Los Angeles herald., 1907-05-28
SLOWLY
MELTING AWAY
TRADING IN WALL STREET
LACKS EXCITEMENT
Conditions Are Traceable to Urgent
Liquidation and an Almost Utter
Prostration of Demand for
Securities
BY Associated Press.

BY Associated Press
NEW YORK, May 27.-The combination
of urgent liquidation an dan almost utter
prostration of demand for securities ac-
counted for the melting away OF prices IL
the stock market today.
A striking feature of the days move
ment was the lack of excitement N tne
trading and the absence of feverishness
in the fluctuations. The extent or the de-
clines gave rise to uneasiness and appre.
hension that damage would result put
the mood of the speculation was rather
one of quiet looking on to observe than
of any marked perturbation manifest IN
usual ways.
The liauidation came from time to time
In recurring waves and blocks of stocks
In indefinite amounts were fed into the
market at steadily declining prices until
when feeble rallies would result on short
covering by the room bers, VINO TOOK
quick profits at intervals. 1t was salo
of the market that the demand from the
the only selling there was.
The fall in prices was not panicky or
cisorderiy and the volume ct business re- re.
execution of buying orders to meet the
selling which was effected. There was no
sign of any attempt to support the prices,
emily to drift on the tide of circumstances
and to find level at which new forces
would develop to set in motion some ao,
the most severe declines:
But these operated rather to aggravate
the general tendency, than to generate
ward tendency of prices In itself helps to
paralyze the demand owing to general
doubt how far it may proceed and the
desire of the buyers to await the most
advantageous opportunity 1t is suspected
that the same spirit helps to aggravate
the stringency in the capital market as
distinguished from the immediate rates
for Fnturp Canifal iSSnnS DrOmiSa
indefinite extension and the increasing in
ducements offered to capital In successive
issues whets the appetite to wait for fu-
ture advantages.
Meantime obligations already incurred
to subscribe fo rrecent issues must be met
and liquidation of older issues on fall
ing market seems to be the only re-
course. There were recurent reports also
today of necessities growing out of the
dissolution of large stock exchange firm
and the attempted transfer of accounts Of
its clients which were forcing settlements
in the open market the recurrence of
cold weather in the wheat belt awakened
| renewed uneasiness over the final out
| come of the years crops.
Reports of railroad traffic officials re-
| ported some extension of the same spirit
to the general business situation with a
resulting lighter freight movement. The
influences from abroad were unfavorable
| A failure of some Importance was re-
| ported In the London stock market and a
| drop In copper in London was hurtful.
The demand of Paris for gold was sue
cessful in securing the metal In London
at the highest period of the year. Dis
counts also rose in London, but sterling
exchange fell at Paris and held steady
here. The result was the Inauguration of
gold exports from New York by an en-
gagement of $S00000 for shipment tomor-
row with more in prospect for Thursdays s
steamer. The local money situation was
unaffected by this development. The an
nounced intention of the New York
authorities to proceed for the collection of
franchise taxes made the public utilities
stocks especially weak.
the Pacifics, Reading, some Of the south,
ern group and similar speculative favor
ties are down, from to over points upon
The day. Much wider declines were shown
by some Of the dormant stocks. The
closing tone was irregular and uncertain,
although not at the lowest.
$1,596, 900.
Government Is coupon advanced X and
the registered 81 per cent on cali. 20