Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-08-13
Sharp Break in Stocks on New York
Board.
DECLINE WAS SHARP and SUDDEN
Stop Loss Oders and Liquidation
Were the Features.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, August 13.-The much pre-
dicted reaction in the stock market was
accomplished this morning through The
combined influences Of professional selling
and the presence of stop-loss orders.
The depression was sudden, and In many
instances substantial. Liquidation was no.
ticeable early i'm the day. long stock being
sold in nearly all departments.
For a time commission buying was su-
perior to this volume of offerings and prices
tailed 10 recede. Subsequently orders to
buy fraction under the market were cam
celed and scale buying substituted. At the
times of the greatest surface weakness TIE
outside demand attracted the attention of
the room and prices were depressed with
increasing difficulty
The professional short interest was in
creased considerably during the day, all
though this position was supported only by
the fact that the market was too much
cne-sided.
Ordinary developments were generally
encouraging, especially such items az refer
TO crop prospects and earnings.
Inc granger shares were for time al
most buoyant, at fractional gains from a
steady opening level During the weak
period, however, this group of securities
was especially active. Burlington broke
SHARPLY a trifie over per cent from the
best prices of the morning St. Paul re-
coded. but was we'll bought on the de-
scending scale.
The coal shares were given good support
throughout the day, and were frequently
forced back from the low prices. The buy
ing in this group has of late been espe-
clally confident in character. and evidence
OF supporting orders was not lacking.
The announcement OF the election of the
new officers for Northern Pacific was
Tn ho hnr tod ha
10 an immediate rise in the several issues
of that corporation. Accordingly realizing
sales were pronounced in that property in
advance Of the weakness elsewhere.
The low-priced specialties receded stub
bornly and were not demoralized at any
time, even though offerings were especially
liberal The Industrial group declined and
rallied In sympathy with the general list,
but was not as erratic is usual in such
a market
Taken as a whole, the results of the days
business were not discouraging to the be-
levers in higher prices. Some of the larg-
est buyers during the last fortnight werc
the sellers today. solely on the interest of
profit-taking. The market was weak only
in relative sense.
Fractional declines figure more prom
inently in the net result than do those of a
full point or more. A new set of stocks
may be substituted for those in which the
trading has heretofore centered, but the
believers in permanently lower prices are
neither numerous nor responsible.
Instead of being entirely committed to
higher prices, the market is likely to have
two sides. on either of which profits will
be possible London continues to be dis
appointing, and sells trifie more stocks
than are bought for the foreign account.
This process is of necessity nearing an
end, however, and foreign buying is almost
certain to turn the tide from the present
direction. The export demand for cereals
is only in its infancy, and the big earnings
are yet to come. Natural conditions are
strongly opposed to pessimistic beliefs, and
no serious decline In prices is believed to be
within reasonable expectation.