Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-08-09
Tendency of the Market Was
Downward.
LOSSES UP TO FIVE POINTS
Money Rates Hardening, Time Loans
More Difficult.
REFLEX FROM CURB MARKET
Selling for Foreign Account Was
Heavy and Affected Cana
dian Rails.
LOSSES UP TO FIVE POINTS
REFLEX FROM CURB MARKET

Spe,l,l I.s-.tSh TO The Star.
NEW YORK. August 9.-The general ten
denotes of today's stock market were In
close conformity with those which nave
prevailed throughout the week. More OF
less extensive declines were scored In all
directions. the losses ranging between frdc-
tiOnal Limits in some stocks and three TOUR
and five points in others. 1t Is rather mo-
notonous to state that the circumstances
governing the course of prices were ldenu-
cal with those which have engaged at
tention since last Saturday. but such was
the case.
There was nothing in the news of the
morning of a financial character calcu-
lated to engage attention or to influence
speculative operations aside from the
rather pronounced weakness of the London
stock market. English consols fell there
to a new low level. and the American de-
partnent continued quite unsettled. Oper-
ations here for foreign account showed a
large preponderance of sales.
The preliminary estimates of the princ-
pal movements In currency during the week
pointed to loss in cash by the banks of
about S2,JO.CO but the consequent bear
Ing OF this unfavorable balance upon to-
norrows bank statement may be reduced
somewhat by the change in the location OF
call loans incidental to- this weeks rise in
the rates for money. Money on call aver
aged today between and AZ per cent. and
SUI! nrmer tendencies We're reported In the
negotiations for loans for fine periods.
Sales for the Account
1t was probably true that the sharp de-
clines In Standard Oil stock in the curb
market to the lowest figures reached in
several years had a good deal to do with
the weakness of the stock exchange mar
ha
various prices with no bids whatever ap-
pearing. situation almost without prece-
dent In the earlier part of the week
Standard on stock had shown a rather
striking apathy to last Saturdays drastic
decision in the federal court at Chicago
consequently todays abrupt decline carried
all the more influence upon sentiment
The quite heavy selling for foreign ac-
count in the local stock market was re-
Elected chiefly in a very sharp decline In
Canadian Pacific. which was presumably I'M
favorably influenced by the passing of the
dividend on the third preferred stock of
the Grand Trunk Railroad of Canada For
the most part. however. transactions in In
dividual securities were as little influenced
by specific development as has been the
case throughout the week. Exceptions
might, perhaps. be noted In the case Of the
marlborough Metropolitan securities. in
Guiding the IA per cent bonds which broke
very sharply.
TIE course of the investigation of the
company's affairs by the public service
commission was again held accountable for
the weakness in these issues. 1t Is hardly
necessary To say that little that was at all
novel attended the declines in tire United
States Steel shares. mariCau Smelling or
Amalgamatej Copper. and the same COM
ment might be made upon the movements
IN such stocks Reading. Union Pacific
Southern Pacific. St. Paul. Great Northern
preferred and Northern Pacific.
To sum up the days market situation 1t
might be said that the identical subjects
which Were talked about on Monday were
discussed today with the same effect upon
sentiment and the course of prices