The Washington herald., 1907-03-20
MARKET IN DECLINE
Prices All Show Falling Off
from Mondays Closing.
RENEWAL OF BEAR PRESSURE
Speculative Sentiment Dlsheartened
by Condition of shares-Heavy
Selling of Stocks for Foreign Ac-
counts-German Market Eased by
DisDosing of American Securities.

New York March 19.-There was a man
fest renewal in the stock market to-day
of tho same sort of pressure that was
applied to it last week. Liquidation did
not appear 10 be as great a feature of
the decline to-day as il was in the for
mer period, and manipulative work for
the lower prices was probably chiefly re-
sponsIble for the days fail It was
plainly to be seen, nevertheless, that spec
ulative sentiment was. for the time be-
ing, so disheartened and discouraged as
not to present any formidable resistance
TO the influences that We're used 60 bring
about recessions. Prices Of the leading
stocks all opened lower than they closed
yesterday afternoon. despite yesterdays
sharp decline: and before the first half
hour OF The stock exchange session was
over a running break occurred in the
whole market which included such drops
as points in Union Pacific, 8 in ST. Paul,
SIS in Great Northern preferred, and
5-S in Reading common. Declines Of
from l 10 points in active stocks were
indeed. frequently shown, although the
prices thus made proved TO be the lowest
Of the day. There was, after this, some
recovery in prices, followed by another
drop, and in turn another rally. The
market huctuated feverishly, and with
great irregularity during the rest of the
day, experiencing a second severe fall in
the early afternoon.
Rally Sets In at Close.
Toward the close q rally set in. which
reduced final net losses in a majority
Of instances to between one and three
points.
There were only two developments in
the general situation that seemed TO be
OF weight as bearing upon the course of
the market. The first of these was rather
heavy selling OF stocks for foreign ac-
count, though the foreign markets them
selves presented better appearance than
they did yesterday, What seemed TO be
the fact was that there was a good deal
Of selling of stocks here to-day by people
in Berlin. where a state Of financial con-
gestion exists not dissimilar from that
which has long prevailed in our own
country, and caused by the same general
reaSon-an expansion Of business quite
incOmmensurate with the current supply
of capital But the German market un-
doubtedly eased itself to-day by sales of
American stocks. For the first time since
last December, Wall street was filled with
stories of financial trouble among stock
commission firms.
HumOrs of Failures Only Gossip.
Rumors Of this kind supplied the bulk
Of the gossip in the financial district dur
ing the day and so widely were they
disseminated that expectation of the i'm
mediate announcement Of the suspension
OF one or more houses of financial perma-
nance was in the early part of the busi-
ness day generally looked for. All that
could be said definitely or Euthoritively on
the subject was that officers of the great
Wall street banks denied all knowledge
Of any such impending occurrences, while
admitting, Of course. the probability that
various individuals and firms We're finding
themselves less strong in financial re-
sources at the moment than they were a
fortnight ago.
"A further incident Of the day was
another drop in sterling exchange 10 a
point affOrding a large and certain profit
on gold-import transactions, Our bankers
are, seemingly, by a species of concerted
forbearance, refusing TO bring over gold
from London when natural forces press
vigorously for such action. But in these
matters, as in all others of a financial
sort natures forces in the long run usu-
ally have their way.