The Washington herald., 1907-10-10
MARKET In A SLUMP
Decline in Stock Prices Is
Not Accounted For.
DEPRESSED FROM THE START
Feeble RaIIyinE Movement shown
at First Seccumbs to SeIling-CIos-
ing Prices Almost Uniformly the
Lowest of Day-ReaI Liquidations
for Holland Interests Admitted.

New York. Oct. "A decline in prices
more violent than any that has occurred
since the extreme weakness of last Au-
gust, and that did not seem to be fully
accounted for by any known develop
ments, occurred in the stock market to-
day
The market was depressed from the
opening Of business, but the fall did not
assume notable proportions until around
midday, when the general heaviness OF
prices ran into a sharp break. For a
time, feeble rallying tendency was dis
played, but the market again succumbed
70 a selling movement, and closing prices
We're almost uniformly at the lowest of
the day. such declines being exhibited as
8 points for Amalgamated Copper 35s in
Northern Pacific, 5ls in Union Pacific
common, rs in Rock Island, in South
ern Pacific, 3 in Reading, 2-s in Brooklyn
Rapid Transit, and 34 in American
Smelling and Refining. common.
There were few among the active stocks
which did not decline more than two
points. 1t was admitted that real hquida-
ton was going on for the account of
various financial interests in Holland. and
It appeared that while there were no in
dicauons of serious financial trouble In
Holland, yet the prolonged recession in
the prices for American stocks, which are
SO largely held there, resulted In seTl-
Gus impairment Of the resources Of sew
eral banking and investing firms.
Many shares Sold.
-l1rfr.- re -t,,1-- F--,-,
this source that has taken place this week
cannot be exactly stated, bat a fair esti-
mate is that il had been in the neighbor-
hood Of $1,000 shares, confined for the
most part 10 the l0W-priced railway
stocks. In the narrow financial market
that exists In this country at present
liquidation Of such an amount Of "ac-
tuaI" stock could only be accompanied
by a considerable decline in market
valuations. The testimony adduced at
the traction investigation was naturally
made as much of as was possible by
spectators for the fall, although sober
minded people realized that il was a mat
ter concerning which only one side Of
the story had been told. This was. how
ever, assigned, as the especial reason for
the selling of Brooklyn Rapid Transit
stock, and as the stock Is one that has
been bought 10 q considerable extent of
late by Spectators who believed that
dividends upon it were "iu sight" the
relatively weak account thus created suf-
Tered certain degree of dislOdgmcnt.
RothschiId Affects Market.
Again, the newspaper publication Of q
general pessimistic interview with the
head of the English House Of Rothschiid
being the second oUtgiving of the same
sort that has occurred during recent
months, was not Of any help to the mar
ket and II seemed 10 be chiefly responsi-
bic for whatever weakness was displayed
to-day in the prices Of securities in Lon
don.
On tho other hand, although both call
and time money rates seemed to be work
Ing a little frmcr there was nothing in
the money situation to-day that could
have caused amy dismay In the financial
district
A gain Of nearly Sl.000.0l0 By the banks
yesterday, IN their transactions with the
subJreasury, changed the small net loss
which the banks had previously sustained
during the week on this account into a
gain OF $4,000, this comparing with a loss
Of nearly s3500,OU0 IN the corresponding
period a week ago, while the discount of
New York Exchange in the interior cities
indicates that money is moving 10 the
interior for the time being in smaller
volume than it did fortnight ago.
The slightly higher money rates ruling
here have doubtless contributed to bring
ing this result about.