The Birmingham age-herald., 1907-05-28
PRICES MELT AWAY IN STOCK MARKET Urgent Liquidation and Pros traitor of Demand THE LACK OF EXCITEMENT I Fluctuations Ar Without Feverish- ness-A g 'kine Feature of the
 ? y's Movement In
 the Trading.
THE LACK OF EXCITEMENT I

New York, May 27.-The combination Of urgent liquiatlon and an almost utter prostration of demand for securities ac- counted for the melting away of prices in the stock market today A striking feature of the days movement was the lack of excitement in the trading and the absence of feverishness in the fluctua- tions. The extent of the declines gave rise to uneasiness and apprehensions that damage would result, but the mood of the speculation was rather one of quiet looking on to survive than of any marked perturbation manifested in usual ways.
 The liquidation came from time to time in recurring waves and blocks of stocks fin indefinite attempts were fed into the market at steadily declining prices until selling orders were cleared up for time of the down feeble rallies on short cov- ering by the room bears, who took quick profits at intervals.
 It was said of the market that the de- mand from the bears to cover shorts con- situted about the only buying there was, but the fall in prices was not panicky or disorderly, and the volume of business recorded on the decline is witness to the expectation of buying orders to meet the selling which was effected. There was no sign of any attempt to support prices, however, and the market was left appar- ently to drift on the tide of circumstances and to find level at which new forces would develop to set in motion some ab- sorptive power.
 Here and there special causes might be discerned to account for the most severe declines. But these operated rather to aggravate the general tendency than to generate any new influences. The per sistent downward tendency of prices in itself helps to paralyze the demand owing to the general doubt how far it may pro- ceed and the desire of buyers to await the most advantageous opportunity. 1t is suspected that the same spirit helps to aggravate the Stringency from the capital market as distinguished from the im- mediate rates for money.
 Future capital issues promise of indef- mite extension, and the increasing induce ments offered to capital in successive is- sues which cause the petite to wait for advantages. Meantime obligations al ready incurred to subscribe for recent si- sues must be met and liquidation of older issues on a falling market seems to be the only recourse. There were recurrent reports also today of necessities growing out of the dissolution of large stock exchange firm and the attempted trans fer of accounts of It's clients which were forcing settlements tn the open market, the recurrence of cold weather in the wheat belt awakened renewed uneasiness over the final outcome of the year s rcrop.
 Reports of railroad traffic officials re- ported some action of the same spirit to inc ranara1 hiiGfndSg gff1sqffOn with rp- suting lighter freight movement. The in- huences from abroad were unfavorable. $ A drop in copper in London was hurt full The insistent demand of Paris was successful in securing metal of the Lon don supply, but at the highest prices of the market for the year. Discounts alss rose in London, but sterling exchange fell at Paris and held steady here. The result was the inauguration of gold ex-