The times., 1899-04-08
DECENTRALIZATION In
THE STOCK MARKET
A Disastrous Break in Prices
All Along the Line.
Margined Spectators the Chief Suf-
ferers From The Dreadful Slump.
stringency of Moncy and Enormous
Liquidation Cause the Cntns-
trophe-NotnbIe Recovery.

New York, April An extremely de-
moralized general stock market, with con-
ditions of panic prevailing in the Industrial
quarter and in many of the so-ealled spc-
cialties developed today. The break in the
market came from the usual source of like
disturbances, namely. from the money
market. Perhaps closer definition of the
source CT the trouble would set forth the
lenders of money rather than the money
market itself. The conditions in the
money market were not actually more
stringent than they were earlier in the
week. but the position assumed by none :
lenders and the particularly inhsxible
stand they have taken in the past few days
brought matters to a head this afternoon
and the noted speculative Generalization
ensued.
The liquidation in the industrial shares
and in stocks wherein the advance has been
particularly violent such as Manhattan
Railway. Metropolitan Street Railway. and
BROOKLYN Rapid Transit, was enormous
The ensuing declines were proportionate.
At the opening Of business and for the fir: t
half hour the decline was slow. but it
gathered momentum as il progressed. AID
subsequently the rout &C margined specula-
tors was complete. Nothing but actual
market results. Short selling noticeably
attended the decline, but the net effects
must have been very radical purgiag OF
weak commission houses and the utter OBJ
liberation of enormous paper profits.
In the money market the weeks charac-
teristic phenomena were reproduced. that is
TO say. the lenders placed their funds stimuli
taneously at 6 and at Il and Is per cent
according TO the personality of the bor-
rms and . H.
fered- On approved collateral money was
freely offered on time at 1-2 per cent.
Sterling exchange declined sharply. largely
because CT the appearance of foreign buy
ing orders on large scale as soon as the
railway market began to suffer in sympathy
with the break in other quarters These
purchases were estimated at some 80. 900
10 ie.0V0 shares, and their appearance. to-
gether with the evidence that the weeks
money market conditions would not be ex-
ceened. checked the general decline in
prices before the close of the forenoon.
Those persons who have believed and
predicted that the inevitable collapse in
tne Industrial speculation would drag
uowh the standard issues with il will find
iood Tor thought in an examination Of to-
days market. AS a matter of fact during
the height of the morning disturbance the
standard stocks did suffer more or less
severely Technical business conditions
made that inevitable. The extent to which
these stocks suffered. however. and the
extent to which they recovered their losses
30 to show that public confidence in their
merits IS still strong. The remarkable
thing is that they lost no more ground
Than they did. There were many sharp
rallies in the industrial and speciality
shares within the course OF the day. As
whole the market moved with considera-
BILE uniformity. The close was in the
main very firm.