Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-05-27
WALL STREETPR|CES
NEAR PANIC FIGURES
Market Breaks Badly on Urgent
Liquidation.
SHORT SELLING ATTACK
In Some Cases the Drop Was Lower
Than on March IA.
AN UGLY BREAK IN READING
Union Pacific Presses It Closely
Rumors of a Failure in London.
Wheat Goes UP.
AN UGLY BREAK IN READING
Special Dispatch 10 The Star.

Special Dispatch 10 The Star.
NEW YORK, May 27.-Lquiaation, ur-
| gent and persistent. broke prices on the
stock market today till they all but par
alleed the panic figures of March IA and
March %, and in some extreme cases fell
| even lower.
| In the train of the long selling movement
| came desultory short selling attack
| Every weak spot was picked out by the
experienced bear operators and an intermit-
| tent fire was kept up against them till they
| were forced to give way.
Reading, which has been as conspicuous
| in the sorties against the bear party in the
| past week any other single stock was
! one of the first securities to succumb It
had little support at the opening with
some pretense Of more behind 1t. but hardly
| ten minutes passed before it was practically
abandoned to the common fate.
In the retreat 1t was as quick to move
as 1t had been to advance.
Union Pacific pressed 1t closely, as It
| always contests the leadership of Reading.
but neither security had much lead on the
remainder of the list.
Struck Low Records.
Before the first hour was over half a doz-
en- stocks had touched their March IA fig
| ures. In fifteen minutes more they were
| putting that day back on the calendar with
the ordinary days. Erie, Chesapeake and
Ohio and Great Western common were al
| ready below their low record for years.
| and there was every prospect that they
! would go lower.
Ordinarily inactive stocks came back to
| life long enough to lose a point or two
from their last quotations, and then SUBJ
sided again. Southern Railway common
or preferred, Owed to new low prices be-
fore IL o'clock, and, at IT'S and J7b, re-
spectvely sold lower than many brokers
on the exchange had ever seen them.
Failure in London.
A failure in London, rumors of other fail
ures, depression and anxiety both abroad
and az home, and steady, continuous SELL
ing of stocks, with no rallies. even of an
abortive nature, to break the monotony,
kept the market in the doldrums all the
morning. But the rest of the bad news, in
Guiding fear of what the President would
say, in his railroad speech at indianapolis
on Thursday, was the knowledge that gold
exports were imminent and that the wheat
crop in the west was suffering further dam
age. Green bugs and killing frost in
one part of the country and unreasonable
temperatures everywhere carried the price
of wheat up to new high figures With the
rise in wheat came further depression Of
stocks. The market seemed to be able to
rally only feebly.
High Records for Wheat.
CHICAGO, May 27.-New high records
for the crop were again made in the wheat
market this morning, July selling at l8h
and December at 1.05h. September reach
ed its high mark of 1.0412 made last week.
Killing frosts were reported from parts of
the wheat belt of Kansas, and heavy frosts
were general over Kansas, Nebraska and
Iowa. Even with this news to hoist prices
the market was not especially active after
the excited bulge at the opening.