The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-05-09
sToCKs AND BoNDs.

New York, May S.-The prolonged dull
ness on the Stock Exchange gave way to
an outburst of active liquidation to-day,
and prices suffered severely as a result
In the railroad HIST losses of between l
and 2 points are the rule and I'm many
active stocks they exceed that. Stocks in
which bull manipulation has persisted In
face of the gathering evidences of depres
sion naturally suffered the most. Balti-
more and Ohio stocks were foremost in
this class, the common losing over points
and closing at the lowest. while the pre-
ferred is 3% lower than yesterdays close.
Missouri Pacific was another example
in the same class, and declined 2ss In
very heavy dealings, in spite of pool
buying on a scale down.
The sharp break in prices came general
ly as a surprise and the room traders
contra sting the wide movement Of prices
with the small effect produced by their
best efforts for q week past were inclined
20 look for an explanation to the arrival
within reach of telegraph facilities of the
most successful bear leader of the past
year, who landed yesterday i'm England
after a week at sea. But there was moth
ing in the trading that would make a
bear raid sufficiently account for the ac-
tion in the market. Liquidation OF long
stocks was clearly In evidence. The
large offerings In one or two stocks In the
railroad group. which were O feature yes
terday, and which were believed to be the
letting go of speculative accounts by large
interests, were evidently the forerunners
OF to-day's liquidation.
The weekly statistics OF railroad traffic
made up at Chicago and published after
yesterdays market was closed, were the
sufficient explanation of the selling. They
demonstrate concluSively that the reac-
tionary tendency of business has begun to
have a marked effect ON rairoad traffic
no fsRG HfsfSf ffSYsG Z to
parently that many owners of railroad
stocks have been holding in the hope that
the volume of railroad traffic would not
be materially affected. But with large
declines. both in the receipts and ship
ments in Chicago, and with freight Off
cials of Eastern lines complaining about
the light traffic, large holders 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 selling.
and their buying at declines 10 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 increased production, gave occasion for
depressing opinions of the outlook Fears
are felt that q readjustment Of wages and
suit 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 10 the market from
the sub-treasury.
The continuing ease of money in face
of these factors is regarded as corroborat-
ing the fears of business reaction. The
comprehensive outlay for improvements
by some of the railroad companies, and
for extension OF control. are also begin
ming TO be looked upon with apprehension,
and to affect unfsvoraby the stocks OF
the companies. Steel and Wire and Fed
eral 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 sympa-
thy with stocks. Total sales, par value,
81 100. 600.
United States new as declined n and s's
coupon advanced Il in the bid price.
Total sales were 623,So0 shares. including
Atchison. 1850; do preferred, 1925; Bal
tinlore and Ohio. 27,1s2; Chesapeake and
Ohio. 6.99i; Burlington and Quincy, 1888;
Rhode Island. 15.525; Lake Shore 1880;
Louisville and Nashville. $3.50; Manhat-
tan. 5,275; Minneapolis and st. Louis pre-
ferred. 55,755; New Jersey Central. s.G17;
New York Central. 10G52; Norfolk and
Western preferred 1920: Pennsylvania.
Is, $685. Southern Railway preferred, $40;
Union Pacific, 30,1G0: American Steel ana
Wire. 1880: American Tobacco, $3.50.
Brooklyn Rapid Transit 1920 Continent
tai Tobacco. S.435; Federal Steel. 1925:
Peoples Gas. 12.575: Sugar, 5S. 995; Tennes-
see Coal and Iron, GOO; United States
Leather, s055.