The Montgomery advertiser., 1907-05-21
THE STOCK MARKET
REGENT INERTIA GAVE WAY TO DOWN.
 WARD MOVEMENT.
Good Observers Professed to See Some Evi- dence of Liquidation in the selling, Part of It Was Induced by the
 Decline Itself,

New York May 20.-The recent inertia of .he stock market gave way today to shafp downward movement, accompanied by some broadening of the speculative inter- est and an increase in the aggregate of observers professed to some evidence of liquidation in the selling. part of it being induced by the decline itself. The large proportion of the dealings were admittedly in professional hands still.
 There was clear evidence also that the hands which were operating with renewed vlgor in stocks were carrying on parallel op- erattons in the wheat market This is a very usual coupling of speculative activities otIering g much mare local arguments for selling of securities, especially of the gran ger railroads The granger roads were in fact quite conspicuous in the selling of to- day and it common belief that some of the principal selling orders in the stock market came from houses with important grain market connections. The cling from these sources were not confined to the grangers and that group 1f stocks had sore factors to contend with n addition ice bad crop reports. With this qualification 1t was true that the weakness c1 stocks orig mated from operations by the same inter- ests as did the strength in wheat.
 The bi-lateral campaign Was furthtTed effectively by the publication of a crop es- timate by an expert in the service of the commission houses in which a smaller out turn of winter wheat was predicted than has been named by other authorities heretofore The speculation for the decline received considerable impetus from the news of gov srnment activities at Washington. The special weakness of the Hill stocks was traceable to the report Irpm Washington that inquiry into the common "elatioEs of these companies to the Buriing on Ra,I- road were to be progressively extended.
 The contents of the report of the Bureau or corporations on the Standard oil Com pany was companion influence as the principles there formulated reckoning of req sonablness in charges for services by pub lie corporations were regarded as widening indefinitely the problem of rares to be charged by railroads as they might be con trolled by the government.
 The question of financial needs of eorpo- rations and the demands on the money mar ket which might be made necessary on these accounts were a continued influence in the depression of securities. Brooklyn Rapid Transit was immediately affected by Sat urday's announcement of additional bond issues by subsidiary companies A num- Der of other stocks were affected by ipe- cific rumors of similar transactions to be met in the early future. strong excep- solidated Gas
 This stock was quite buoyant on the cir cumstantial rumors in circulation that tho forthcoming Judicial decision in the suit against the eighty cent gas law was to be in favor of the company. The rise in Con- solidated Gas was of only temporary sus- taining effect on the general list The spe- cial weakness in Union Pacific well as In the Hill stocks looked to Washington for its
 Holidays abroad left this market without reflection from that quarter and made q dull day also in the foreign exchange mar ket. Conditions in that market were hold near the gold export point but without any actual steps being taken to that end.
 Last prices of stocks were about the low est of the day and represented some severe declines in the special weak features.
 A break in the United States Steel seconds was the feature of the bond market, attrib- uted to rumors which were denied of in tended note issue by the corporation Bonds were easy. Total sales par value $1,474,- 900. United States bonds were uncAanged oa call.
 NEW YORK CLOSING STOCK LIST.