The Washington herald., 1909-04-27
DECLINE Tn MARKET
Attack Madein Closing Hours
Sends Down Prices.
TURKISH SITUATION IGNORED
Reaction One of Technical COndi-
tiOns-Austrian Demand for Gold
Responsible for the Pressure for
Money in London from Continental
POiRss-DeveIOpment of the Day.

New YORK. April z6--Atter moving
around during the greater portion OF TO-
day in an aimless manner. during which
time II maintained. however. a strong IN
dertone. and in the early part Of the
afternoon became exceedingly duh, the
security market fell with considerable
violence in the last twenty minutes OF
trade.
The opinion was general among close
Observers that the financial decline was
due almost exclusively 20 a speculative
attack upon values at the end OF the
day. a nature that has been infreQuently
witnessed in recent weeks, and which
was to-day especially stimulated by the
discovery by the stock exchange room
trading element that large financial IN
terests were at the immediate moment
not actively engaged IN buying stocks.
L Is, Of course, not improbable that
should the decline be continued a more
active support than that which was ex-
tended TO a market this afternoon VIII
be furnished
Ready to Buy Back
IN one sense, to-day's reaction was
thoroughly called for by the technical
conditions into which the market IS now
placed; and It Is unquesuoned that a
large number Of people believe that the
strong protest IS for a further impor-
tant rise IN the security prices IN the
present year, but who have yet parted
with their securities al lower prices. and
would welcome an opportunity "a buy
back their stocks
The market opened to-day slightly
higher than II closed after the more OF
less excited outburst Of buying on sat
urday, and fell and rose again alternate
" IN narrow swings until it was an
nounced shortly after midday that there
would be nc decision during the day IN
the commodities clause al Washington.
Comparative torpor was the feature Of
transactions after this time until the fna-
raid Developments during the day were
not numerous. The Turkish situation cui
no more figure al home or abroad as z
stock market factor than il has done
hitherto and seemed indeed 70 be vel
nigh utterly disregarded on the stock ex-
changes on both sides Of The Atlantic
Hope for the Better.
Obviously the underlying feature IN this
respect Is that 4 fundamental change for
the better is going on in Turkish gov
eminent and social order.
Discounts al London to-day fell 10 q
new low level for the year. and the
weekly quota OF gold laid down IN Lon
don the South African mines was bought
by Paris, where discounts were slightly
higher.
An Austrian demand for gold said 20 be
connected with payments that the Austr0-
Hungarian government VIII soon bs called
upon 70 make in connection with the re-
cent adjustment OF affairs IN the Balkans,
may be responsible for the pressure 70.
money IN London from the Continent OF
Europe al this time. Here sterling ex-
change continued the moderate declin-
ing tendency shown in the latter part o.
last week. this being due perhaps 10 n,
effect Of recent foreign subscriptions e
American railway bond issues
On the other hand. so far as there was
any notable aspect OF the local none,
market to-day, It was the failure of the
money rates 10 maintain that firmnesg
which they have recently shown. NJ
higher than per cent was paid for stocl
exchange call loans. and n the last houl
OF business money was offered n abund
anCe at ! I-2 per cent