Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-09-21
FINANCE AND TRADE
Big Slump in Stocks on Wall Street
Today.
CREDITED 10 OVERCOEPIDENCE
The Changers, American Sugar and
Manhattan Heavy Sufferers.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, September 2L-The evils Of
overconfdence and speculative onesidcd-
ness were clearly reflected in today's stock
market Fears of an active money market
had developed in certain sections of the
street and weakly margincd holdings were
forced out at the close Of yesterdays ta,s-
mess on this account. In addition 10 this
alarm, Cuban adyices and yellow fever
difficulties were added TO the selling In
centive this morning.
London sold stocks in this market con-
siderably under the closing parity. and
traders offered the market down at every
opportunity.
The entire speculative fabric was honey
combed with stop-loss orders. and IN a
majority OF instances shares so guarded
were forced out. The decline was at one
time so general that offerings completely
supplanted bids.
ST. Paul declined to par prior to the noon
hour. thereby making considerable vol
ume OF stop orders operative-at the same
time the unusual spectacle OF having an
active stock offered without bid was pre-
scented. A decline to $685. followed, solely
under the influence of forced selling. due
to these protective orders.
Every group was similarly influenced
prices receding from lla to . per cent, with
an average a trifle better than half The
latter amount.
Consolidated Gas declined IL per cent
during this period Of weakness. hut re-
gained :. per cent under sorne2 what more
rationa, trading later i'm the day.
Missouri Pacific. Manhattan. the Changers
and American Sugar were especially con-
spicuous for want of support. The high
priced dividend-payinE shares Ncre not
empt sharp declines being recorded from
time tc time even i'm purely investment IS
sues.
The stocks in favor with the larger syn
dictates and such shares as are consider
ed to be protegees Of the Standard oil aud
Morgan interests were better supported
Chesapeake and Ohio. Union Pacific. Chi
cago and Great Western. while receding i'm
sympathy with the main movement, We're
roticeably better managed than their
neghbors.
1t is a noteworthy fact that all attempts
as the general market was concerned. An
Objectionable dangerous and incompetent
following has been allowed TO arrange it's
own retreat. Confidence in further re-
Election Of earnings and Increased divi-
dends is not lacking. and higher prices at
the end of the week are relied upon in
circles heretofore conspicuous in the mar
ket.
For the time being, however. a feverish
and unsettled market is reasonably certain.
Forty-eight hours may be consumed in
completing the exodus of timid traders,
and then new basis for Improvement will
be arranged
The Attorney Generals decision cover
ing the twenty-second section of the tariff
bill was construed to be of little value or
little hurt TO the American railroads
Northern Pacific broke temporarily under
its influence. but recovered promptly.
The money markes again ruled up over
per cent but In view of the fact that ris-
ing markets have been frequent in the face
of and per cent money, this particular
alarm would seem to be unfounded.