some Of the weakness
abroad was traced TO fears Of difficulties
In Manchester the, great cotton mauufac-
turing center, on account of affairs in
Egypt but apart from this there was an
apprehension regarding the outcome OF
the settlement just begun. and of the
Paris settlement which viii Immediately
follow
The decline Of SO ton in the price of
copper naturally had the effect of further
depressing Rio TintO. which in turn re-
acted upon the market for the copper
stocks on this side.
Demand for S5,0OO,OCO, Ia Gold.
One of the most unexpected of the DAYS
occurrences was the activity in the de-
mand FOR the e1,000O00 of gold laid down
in the open market IN London. which
caused an advance of nearly a penny an
ounce in the price, and forced the Bank
Of England to content itself with e356.0oo
while e50G000 went 10 the continent. pre-
sumably for Austria, and f1@.00J was
taken by India. The activity in the de-
mand for the metal abroad, coupled with
the advance in the change rates here.
made it inevitable that the question of
exports from this sidde would again have
20 be reckoned with as "a stock market
factor and when, about noon. il was an
nounced that an engagement of $500 0pJ
had been made for shipment to France
by to-morrOw's steamer, the announce
mcnt caused comparatively little sur
prise.