Show IN FINANCIAL WORLD Bradstreet Accounts For the Drop In Stock Prices New York May Bradstreets financial revIew tomorrow will say At the beginning of the week the market experienced a general decline attended by considerable liquidation of long stock On Wednesday it rallied sharply on support by large interests and exceptionally large purchases for London This fact was however apparently parently due to the existence of a large Interest in Americans in the foreign market while covering hy the local professional fessional bears also contributed toward to-ward the recovery of prices The European Eu-ropean purchasing continued on Thursday Thurs-day and there was also further evidence evi-dence of support from the socalled big people but the market developed hesitation hesi-tation and declining tendencies its weakness centering in the stocks which would b affected should the Ford franchise fran-chise tax bill become one of the laws of New York On Friday the action of speculation was Irregular An early decline was checked by the strength of Sugar and other manipulated stocks and the expectation of a good bank statement today also had an effect I was noticed that the drop In prices this week was In the main the result of a purely speculative case towit the overbought condition of the market Stocks have accumulated In the hands of people who bought on margin in expectation ex-pectation > f continued rise The buying power has however became measurably measur-ably exhausted while dlsappointment at the action Of the market produced as it naturally would a disposition to realize I real-ize The decline of last week though not severe aggravated this tendency while In many cases margins were weakened to an extent which furnished occasion for enforced liquidation One of the most prominent manipulative operators of the street whose name was by con mon report coupled with a supposed bear syndicate denies the impeachment impeach-ment But other professional speculators specula-tors certainly took an aggressive stand on the bear side and contributed by the i selling pressure thy proeducd to bring about the outpouring of long stocks which characterized the markets on Monday and Tuesday Other circumstances of course played their several parts in the movement The expectation of an unfavorable government gov-ernment crop report Was considered though the street apparently disregarded disregard-ed It on Wednesday and It was not untilThursday that the grander stocks were sold on the theory that the report shows a reduction of the whole output calculated to affect railroad traffic and earnings The market has not suffered from any fears of tight money On the contrary supplies of funds seem to be Increasing and the rates were appreciably easier The collection from the government of Jlo000000 of the Spanish Indemnity by the institution which acted In the matter mat-ter of remitting the 20000000 was a factor and the movement of money seems to be now toward the metropolis The bond market has been unaffected by the events affecting speculative values val-ues and the demand for Investments Is as large and almost as eager as at any previous time On the other band the financial pub lie has finally begun to appreciate the effects of the continued creation t > f new industrial securities and a conservative sentiment has asserted Itself In this connection It was generally remarked that the alleged proposition to erect a billiondollar steel trust hy a combination combina-tion of the industrials also formed In that trade seemed to touch the limits of I the industrial movement and some relief re-lief was felt when it was known that the foundation for this was merely the plan to consolidate the Carnegie properties prop-erties and to purchase the interests of their founder in them The appetite of the public for industrials indus-trials has not however departed as shown by the 412000000 subscription to the 13000000 stock of the Amalgamated Amalga-mated Copper company although that enterprise has been severely criticised In some quarters and it Is noted that the stock dropped quickly from a premium pre-mium of about 5 to one of a fraction above par |