The Washington herald., 1907-05-28
No Satisfactory Explanation
for Fall Is Given.
PRICES RALLY BEFORE CLOSE
Export of Gold, Crop Conditions, and
Weak selling in London Cause De-
preston in Market - Excellent
Statements by the Rock Island and
the AtchisOn Practically Ignored.

Of the stock market to-day and general
declines in prices that took place. there
were few matters of news or other specific
influences tnat could be found on which to
base comments concerning the market or
to explain in any satisfactory way the
movement in values.
II seemed TO many observers as if direct
reasons for the fall in prices were largely
Of the same psychological nature as those
which were operative a week ago to-day.
To-day. as on last Monday, the profes-
sional trading element entered Wall street
discouraged and pessimistic as the result
OF their reflections since the close Of the
stock exchange on the Saturday preced-
ing. and these considerations appeared
10 consist largely Of the feeling that as
there was nothing in sight to cause an
advance in the market. the probabilities
were that prices would continue to sag
to lower level.
There were. however, two or three de-
veiopmen:s in the earlier part Of the day
that no doubt assisted materially in the
selling Of stocks The large export Of gold
from London to Paris to-day, this occur
ring upon purely exchange transactions
as distinguished from a liquidation Of in
debtcdness and assuming the form Of pur-
chases by French bankers Of Sioo),o9o Of
the $4,000 laid down in London. was an
unsettling factor in dealings in stocks IN
the British capital
London House Fails.
The depression there was accentuated,
naturally. by the announcement Of the
failure of a large stock exchange house
although in the early transmission Of the
news 10 this side Of the Atlantic the name
of the failed firm was confused with that
Of another and still larger house, which
in no way was involved in trouble.
These developments preceded, moreover,
the London financial settlement which be
gins tomorrow, So tnat the Londcn mar
ket was weak all day. and at the opening
Of the stock exchange here the agents Of
London houses appeared with orders to
sell. as was estimated, from 2o,0o0 to 25,01)
shares Of stocks.
The selling Of this amount Of stock was
the one thing needed apparently TO brins
about general liquidation in the market
and from the beginning of business until
the last half hour Of the official day the
selling of stocks assumed the form Cf
veritable downpour and produced a fall Of
from two 20 eight points IN quotations
throughout the list
In the last half hour of business prices
rallied about a point or a little more in
the standard shares, but the rise was not
very vigorous. and seemed 20 be due 10 no
more substantial buying than the retire
meut of speCglativ, commitments Tor the
fall
The market was admittedly adversely
affected to-day. not only uy foreign sell
ing Of securities, but by the continuance
of uoor weather for the crops and 10y the
announcement of gold shipments 10 Eu-
rope from this city as well as from Lon
don. DISPATCHES from the West told Of
freezing temperatures i'm many different
sections of the winter and spring wheat
regions. and. indeed, abnormally bad
weather conditions FOR the crops are re-
ported I'm almost every quarter of the
country.
Gold Export No Surprise.
The gold exports that were to-day ar
ranged for had been long foreshadowed.
ONLY Ss110lu was sent, but it is probable
that at least four or five times this
amount will be shipped before tha week
is over; and the strength Of sterling here
to-day. compared with the weakness of
sterling in Paris, despite the engagement
OF gold, gave proof that the French de-
maud for the yellow metal is still unap-
peased.
The strike Of machinists on the Erie
Railroad system seemed to-day 90 be
petering out. and two very excellent state
uents Of railway earnings for April We're
made IN the Rock Islands report Of an
increase Of $1.231o)J in gross and of
$4,000 net and Of the Atchison's in
crease Of S1,6s0,0)0 in gross and S1J2lJ
net.
But not the slightest heed was paid 20
these matters in the financial district,
where attention solely cCnverged upon the
pressure TO sell stocks that was shown.
Nothing more can be said in reviewing
the days market as whole than that iJ
appeared TO be Of the same sort as the
market for many days past.
Rum0r was busy, as it has been in recent
weeks. in most mouths with the name
Of this capitalist or that speculatOr who
was selling stocks either because the
chances Of disposing Of them az a profit
seemed small or because he was compel
ed TO do so in order 10 protect financial
ventures that could not be readily closed
out.
There was, if anything. an increase in
the borrowing demand for stocks to-day,
and It was plain that out and out specu-
lative manipulation for the fail in prices
had much to do with the market. The
average price Of the railway stocks at the
close were still about -. points above the
low record level of the year made on
March q. although new low records We're
made in many individual cases.
TREASURY STATEMENT.