The Washington herald., 1907-05-24
STOCKS CLOSE WEAK
Little Trading Done, and that
Within Narrow Range.
SPECTATORS ARE PESSIMISTIC
StecI Common and New York Cen
trail Both Weak-Prices of Wheat
Drop, Owing to Favorable Reports
from Far NOrthwest-ROck Island
Sells SIO,OOO,G00 Bonds.

New Ofk, May IJeailhSS i'll sloeAS
to-day were reduced by one-half, as COM
pared with those of yesterday, and the
market was. of course. caTrespOndingly
less animated. Nevertheless. prices iuc-
tuated feverishly and uncertainty within
a narrow range, the forces making for
an upward movement. and those for
decline seeming 10 nearly cOuuterbalance
each other.
Quotations for the leading stocks We're,
as a rule. lower at the beginning of the
market than their yesterdays close, upon
what was apparently pr0tit-tuking. fol-
lowing up on brisk advances. which were
made i'm the preceding stock exchange
session. Then the market rallied and
held with great Grmness for a time, but
later shifted back and forth in confused
fashion. closing under the influence OF a
considerable amount of selling pressure
which left prices. for the most part be
low those Of the day before.
It was a professional and unsatisfactory
DAYS trading. which seemed 10 have the
general effect of producing "a great deal
of doubt as to- the immediate future
course of values. TIE great majority Of
habitual spectators appear at the mo-
ment 20 DE decidedly passimistic In their
views. but at she same time 20 be re-
strained from enlarging their commit
mcuts for the decline or account of the
violent decline that has taken place in
the last ten days 1t is admitted. too.
that commitments of this nature. or, what
O.. d. q I
ready present I'm the market o. an eX-
tra0rdin8rily large extent
borrowing Demand Great.
The current borrowing demand for
stocks, both privately and on the floor Of
the stock exchange. is extremely heavy
although it is asserted that this is due I'm
great part % the means taken by actual
owners Of securities who have parted
with their holdings to conceal the fact
that such selling has occurred
The depression in the market toward
the close of the day was beneficial i'm
the case of United States Steel common
shares. and for this stock in particular
the borrowing demand was such on sew
graI occasions as to cause it 10 lend
fiat" according % stock exchange
termiuoloEy-that is 20 say. that those
VINO borrowed the stock Tor future de-
livery were compelled to fOregO the re-
Ceipt OF any interest upon the money
deposited hy them with lenders to secure
the safe return of the certificates.
Considering the well known prosperous
state of the iron and steel industry and
official denials Of stories that the United
States Steel Corporation Is about 90 make
= N-.-r
was at a loss to-day TO understood the
evident pressure upon the stock. and the
theories. Therefore. naturally gained Gre
dence that the sales of the stock either
represented cut and out "hear" tr8us8c-
lions of a ventugesome nature. or that
actual holders Of the stock We're selling
1t in order to raise money because ot
private necessities Another especially
weak stock to-day was New York Cen
tral. and the decline iu il gave rise 10
Tum0rs concerning supposed plans of the
New York Central Company, or of "a pos
sibIe reduction ia the COmpauy's dividend
rate
Developments Favorable.
Real developments of a financial sort
to-day were somewhat more favorable
than they have been i'm the past. The
realizing tendency in the wheat market.
which was So manifest yesterday was
more pronounced. and the prices of the
principal wheat options declined at one
time over 3 cents a bUshel. Part of this
decline was recovered. but the options
still closed al large net recession.
The falling movement I'm wheat was
due at bottom. presumably. TO the desire
on the part of large spectators for tho
advance iu the article Co convert into
cash the great profits which now stand
accredited % them. But it is probable
that the wheat market could not have
vithst00d the more optimistic news that
poured I'M from the agricultural section
The Price Current a journal OF high
repute in the grain trade. declares in its
weekly summary of crop conditions that
these conditions had decidedly improved
in the last week. the premier of Mani
toha made aa official declaration 60 the
effect that tire seeding OF wheat iu the
Canadian Northwest has been practically
completed. and iu a manner affgrding o.
fair outlook for the crop and heavy rains
fgIl over Kansas and Nebraska. effCctuai-
IS breaking the drought in that section.
The banks 0f England and France to-
day made encouraging weekly statements
of conditions. and the local banks re-
ported a gain from the subtreasury in
the week 90 date of over SL5m@1
It was made known after the close of
the market that the Chicago, Rock Is
land and Pacific Railroad Company had
sold to a local firm Of bankers Spn13,o5]
q per cent first mortgage and refunding
bonds for the purpose of paying Off the
maturing S7.511.pJ short-term notes OF the
company. I'm providing a sum of money I'm
addition for betterments and new con-
struction. The notes. il was said, We're
made on terms that were not oner0us FOR
the railroad company.