Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-05-02
Quoted Values, Under Pres.
sure, Continue Downward.
LEADERS BREAK VIOLENTLY
BANKERS VIEW PEssIMIsTIC
Worried Over Lack of Market for
Low Interest-Bsaring
Securities.
Special Dispatch to The star.

Special Dispatch to The star.
NEW YORK, May 2-The stock
market opened heavy this morning
under a continuation Of the active
pressure which forced the prices sharp
ly downward during the last hour of
Saturdays trading. Subsequently &C.
casional rallies Of fractional proper
tions occurred, but the general trend
continued steadily downward, particu-
larly in B. & O., Northern Pacific. Rock
Island, Amalgamated Copper and u. 8.
Steel
Fair support was accorded the Harri-
man Paciflcs. Reading. Pennsylvania and
New York Central, while st. Paul con-
tinued steady after its opening at an ad-
vance Of half, and Brooklyn Rapid Tran
ut showed comparative strength. Toward
noon a violent break occurred In Southern
Pacific. Amalgamated Copper and other
issues accounted among the leaders. and
the whole list continued on its march to
lower levels. Business was large from
the opening and short operations were
plainly evident. The liquidation which
grew constantly heavier during the clos
ing days Of last week seemed to have ac-
quired renewed vigor over Sunday.
In q State Of Mind.
The fact that no developments since
last weeks close were Of suhicient I'M
portance to account for todays pressure
on the market showed more clearly than
ever that Wall street affairs are being
governed by a general state IF mind
rather than by the bearing Of funda-
mentar conditions. The situation at
hlrN lad a.
sion resulted from the tenor Of a circu-
lar issued by one Of the largest national
banks dealing with the state Of matters
before Congress.
Especial Comment was made upon the
statement that. In spite Of the fact that
months. not q single measure In the way
of constructive legislation had been pass
ed, and that furthermore, the heavy ex-
penditures on the Panama canal had
made q new bond issue inevitable:
As the market for low-interest-bear1ng
securities no longer exists, according to
the bank publication. q gloomy view Of
further national financing was held out.
The commodity markets furnished no
element one way or the other to AFFECT the
stock market. Wheat was OF, while corn
and cotton showed an advance. There
were no new developments in cotton
speculation to relieve Wall streets mind
and II was generally recognized that not
before the end Of the month will the
suspense from this source be withdrawn
from operations in stocks.
Money Market Depressing.
The money market however. proved q
depressing factor. Call money opened at
per cent and showed no downward
tendency. while the heavy losses by the
banks last week. resulting In low re-
serves. were also taken az matters for
apprehension.
Foreign exchange opened heavy, but no
confidence IL placed in the prophecy that
1t Will continue at the figure quoted or
20 lower In the face Of the great amount
Of money that we owe abroad. When the
high interest rates at home fall again, It
= feared that foreign exchange will az
perience q corresponding advance, and
be accompanied by more gold shipments.
The movement Of money to the Pacific
coast. too. u bearing an influence Of UNI
certainty.