Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-05-27
Continued Liquidation Started
With Opening Today.
MANY STOP-LOSS ORDERS
Aggressive Operations for the Short
Account.
PRICES BELOW MARCH RECORD
Pronounced Weakness of Americans in
London-Sharp Advance in Grain
Prices-A Severe Slump.


NEW YORK. May 2I.-ExperienCed OBJ
servers of speculative conditions Were in
close accord in their comments upon the
main features of the dealings In today 5
stock market. They commonly reported
continued liquidation. together with aggres-
slvc operations for the short account with
thcS" sales leading to the execution of
stop-!osS orders. and they were quite
unanimous in reporting that during the
larger part of the business session there
was almost utter absence of support
save that represented by the occasional
covering of outstanding short contracts.
On the decline a great many stocks went
far below the figures they touched during
the March panic and at the days lowest
levels, the average of the markct-at-large
closely Appropriated the low prices touched
In March. Just why todays market should
have expressed the tendencies in ques-
tion was not altogether easy to set forth
and. in fact. II did not appear that the
news over Sunday or the occurrences with
the course of the day could be held chiefly
responsible for the course of prices, al
though they were for the most part sus-
Ceptlble of an unfavorable bearing toward
the market for securities
In fact, has been the case for several
weeks past. there was increasing discussion
OF the diScouraging railway situation-at-
large demonstrated in the continued cor
pordtion borrowing. the terms on which the
loans have been arranged and the reason
for the poor standing of corporation credit
at the present time.
More immediate, If less weighty, explana-
tons of the break in the stock market to-
day were furnished in the pronounced
weakness OF American stocks in London
and In a very sharp advance IN grain
prices. based largely upon the reappear-
ance Of decidedly unfavorable weather con-
ditions in the grain belt.
The wheat market was excited and fluc-
tuated violently throughout the day, but
such reaction as appeared there reflected
chiefly the improvement in European crop
conditions, due to rains in Russia and the
Balkan states. A failure described as OF
some Importance took place upon the Lon
don Stock Exchange in connection with the
opening of the fortnightly settlement in the
kaffir shares.
Failures Apprehended.
The general fortnightly settlement will
begin tomorrow, which accounted. in part
for the heavy tone in other departments OF
the London market as other stock ex-
change failures appeared to be then apore-
hended Foreign houses were sellers in
this market on balance of upward of $1,000
shares The London money market was
again firm and Paris secured fIOO,oO0 of
the days new gold arrivals in London.
which amounted to about Gl,0O0,0OO. There
was very great increase in the volume of
business in the local stock market and a
fair distribution of activity.
The losses in the active stocks ranged all
the way from In the neghborhood of one
point to more than five points, with many
important issues showing declines of from
two to three points. There was little
change in the character of the gossip or
the facts relating to the Movements in par
ticuldr stocks from that which could be
heard last week.