The Washington herald., 1907-05-29
Transactions on Stock EX-
change Show Reduction.
CLOSE At LOWER PRICES
Scattering Advances and Declines
Wind Up Rather Uneventful Day.
Break I'm Wheat Prices Has Effect.
Gold Shipments Improbable.

ktL was Quplcdte OF ineSt WHICH nave
been witnessed many times during the
present year. following day when prices
of securities displayed extreme weakness.
To-day as on corresponding occasions in
the past weeks. large reduction of
volume Of transactions in the market met
with a good deal Of feveTish activity and
rapidly changing and conflicting move
ments in the course Of the market itself.
In the first few minutes Of dealings quo
tations for the standard shares fell in
many instances from one to two points
below those of last Monday. yesterday
representing. of course, a continuation Of
the liquidation and bear pressure upon
the market that was previously in entire
control Of affairs.
Then the usual rally set in, which car
ried the market up 10 "a level well above
that finally shown on the preceding day.
After this time until the last half hour Of
the day business was composed of a med
ley Of periods of dullness and sharp out
breaks Of buying and selling in particular
issues. In the last half hour the market
again turned weak and ended with
showing OF very irregularly scattered ad-
vances and declines
In general. the record Of the market for
the day was hardly such as to indicate
any change in Wall streets speculative
temper. pesslmistic feeling prevailed
in the financial district. and the common
remark is that the buying power of the
market. aside from that made 10 retire
contracts entered into for the fall, is
small Speculation for the decline has as
sumed large proportions, and the DISPOSE
ton with the majority of professional
market operators is to sell stock upon
every strong point" The day will come,
Of course, when this policy will be car
ried too far.
Foreign Markets Dull.
The foreign markets are dull and heavy
to-day. that i'm London being particularly
SO. The depression in London was a lit
tie surprising. iuasmuch as buying of
stocks in London to-day was for the
new account" that is to say. was under
conditions which did not call for payment
on the stocks purchased until a period az
two weeks had elapsed.
As this advantage on the part Of pur-
chasers is Of substantial character prices
Of stocks i'm order 10 be at parity with
those of the preceding day, should ad-
vance little. and rs they did not advance
to-day, but declined. it was rightly taken
as evidence that q distinct unsettlement
Of financial opinions exists in the London
market. There were more rumors of
trouble among the London Stock EX-
change 'iobbing' houses. but it was said
before the day was over that possible fail
Ures in this quarter had been ayerted,
London sales Small Factor.
London sales of stocks here We're not.
however. as great factor as they were
yesterday, and did not check the rising
tendency of the market i'm the first two
hours of business. The stronger under
tone Of the market I'm this period was
helped also by a pronounced decline in the
price Of wheat and evidences thinCkan
that in order 20 bring about a material
and sustained further advance in wheat
prices. after their recent notable rise. con-
vinCing proof must be afforded Of damage
To the crops beyond that which they have
already suffered
It must be admitted, on the other hand.
that news from the foreign crop sections
does not at all improve. and that condi-
tons there seem to be as bad, if not
worse. than in our own country. The
prospect Of additional gold exports from
this country this week was rendered
slightly less definite to-day by an ad-
vance in sterling in Paris.
II is conceded that the gold shipments
already arranged for have paid only small
pTofl TO the bankers on this side
The foreign exchange market is in such
a delicately balanced position at this
moment that it is obvious that the
amount Of gold exports or whether there
will be any gold exports az al, depends
upon pretty finely drawn play of forces. /
Il is the general impression. however. |
that, unless money rates on this side Of
the Atlantic harden perCeptbly. quite a
sum Of gold viii be sent abroad in the
next few weeks
One matter that figures a good deal in
market discussion to-day. although it is
doubtful if il affected values 20 any par
ticular extent. was talk concerning the
probable character Of the speech to be
delivered by the President Of the United
States at Indianapolis on Memorial Day /
Opinions. that is 20 say. guesses. regard /
ing the sort Of an outgiying, from a stock
market point of view. that was likely to
be- made on this occasion, were multi /
farious and varying.
Cold Weather Hurts Trade.
The abnormaly cold weather seems to /
he as pronounced in the eastern half of /
the United States as in the winter wheat /
belt and in the spring wheat section Of /
the Northwest. and is, in other words. 1
pretty nearly general over the country. It /
is unquesuonably' injuriing business in /
very many ways aside from its harmful /.
influence upon the crops.
It has severely hurt the country's spring /
retail trade in mercantile lines. it is inter- /
fering severely with real estate business, !
and presumably its adverse effect is also /
felt in a degree BY the railway companies. |
TREASURY STATEMENT.