The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-05-09

NEW YORK, May g. - The prolonged
listlessness on the stock exchange gave
way to burst of active liquidation to-
day, and prices suffered severely as a re-
suit. In the railway line losses between
1 and points are the rule, and in many
active stocks they exceeded. Stocks in
which bull manipulat ton was persisted in
in face Of a gathering evidence of depres-
sion, naturally suffered the most. Bal
timore & Ohio stocks were foremost In
and closing at the lowest, while the pre-
ferred is 3a4 lower than yesterdays close.
Missouri Pacific was another example in
the same classes and declined 23s on very
heavy drillings in spite of spot buying on
a scale down.
The sharp break in prices came general
ly as a surprise and the room traders
contrasting the wide movement OF the
prices with the effect produced by their
best efforts for a week past were in
clIned to look for an explanation to the
arrival within reach Of Geographic ia
cilities of the most successful bear leader
of the past year who landed yesterday
in England after a weeks travel, but
there was nothing in trading that would
sufficiently explain the bear raid.
Manipulation was clearly in evidence.
The large offerings in one of two stocks
In the railway group, which was a feat
ure, and which was believed to be the
letting of large lines by large interests,
were evidently the forerunner of today 5
activity.
ne weekly STATISTICS OIL tfafuc maze up
IN Chicago yesterday and possibly held
until after the market was closed yester-
day, were the sufficient explanation for
the selling. They demonstrated clearly
that the reactionary tendency of business
was begun to have a marked effect upon
railway traffic as 1t has been feared it
| would. 1t Is apparent that many offers
of railway stocks have been holding in
the hope that the volume Of railway traf-
! f1c would not be materially affected. But
with large declines in receipts and ship
ments in Chicago and with freight Of
ficers of railway lines complaining of
ened the market today, and found few
bidders to take them. The bear traders,
when they saw how things We're going,
joined In the selling, and their buying at
declines TO cover their short contracts
gave the only occasional checks to the
downward course of prices
The necessity. which is now clear, of a
reduction OF prices throughout the bust
ness world, in order to induce sufficient
consumptiVe demand to absorb the large
ly increasing production, gave occasion for
depressing opinions Of the outlook. Fears
are felt that readjustment Of wages
and a course of labor troubles may be
the result.
Not much attention was paid TO the
question of further gold exports, as the
money market shows no effect Of appre-
henSion on that score, nor on that of
the cessation of the outgo to the market
from the Subtreasury. The continuing
ease of money in face of these factors
is regarded as corroborating the fears Of
business reaction.
The comprehensive outlay for improve
ments by some Of the railway companies
and for extension of control are also be-
ginning to be looked for with apprehen-
sion and to affect unfavorably the stocks
of the companies
Steel and Wire and Federal Steel were
rather notable exceptions to the general
weakness, on account of the extensive
liquidation already effected in them
Bonds were active and weak In SYM
pathy with stocks Total sales, par value
S2,16O00O. United States new as declined
Is and IS coupon advanced a in the bid
price.
STOCK QUOTATIONS.
Furnished by Charles H F. Smith &.
Co, members of the New York Stock ex-
change. Pioneer Press building, who have
direct wires to Chicago and New York.
Closing prices are bid: