The daily morning journal and courier., 1907-05-28
LATE FEATURES OF
 THE STOCK MARKET Bears Have Their Innings
 Once More. BIG DROP IN PRICES Lots of Unfavorable News, Ice in the Wheat, Gold
 Exports, Etc.

EApU1 LS1 EtC' Yesterday the bears were again ac- tive and again triumphant, and knock ed off prices right and left. It was a hysterical market, in a way, also.
 The days news was unfortunate for the bulls, if there are any of that ilk left. There had been frost in the wheat belt, which sent wheat up two cents a bushel The price of copper was low cred in London, and $75O,O0O in gold was engaged for export
 Feeling, however, that the wheat crop is not wholly ruined yet, the price of wheat fell off in the afternoon, but stocks, after q sbrief rally, went tum- bling, the decline running in some stocks as far as the 43-S-point break in Union Pacific, the loss of 4 1-2 in American Smelling, of in Delaware and Hudson, and of in Canadian Pa cific. There were evidences, shortly after midday, of forced liquidation on a considerable scale, with operators for the fall helping the process along.
 Steel preferred showed distinct weakness yesterday, and was enough under par to attract some good buying.
 At the close there was little rally, caused by shorts covering and taking profits, but the lair was blue among the speculators who were wrong with the market, and further drop to-day was looked for.
 One of the spectacular declines of the day was 71-S points in Consolidated Gas, to liz. It sold at 115 on the first break in March, and 110 on the second break of that month, Yesterdays de- cline was aggravated by the proceed ings against the company to try to in- validate the company's charter, and by the work of a powerful clique.
 There was talk of failures by New York houses of some importance, but nothing developed to indicate that any body was in serious trouble. One story was that large brokerage firm, which has announced its intention to dissolve on June 1, might have had a good many stocks left on its hands and was desir- ous of closing them out.
 The average of railroad stocks at yesterdays low level was about par. At the lowest in March it was under 99 A great many shares have sold down to the March prices and some under it, but the fact that Union Pacific is still F points over the panic figure Read ing, Shelters and Amalgamated Cop per about s, Steel preferred T. and Atchison, Baltimore and Ohio and Pennsylvania to. points, decidedly affects the whole average.
 A lively and interesting rumor was that the so-called wealthy following of various bankers and market operators the Fifth avenue coterie,' as one man put it--had been caught heavily long of many stocks at prices 10 to 20 points higher than current prices. and because of the inconvenience" of rais- ing more money they were being or dered to tighten their holdings. This element is believed to stand for some 100000 or 30O,OoO shares of stocks, in- cluding Union Pacific, Reading, Cop per, Brooklyn Rapid Transit and other issues which showed the greatest de- clines yesterday.
 The Erie and Southern railway shares were among those that made new low records. There seemed to be very < heavy liquidation of Steel common, with ! the support present for some days around S2 withdrawn. Morgan support was lacking.
 Brokers were peremptory in their de- mands for margins, and failure to re- spond caused the sacrifice of scores of I large accounts, some of which were re- 4 ferred to as the tenderloin class. These were prominent in Union Pacific, Read I ing. Copper and Brooklyn Rapid Tran & sit-in other words, the fayorite specu- lative issues.
 New Haven road stock sold at 165 in Boston yesterday, Nipissing at Il 5-S, Al Giroux at 9, Parrot at 70 l-2 at the N close, while Shannon held well, but closed at 179-4 Swift X Co. sold at 1O6.
 Call money was cheap enough yes terday. mostly it S-4 per cent.
 In London general depression reigned in the markets yesterday The an nouncement of an important failure together with France securing all the days available gold, were the two rul- ing factors. Consols declined further other departments suffered generally Rio Tlnto lost points The failed house, Hubert Brunton & Co.,, was chiefly concerned in Americans and mining shares.
 The extreme weakness of Brooklyn & Rapid Transit was largely speeGla- tive condition. The stock was full oi