Los Angeles herald., 1907-05-29
DEPRESSED STOCKS
TAKE BIG Squirt
PROFESSIONALS MANIPULATE
PRICES
Movement of Wheat, Added to Favor
able Crop Reports, Serves to
soothe Wall Street
Spectators
BY Associated Press.

NEW YORK, May 2s.-The support
which was at one time apparent In yes
terdays stock market was onereo 10
day with the change in the complexlon
of the speculation as consequence:
1t was a matter of course that after
so great a fall in prices as occurred
there should be an extensive uncovered
short interest in the market as the
room invariably continue short sales
up to the limits of a decline.
They continued their sales IN tne
early part Of todays session and helpe6
touched yesterday and to bring addi-
tional figures to the STOCKS SIS seiIlng, dn, io"-
This was largely from the uncovered
interest. One of the plainest indica-
tions of this was the close proPorddion plnsPPorday
Stocks which had been, most acuteliy
depressed yesterday rebounded with
most apparent vigor today.
Another significant sign OF the pner enaer
in which it subsidized at the recovery
level where the profit to the pears
was correspondingly diminished.
It died out entirely at the last when
the final relapse in prices caused SO far
as there was news to account for the
Improvement in tone, the decline In the
wheat market and the doubt raiseo
over the continuance of the gold eX-
port movement were responsible.
Reports from the wheat belt of ris-
ing temperature were OF the greater
Cause eau Of the emergency of the sun from
the rain-soaked clouds which huns
over the financial district yesterday;
The fact seems not falriy lntelilelptte
in view of the grave weight attached 10
the weather conditions in the direction
OF yesterdays gloomy stock markent.
The weight of the selling to take prof.
it's is what, in view Of e1oouena the un1aVo of the
extent of the purely speculative ouSss
ing which has put up the PRICE or
wheat. The weekly bulletin OF Ine
weather bureau issued today was not
Wheat, however, continued to de-
cline. The movement of the price Of
wheot served to soothe wall Wall 81 sfreee the
crop scare reports. These continued IN
full tide today from the domestic crop
regions. Foreign. crop news was pet pet
with evident effect upon the worlds
grand markets. The feature in the in
terchange situation today was q re.
covery Of one centime IN the rate oi
This leaves 1t doubtful whether more
gold will be engaged here, tomorrow
to export to France or makes " Ger.
tain that any engagement Will r,l be e
smaller than estimated yesterday. Thls
change in conditions relieved the mar
ket from some of the depression causea
by Yesterdays estimate IndI tHe wen .
outgo might reach four or even nVe
millions. a..
Discounts continued to advance to"
day in London and were firm in Paris,
and foreign exchange held hrm nero;
The local money market was unanectea q
and for short time loans was siightly
lower. For time loans of the longer
periods. however, the offerings 1i were
extremely small. London and Berlin
| stock markets were depressed still, al
| though some recovery followed at PARIS
| The price of British consols fell pacf
| to the years low record at S4A, Whicf
is also the lowest price touched in hal
| a century There was much dlscussloI
| of the expected tenor of Presidenl
Roosevelt's Decoration day speech al
| indianapolis, and some of the buying
of stocks was accompanied by professed I'd
confidence that the speech would I'm
prove the conditions of financial senti-
ment. Tine buying was not energetlc
at any time and 1t steadily subsided,
SO that the bears had no difficulty in
forcing prices back in the last fifteen
minutes Of trading, some of the STOCKS
FALLING to the lowest of the day. The
close was distinctly weak.
Bonds were easy. Total sales par
value, $1,S10000.
Nc on call.