The Washington herald., 1907-05-22
ALL STOCKS LOWER
Bear Campaign OH Change
Results in Depression.
HEAD FOR MARCH LEVEL
Prices show Inability to Withstand
Sellers and RumOrs Of Trouble.
Hammered Down 3-S Points.
Tennessee Coal and Iron Drops.

Tennessee Coal and Iron Drops.
New York. May I.-The stock market
to-day experienced greater weakness than
It has at any time since March % last, on
which occasion the lowest prices Of the
year thus far were made. There was,
from the outset, a resumption in an ami
mated way Of the selling of stocks that
was carried on with such vigor through
out yesterdays session Of the stock ex-
change. showing c0nclusively that the
liquidation, of whatever sort the selling
pressure upon the market consisted had
not yet run its course. There was an en-
tire disregard here OF the higher range Of
values of our stocks sent from London.
and the purchase of 15.0G0 or 10000 shares
Of stock for foreign account in the early
dealings suficed TO check only in the
feeblcst way the downward tendency of
values.
At first to-day some sort Of support to
the market was also extended by the
rather weaker Undertone of wheat prices,
which was due, seemingly. to rather better
weather over the agricultural territory,
but in short time renewed crop damage
stories began tc pour into the wheat mar
ket both here and I'm Chicago, and the
late foreign cables reported a pronounced
rise in the price of grain at the leading
European commercial centers on account
of further indications for reduced harvests
abroad this year.
Under this impulse. quotations for the
wheat options rose violently several cents
q bushel. to new high record nOtches for
the season. and, although it was realized
that a more or less crazy speculation in
grain is now being carried on, the con-
tinued rise i'm the commodity no doubt ey-
ercises an adverse influence of some im-
portance upon the price of stocks.
slight Rally in Prices.
After the first hour of business on the
stock exchange, quotations for the prom
inent shares rallied a little and the mar
ket remained relatively firm until after
midday Then another selling movement
broke out with much greater fury than
previously witnessed. which ran practi-
callv uninterrupted until the last hour
Of the day. causing such extreme net
losses uD 20 that time as in Amalma-
mated Copper, 324 points; I'm American
Smelling and Refining. common, "a, in
Brooklyn Rapid Transit. AZ; i'm Great
Northern preferred and Northern Pacific.
3l2 and 37s. in Reading, 35s, in Union Pa
cific. 5s4. and in United states Steel COM
mon. rs
The inactive Tennessee Coal and Iron
shares broke 62a points on a single sale.
and declined further on sales Of d limited
volume of stock. Fluctuations in the
American Smelling and Refining common
shares are always wide as the stock is a
so-Called special" but the break in them
to-day was accompanied by rumors that
the directors of the smelling company had
decided that it would Doe poor policy.
under existing sicrcumstances. 60 largely
increase the present rate Of dividend dis
tribution on the stock.
Spectators Sell SmeIters.
All this. Of course. was mere stock ex-
change gossip. but it no doubt provoked
sales of the stock by miscellaneous spec
ulators and commission houses. The
weakness Of the market was especially IL
lustrated i'm the case Of Consolidated Gas
stock. which declined heavily, despite the
official announcement of the legal decis-
ion i'm its favor and general admission of
the fact that this is a preliminary tri-
umph for the company in it's efforts 20 Sc
cure the annulment of the S1-Cent gas
law
40 doubt. however. the fail i'm the
United States Steel common shares de-
pressed the market as whole more than
any other matter, and ii was attended
with he persistent circulation of "a story
that the steel corporation was about 10
appear in the market rs a borrower Of
money. The authoritative denial that this
IumOr received was not perhaps neces-
sary in view Of the well-knowu fact that
the Steel corporation now has in its treas
ury in cash and I'm bills receivable nedrl-
HmmGoU by far the greatest portion of
the amount consisting of ready money.
Final prices Of the leading stocks to-day
were a point or more above the days
lowest quotations
No Reason for Fails.
For any direct explanation Of the fall
in values. Wall street was forced to fall
back upon guesses and conjectures Of the
kind dear 10 its heart at such times.
Reasons for considerable discouragement
on the part of spectators for the rise in
stocks nave of course, multiplied I'm the
last ten days and have been chiefly refer
able 90 the poor crop prospect. so far az
it has uRf0ided. and the heavinesS. not 10
say weakness, of the market for bonds
There were many evidences that bear
operations were to no little extent re-
sp0nsibie for the decline i'm prices to-day.
but IL was uudeuiabIe. nevertheless. that
the market presented many indications
cf an actual liquidation Of stocks and the
feeling was general i'm the financial dis
trict that concentrated holdings Of securi-
ties were being thrown over, either yolun-
tarilv or invOluntarily
This feeling Crystallized into rumors re-
garding the supposed closiug-Out Of ac-
counts open for the rise IN various specific
quarters. it being said that operators once
very prominent in the financial and indus
trial world were being compelled 10 sell
stocks as a result or the final and peremp-
tory calling Of loans by bankers. and
again that a large Wall street commission
firm. now engaged i'm gradually winding
up its affairs. was selling stocks for custo-
mers who were unable either to take up
their accounts or 10 transfer them to
other commission houses.
Rumors of Borrowing.
Rumors were also very common regard
ing prospective appeals to the money
market in the near future by many cor
poTatiOns. but the only instance of sglch
additional borrowing thar was actually
made known was the issue of 100000
four-yeaT notes, on q six basis. offered by
the Cleveland. Cincinnati. Chicago and st.
Louis Railway Company
Money rates were easy to-day. and for