The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-09
STOCK PRICES
FELL SHARPLY
As the Result of an Active Burst of
Liquidation.
The RAILROAD LIST SUFFERS
The RAILROAD LIST SUFFERS
Net Losses Of From 1 to 2 Points Are
the Rule, and in Many Active
Stocks They Exceed That.
Bonds Active and Weak.

NN.N YORK. May S.-The prolonged
duiiness on the Stock Exchange gave way
10 an outburst of active liquidation to-
oaS' and prices suffered severely as a
result In the railroad list losses of no.
IWeen ] and points are the rule, and in
t.ahy active stocks they exceed that.
Stocks in which bull rnanipIIa,ion ha {
persisted in face OF the gathering evil
aences OF depression naturally suffered
the most Baltimore and Ohio stocks
i ~ foremost in this class. the common
3!osins over points and closing at the
!SWeSt while the preferred Is 3ai lower
liiah yesterdays close. Missouri Pacific
vas another example in the same class,
ana declined rs in very heavy dealings,
IN spite of pool buying OF, n scale down
4 ne sharp break IN prices came generally
as surprise, and the room traders con-
aaSuhs me wide movement of prices
win Inc small effect produced by their
pest efforts for week past Were inclined
70 look for an explanation to the arrival
%ilhln reach OF telegraph facilities Of the
most successful bear leader of the past
Year, Who landed yesterday in England
after a week at sea. But there was moth
ans IN the trading that would make a
bear rad sufficient to account for the
acton in the market
INCUBATION of long stocks was clearly
IN evidence The large offerings in one or
Two stocks in the railroad group. which.
Were feature yesterday. and which We're
believed TO be the letting go of specuia-
ave accounts by large interests were evil
denty the forerunners of to-day's liquida-
ton The weekly statistics of railroad
traffic, made up at Chicago and published
after Yesterdays market was closed We're
me SUFFICIENT explanation of the selling
ihey demonstrated conclusively that the
TeaCionafy tendency of business has be-
gun TO have q marked effect on railroad
traffic. as it has been feared it would
X Is apparent that the many owners
the hope that the volume of railroad
traffic would not be materially affected
But with large declined both in the re-
ceipts and shipments in Chicago. and with
freight officials Of eastern lines COM
planning about the light traffic, large hold
ers of stocks threw them on the market
to-day, and found few bidders to take
them. The bear traders. when they saw
how things Were going. joined in the SELL
ing, and their buying at declines to cover
their short contracts gave the only occa-
sionai 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 largely
increased production gave occasion for
depressing opinions of the outlook. Fears
are felt that 2 reimbursement of wages
and a course OF labor troubles may be the
result.
Not much attention was paid to the
question of further gold exports 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 Sub-Treasury. The continuing ease
OF money in the face of these factors is
regarded as corroborating the fears of
business reaction.
The comprehensive outlay for improve
nlents by some of the railroad companies
for extension Of connections are beginning
TO be looked upon with apprehension and
TO affect unfavorabiy the stocks of the
companies. The Steel and Wire and Fed
eral Steel Were rather notable exceptions
TO the general weakness, on account OF
the extensive liquidation already affected
IN them.
Bonds were active and weak in SYM
pathy with stocks. Total sales. par value
s2.1eo.oOo United States new As declined
* and IS coupon advanced 4 in the
bid price.
MONEY AND EXCHANGE.-8Ioney on
call steady at 2a2lh per cent: last loan
at 81. per cent; prime mercantile paper
3IaGD4s. per cent. Sterling exchange
steadier, with actual business in bankers
bills at 4.SSJ4 for demand and $4.Si3s for
sixty days: posted rates, S4.S5@4.S 515 and
Si.SaG4 S912: commercial bills 81. $500
5S45a. Silver certificates. 60G6Oih: bar sill
YER 5a7s: Mexican dollars, 111a Govern
ment bonds irregular; State bonds mac
tive; railroad bonds weak.