Show MARKET mm OFF ALL ALONG TH LINE I Nothing Like a Panic but the 1 Trend of Prices Was Per Persistently Pers PerI I s Downward j SECURITIES IN INNO NO DEMAND LAST PRICES HOWEVER NOT THE LOWEST New Ne York May 27 The combination of ot urgent liquidation and an almost utter prostration of demand for securities ac accounted accounted accounted counted for the melting away of prices Jn In the stock market today A striking feature of the days movement was the lack Jack of excitement in the trading and the I absence of feverishness In the fluctuations i The extent of the declines gave rise to uneasiness and nd apprehensions that damage would but of tn th speculation th l j ok lag jOg on to observe than of any marked perturbation manifested In usual ways was The liquidation came from time to time in recurring waves aves and ad blocks of o stocks In Jn indefinite amounts were fed into the market at steadily declining prices until selling nelling orders were cleared up for a time when feeble rallies would result on short covering by the room bears who took quick profits at Intervals It was as said of the market that the demand from the bears to cover shorts constituted about the only ani selling seUng there was as The fall in prices was not panicky or orS disorderly and the volume of business S recorded on the Is witness to ta the execution of buying orders to meet the selling which was effected There was wa wano no sign of any attempt to support the prices however and the market was as left apparently to drift on the tide lide of circum circumstances circumstances stances and to t find a level at which new I forces would develop to set in motion J J some onie absorptive power Here and there JL t ecial causes might be to ac no account count for the most severe seere declines decline But these operated rather to aggravate the general tendency than to generate any new ne Influences The persistent downward tendency of prices In Itself helps to par the demand owing to the general doubt how far it may ma proceed and to the desire of the buyers buer to await the most mUst advantageous opportunity It is suspect suspected ed that the same spirit helps to aggra aggravate aggravate vate the stringency in the capital market as distinguished from the immediate rates for money Future capital Issues promise Indefinite ind extension and the increasing inducements to capital in successive Issues i whets the appetite for wait walt for future Advantages Meantime obligations al already alread already ready read Incurred to subscribe for recent is issues sues ues must be met and an liquidation of old r issues on a falling market seems to tobe he be the only recourse There were recur ent reports also today toda of necessities rowing Crowing out nut of the dissolution of a large stock exchange firm and the attempted transfer of oC accounts of its clients which were forcing settlement In the open mar market market ket the recurrence of cold weather in inthe inthe the wheat belt bet awakened renewed uneasiness uneasiness ness over o r outcome of or the years earsl crops 1 os Reports Report of railroad traffic officials dills reported some extension of the same spirit to the general business situation with a resulting lighter freight move movement movement ment The influences Influence from abroad were un unfavorable unfavorable favorable A failure of some importance was reported in the London stock mar market market I ket and a drop In copper In London was hurtful The demand of Paris for gold was successful in securing the metal met 1 In London at the highest price of the year Discounts also arose arole in London but ster sterling ling exchange fell at Paris and held steady here The result was as the map Inan Duration of gold exports from New York Tork br hr an nn engagement of for ship shipment shipment ment tomorrow with more in prospect for Thursdays steamers The local money situation was unaffected unaffected unaffected by b this development The an announced announced announced intention of the New York au an authorities authorities to proceed for the collection of franchise taxes made the public utilities stocks especially weak These the smelt smelting smeltIng smelting ing the copper stocks the Pacifies PacifiC Read Reading ing In 1 some of the southern group and aim sim similar liar ilar speculative efforts are down from 3 1 to over oer 5 points upon the day Much wid wider wider er rr declines were shown by b some of the dormant stocks The closing tone was Irregular and uncertain although not at th lowest Rand Ponds were weak Total sales sates par States coupon advanced and andr andI the registered g per cent on call r I |