The Washington herald., 1908-05-01
PRICES STAY HEAVY
No Recovery in Market from
Pressure to Sell.
DRAIN OF GOLD CONTINUES
Sharp Break in Westinghouse shares
Due TO differences Drawn from Cir
cuIar by President of Concern.
Fear Expressed OF Reduction in
PeRnsyIvania Railroad Rate.

New York. April SO.-Slgns of liqulda-
tion in the stock market. which were
rather plain yesterday and the day be-
FORE were altogether so to-day, and
indeed stock exchange business was
wholly dominated by a pressure to sell
stocks that. If it was by no means urgent,
was yet continuous. The general market
derived no help as It did yesterday from
foreign buying Of stocks, and prices were
in the main heavy on all the foreign
exchanges.
Both the Bank of France and the Bank
Of England reported improved conditions
for the week, with the result that dis
counts both in Berlin and Paris We're
little easier than they have been; and
as this development was attended by a
slight tendency toward firmer money
here a further consequence was that no
more gold export engagements were an
nounced.
The shipments OF more than S11, ,O00, 900
Of gold that have already taken place
from this center have, IN a measurable
degree OF course. helped the financial sit
uation abroad, so that by q natural
process Of money rates ca the two conti-
nents are once more slowly nearing an
equilibrium.
See Problem for Nation.
1t may be said that in view of the
constantly increasing deficit in the gov
eminent revenues. and the drain Of gold
from the National treasury. owing 10 the
enormous quantity Of bank note redemp-
ton now being conducted. there are not
a few observers who maintain that Ger
tain problems OF finance are maturing
and will have 10 be grappled with that
have not previously REQUIRED for a long
period. But they are undoubtedly absent
for the moment from Wall streets con-
sideTatiOn.
Perhaps the most notable feature Of
the stock market to-day was after al
the decrease in the volume of transac-
tions which took place; the turn over Of
stocks being only one-half OF that Of the
day before, and the dullness of the
market under the declining movement
was, OF course, a favorable rather than
an Unfavorable sign.
Aside, however, from a sharp break In
price Of the Westinghouse shares, due TO
inferences drawn from a recently pub
lished circular OF the President of the
Westinghouse Company that the plan Of
Teadjusting the company's finances
might prove a failure. there were really
no striking advances or recessions in
quotations during the day.
All Stocks Are Heavy.
All the standard and principal stocks
We're uniformly heavy, if not weak. and
spectators friendly TO the market con-
tended that this course was no more than
should be expected in view Of the rapid
general rise in the last ten days.
1t may be that 10 some extent the an
ticipatiOn that the directors Of the Penn
sylvania Railroad Company viii soon an
nounce a reduction OF the rate OF semi
annual dividend distribution on the Penn
sylvania's stock from 3iz to 3 per cent.
figured to-day as a stock market factor
But more weight than this attached to
the prevailing impression that the cur
tailment Of the short interest in stock
due 10 the almost sensational effect Of
the two stock exchange failures that re-
Gently occurred, had decidedly awakened
the technical position of the market.
making 1t top-heavy, al least for the time
being.
Reports as they were received of con-
ditions in the iron and steel trade were
admittedly discouraging. and there is
more talk now than there has been at
any time thus far OF a possible reduction
IN iron and steel prices.