New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-05-22
SHARP BREAK In STREET
DOWN TO "P4NIC" MARK.
Bear Raid Thought TO BE Cause
Gold Erp0rtS an Viezc.

The weakness which has been evident in the
stock market for several days developed yester-
day into sharp break, which brought the
prices Of several issues down to levels under
those touched the panic day March H. and
left the prices of not n few of the leading stocks
only a little above their levels then. The trad
ing was i'm heavy volume. the sales being about
1.3I0,G00 shares. or nearly twice as large as on
Monday. The attack as on that day, converged
Union Pacific and American Smelling and
Refining common. the former of which at its
lowest of the day. lI3 stood 15l2 points lower
than al the close on Saturday. and the latter
1925, 10A points down The feeling during the
session not panCky, and near the close there
was good sized rally. hut the common belief
was that the decline had not yet run its course
Many rumors afOat to account for the
break in prices The most popular that
the bears were raiding the market. with Mr..
Keene the most active and daring of their
number. Daniel q. Reid, who has just returned
from Europe. was also credited with having
entered the market promptly on the bear side,
on which according TO report, he was exceed
ingIy successful few months ago; and large
house which a conspicuous seller of stocks
during the day was said TO be acting for him.
That a very large short interest now exists is
generally believed To be the fact, but that there
is some weak spot in the market, knowledge
of the existence of which is giving encourage
ment to the bears in their operations. IS also
probable.
None OF the usual rumors of some house in
trouble were in circulation yesterday, but IT
was reported that an important interest had
found itself obliged to tighten its burden OF
stocks. 1t was also believed in some quarters
that part of the selling represented liquidation
by the Gates interests. preparatory TO their an
On he
decline many stop loss orders We're camght. the
execution of which accelerated the downward
progress Of prices. One of the definite rumors
was that the weakness in Union Pacific was
due TO selling by stockholders interested in the
syndicate formed to underwriJe the proposed
issue of $I5,0O0.000 ertba bonds.
Dsauieting infiu@n, in the days trading,
besides the rumors of embarrassment, were the
poor crop news VITA the sharp rise in the price
of wheat and the continuance of announcements
of borrowings by corporations, the Big Four's
s5O0000 note issue although no. publicly
known until after the close Of the market. prob
ably having been p, factor in the decline. follow
ing as il dill this IuterbOrough -Metropolitans
sl5,0o5.0c9 note announcement of Monday and
the many siroilar announcements of the last fey
weeks A further fall in sterling rates brought
gold exports within view with withdrawal by
the Secretary of the Treasury. who Is 10 be here
TO day Of part the whole OF the 5000 0Oc Of
special government deposits the alternative.
Either course would mean higher money, and
this consideration had its influence on market
sentiment.
Consolidated Gas. which Monday closed at
1856. having advanced sharply on what appeared
10 have been information OF the nature NJ the
referees report 10 the court sold off profit
taking Yesterday to- 1928 closing at 100, net
decline of q points
Some of the noteworthy net losses of the day
were Union Pacific points: American Smelling
and Refining. rs; Amaigamated Copper. rs:
Brooklyn Rapid Transit. 3: Great Northern. rs
Northern Pacihc ga: Reading ,: Tennessee
Coal and Iron, S14 points, sales of 500 shares;
United states Steel preferred, 1Ts. The following
issues sold lower than on the day of the March
panic: