The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-09
4 HEAVY DROP IN VALUES
The Whole General List Borders
Upon Decentralization.
Standard Railway Issues mud Bulk
of the Industrials the Subjects Of
Declines-Nothing to Account for
the Panic Hut Rumors OF Gold
shipments and Labor Troubles.

NEW YORK. May S.-The morning 5
stock market was in a condition which,
without exaggeration, may be said to have
bordered upon practical decentralization
Nothing short of speculative demoraliza-
ton could account for such declines as
were noted in the standard railway issues
Apart from the usual exaggerated board
room rumors of the weeks gold ship
ments and the advices respecting the labo:
troubles throughout the country, there
was virtually nothing in the way of news
or gossip which would account for the re-
suits of today's transactions.
However, outside liquidation, presuma-
bly, that of weakened speculative accounts
was in more extensive volume than ii has
been at any time since the decline in
prices set in. Indeed, the bulk of the
days purchases appeared to reflect only
the covering of short contracts, and most
of the more conspicuous bearish traders
appeared TO be satisfied with the extent OF
their accrued profits.
London houses were also sellers on bal
ance, although not to such an extent as
to account for the markets weakness. The
London market was fairly steady, being
supported by the further favorable ad-
vices from South Africa. In all of the
active railway issues the declines scored
were well in excess of ] per cent, as SUI
fered by the Missouri Pacific and the Bal
timore and Ohio issues. The grangers and
the other standard issues like Pennsyl-
vania and New York Central did not es-
hxav live, eeiA
The losses in the Industrial quarter and
the more highly speculative stocks were
not, indeed, much in excess of those scored
in the approved railway issues. Sugar
Refining broke with particular rapidity,
and severe losses were scored in Tennes-
see Coal and Iron and Colorado Fuel and
Iron.
Most OF the steel industrials also suffered
severely, notably the hoops, tin plates,
and the others OF that class, while, on the
other hand, although not altogether effec-
tive, degree of support appeared in Fed
eral Steel and American Steel and Wire.
The money market was absolutely unruf-
fed, and the largest dealers in foreign ex-
change did not revise their opinions that
the weeks shipments would not be in ex-
cess of those Of last week.
The local banks reported heavy receipts
OF currency from the interior, and the ex-
traordinary shipments Of mutilated and
abraded currency to Washington for re-
demption was sufficient confirmation of the
extent OF the return movement of money
20 this centre. The few statements of rail-
way traffic submitted were encouraging
showings. Nor did the years political
situation appear to occupy a sufficiently
prominent place in the attention as to ac-
count for the market happenings.
1t would appear that hardly sufficient
account has been taken of the blow to con-
fdence administered by the much ex-
plotted reaction in the iron and steel
: trades, and at all events the rank and
file Of the habitues Of Wall Street appear
to be convinced that the business Of the
country has entered upon a movement
which will carry 1t quickly back to the de.
pressed level Of 1ss4-95. Speculative con.
ndenoe. in short, has been sand-b agged II
approved Chicago fashion. and while there
Is no reason to expect that the blow vii
prove fatal, the market Is unquestionabl,
experiencing great difficulty in recovering
from the shock.