The Washington herald., 1907-07-09
WALL STREET NOTES
Paris Again Buying Gold in
New York Market.
COPPER AND ST. PAUL ARE UP
brokers' Look 10 July 10 as Red Let
ter Day, for Then L. p. and Atchi-
son subscriptions Expire and the
Government VIII Ask Return of
S3O,OOO,OOO DepOsits-GOssip.

New York, July s.-Paris took 81, 100, 900
from New Yorks gold supply to-day and
London sold. IT was estimated, 1900
shares on balance In this market. These
two events, apart from market move
ments of a purely professional or ma
nipulative nature. were the principal
market factors Of the day.
Naturally enough they accentuated the
feeling among conservative brokers that
the bull movement was ill-adwsed and
untimely, and that It is unreasonable 10
expect a continuation of it In a pro-
nounced degree as long as the money
situation remains unsettled and con-
fused. The feeling undoubtedly prompted
a great deal OF proflt-taking and much
short selling.
The sentiment which induced the Lon
don selling was believed to have been
created principally by the unfavorabIe
bank statement Of Saturday,
The strength Of bullish manipulation
to-day was concentrated on Amalgamated
Copper and st. Paul. which were marked
up very rapidly in the early trading and
held above Saturdays closing prices
throughout the session. An attempt was
made to find believers in a rumor that
st. Paul was to be leased to another
system, the lessor company to guarantee
10 per cent dividends on ST. Paul stock.
but the street was not in a credulous
mood. The buying of both stocks, it ap-
peared, came principally from alert trad
ers who have been following closely on
the heels Of the manipulative element
since the movement began.
There has been a disposition to con-
slider Wednesday. July To- as the day on
which the market might be subjected 70
its most severe test. Many brokers. IN
their letters to customers. point TO II as
the red letter day of the immediate future.
and undoubtedly its developments are
looked forward to with unusual interest
in all circles 1t is the day not only of
the expiration Of the subscription for
Union Pacific and Atchison convertibles.
but Of the government crop report ana
the return OF S3o,O00OOO government de-
posits.
The opinion prevails in both wheat
meFket and stock market circles that the
government crop report will be distinctly
favorable
Western Union lost points net, and
sold down to 75lk, new low record for |
the year. There was also a decline of . |
points in Mackay companies The trans
actions In Western aion aggregated /
500 shares, and show, I'm part. it was I
thought, selling by stockholders, who are /
worried over the labor troubles affecting /
the company.
The only support the bull party has |
in the course Of the movement
is professional support. which has /
probably been more expensive than help
full To the professionals. who three weeks /
ago were respondent over the fact that /
there was then no swing 10 the market, /
the movement has been a great boon.
They have followed in the trail of the
manipulators eagerly and joyfully. and
have been delighted at the complaCent
manner in which the bull party has per
mitted them to take profits. Many OF
them yesterday closed out long lines. and /
were surprised as we'll as pleased 10 find
the bull party aggressive enough 10 per
nit profit taking without a greater re-
action in prices.
The commission houses will have moth
ing TO do with the bull movement. Con
sentative bankers, practically with
consider il imprudent in view
Of the very unpleasant money situation
and the public positively will not take its
money out Of savings banks and put it
into stocks.
Notes
London settlement begins on Wednes-
day.
The government crop report on Wednes-