The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-05-29
FINANCIAL AND COMMERCIAL.
TUESDAY, May .

To-days stock market was Q dupncaS
Of those which have been witnessed many
times during the present year following
a day when prices of securities displayed
extreme weakness, To-day as on corre-
spending occasions in the past there was
a large reduction of the volume Of trans
actions in the market, yet with a good deal
Of feverish activity and rapidly changing
and conflicting movements in the course
Of the market itself. In the first few minutes
OF dealings quotations for the standard
shares fell in many instances from to ?
points below those last made yesterday,
this representing OF course, a continuation
Of the liquidation and bear" pressure
upon the market hat was previously in
entire control of affairs. Then the usual
rally set in, which carried the market up
to a level we'll above that finally shown
on the preceding day. After, this time
until the last half hour OF the day business
wa composed Of q medley OF periods Of
dulness and sharp outbreaks OF buying
and selling in particular issues. In the
last half hour the market again turned
weak and ended with a showing Of very
%irregularly scattered advances and declines.
In general the record Of the market for the
day was hardly such ~ to indicate any
change in Wall Streets present speculative
temper. A pessimistio feeling prevails in
the financial district and the common
remark is that the buying power in the
market aside from that made to retire
contracts entered into for the fall Is small.
Speculation for the decline has assumed
large proportions and the disposition with
the majority Of professional market oper-
ators Is to sell stocks upon every strong
point" The day will come, Of course,
when this policy will be carried too far.
The foreign markets were dull and heavy
to-day, that In London being particularly
80. The depression IN London ~as : little
surprising inasmucb as buying Of stocks
in London to-day was for the new ao-
count that lie TO say. was under conditions
which did not call for payment upon the
stocks, purchased Until q period Of two
weeks had elapsed. AS this advantage on
the part Of purchasers is Of substantial
character. prices Of stocks in order to be at
parity with those Of the preceding day
should advance a little; and as they did
not advance to-day. but declined, it was
rightly taken as evidence Of q distinct un-
settlement Of financial opinion in the Lon
don market. There were more rumors Of
trouble among the London Stock Exchange
sjobbing" houses, but IL vas said before
the day was over that possible failures in
that quarter had been averted. London
sales Of stocks here were not, however, as
great q factor as they were yesterday and
did not check the rising tendency Of the
market in the first two hours Of business.
The stronger undertone Of the market in
that period was helped also by q pronounced
decline In the price Of wheat. and evil
dences thioken that in order to bring about
a material and sustained further advance
in wheat prices aftor their recent notable
rise convincing proof must be afforded Of
damage 10 the crops beyond that which they
have already suffered. II must be admitted.
on the other hand. that news from the
foreign crop sections does not at all improve
and that conditions there seem to be az bad,
IL not worse, than any In our " country.
The prospect Of additional gold exports
from the country this week was rendered
slightly less definite to-day by an advance
in sterling In Paris. 1t Is conceded that the
gold shipments already arranged for have
paid only q small profit to the bankers on
this aide with whom the negotiations were
conducted; and the foreign exchange mar
ket is in such q d~elioately balanced position
at the moment that it is obvious that the
amount OF gold exports. or whether there
will be any gold exports at all, depends upon
a pretty finely drawn play Of forces. 1t is
the general impression, however. that I'M
less money rateh on this side Of the Atlantic
harden peroeptibly quite a sum OF money
in aold will be sent abroad in the next few
weeks. One matter that figured a good
deal in market discussion to-day. although
IL is doubtful II it affected values to any par
ticular extent, was talk concerning the
probable character OF the speech to be de-
livered by the President OF the United States
al Indianapolis on Memorial Day. Opin-
ions-that is to say, guesses-regarding the
sort Of an outgiving from a stock market
point Of view that was likely to be made on
this occasion were multifarious and varying.
Concerning one acute cause OF whatever
pessimism regarding the stock market is
felt at the present moment there can be no
doubt whatever. The abnormally cold
weather. which seems to be as pronounced in
the eastern half Of the United States rs in the
winter wheatbelt and in the spring wheat sec
ton in the Northwest, and is, in other words.
pretty nearly general over the country, is
unquestionably injuring business in very
many ways aside from it's harmful infu-
ence upon the crops. II has severely hurt
the oountry's spring retail trade in mer-
camille lines. il is interfering severely with
real estate business and, presumably, its
adverse effect is also felt in degree by the
railway companies.
RAILROAD AND OTHER BONDS.