The Washington herald., 1907-04-16
MARKET SAGS AGAIN
Selling Pressure DriYeSDOWn
Prices at Opening.
CONSOLIDATED GAS IN a RISE
of Failure of stock
Exchange House Causes No sur
prise nne Proves benefit 80 the
Market-Foreign Conditions Are
Somewhat UngayOrabIe.

New York April 15.-There were three
distinct and separate movements in the
course OF prices on the stock exchange
to-day. Quotations throughout the list of
securities declined very rapidly in the
first fifteen or twenty minutes of trading
under violent continuation of the selling
pressure, which was brought to bear
against the market on Saturday; and this
succeeded in the time stated in depressing
prices from 1 10 8 points in the active
stocks.
A little later came the announcement OF
the failure Of a stock exchange house
whose unstable position has long been
a matter of common gossip in the finan-
cial district; and the market then rallied.
as it generally does on such occasions, in
pursuance Of the cheering reasoning that
the bad news affecting the market is
"Out. " and that the worst about the situ-
alton is fully known.
The advance was carried on in lively
fashion. and, therefore, by midday all the
days earlier losses, and more than these,
We're recovered. It was clear. however.
that the rise was due more than anything
else TO the retirement of commitments by
operators for the fall. for after it cul
minated and following short intervening
period of dullness, prices once more fell
off to the days low level. and in one or
two instances TO points below this.
Prices "A Little Stronger.
At the close prices We're once more
little stronger. but net declines Of over a /
point in the prominent issues were COM
mon
To the general participation in these
swings IN the market to-day there was
only one notable exception, the C0nsoll-
datea Gas shares. The stock IN question
advanced even in the early part OF the
day when the market was weak, and at
one time was more than > points above
its close on Saturday. Its price declined
q little in the afternoon, but was still
such at the close TO cause the stock 10 be
quoted at a gain of % points for the day.
The cause for this. presumably, was
the confidence of certain investors that
IA the litigation now pending 20 deter
mine the cOnstituuOnality of the act Of
the State legislature heavily reducing the
price of gas in this city, the Consolidated
Gas Company viii be successful But as
an appeal will undoubtedly be taken TO
the Supreme Court of the United States
by either party 10 the controversy from
the decision of the lower Federal court.
whatever the character of the decision
may be, the upshot of the matter is OBJ
viOusly not near at hand
Influences affecting the market to-day
were not very important one way or the
other. and seemed TO be of a more or less
mixed sort. The failure of Stowe & Co,
to which reference has been previously
made. was considered as Of slight mo-
ment. as it was understood that the busi-
ness done by the house recently was not
sufficiently large.
The foreign markets were inactive and
more or less unsettled. the favorable ef-
fact of q lowering Of money rates in the
open financial market in London and of
c red dSa,;ion in the official discount rate Of
the Hsnk of the Netherlands being offset
by the knowledge that the German gov
ernment was about to bring out a new
Sl50, 200 coo loan.
Here sterling exchange and time money
rates were both a little firmer, although
the local banks have gained from the
subtreasury thus far during the week
Sl,934O0o, as against S2300O0 In the same
length of time last week. The London
market appeared to be perturbed by the
weakness here, and il was said that rep
resentauVes Of English houses sold To-
caly during the day, presumably for the
account Of their principals. about 5000
shares of stock.
Copper Situation the Same.
There were no new developments to-
day In the much-discussed copper situ-
alton, but an adverse factor in the mar
ket was undoubtedly the conviction OBJ
tained against the Standard Oil Com
pany upon so many different counts in
the trial in the United States courts of
the city Of Chicago. as detailed in yes
terday's newspapers. It was regarded as
probable that such an occurrence could
hardly be encouraging to the great capi-
talsts associated with the Standard oil
Company or leave them IN a satisfied or
optimistic state OF mind.
A good deal Of attention was paid to-
day by spectators TO news from the
Western grain fields, and IL is manifest
that from now on crop news will ngure
q good deal more than II has done re-
Gently IN Wall street discussion. Il is
generally admitted that good deal of
damage 10 the winter wheat crop has
been done in Texas, Oklahoma, and other
portions of the Southwest by the green
bugs and other insects harmful to the
growing grain, and that there are some
indications that these pests are working
nOrthward. The States that have been
mentioned, however, cover only the
smaller part Of the winter wheat-produe-
ing territory, and the injury that has
been done was fully recognized in the
governments generally favorable report
Of the winter wheat conditions on April /.
II is said, however, that the crop over
the West, in general, has suffered con-
siderably since the first Of the month
from lack Of moisture, and that IN the
northern sections plant life is suffering
from unseasonably cold weather.
on the produce exchanges to-day the
price Of wheat again advanced, although
not so greatly as It did IN the concluding
days of last week, and it was clearly the
prevailing sentiment in these markets
that the rise in grain prices had dis
counted a good deal Of crop damage, real
OF supposed,