The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-05-09
LIQUIDATION SETS N
In Stocks and Prices Suffer
Severely.
REACTION IN BUSINESS
Affects Railway Trafic--La
Troubles Feared.

New York. May s.-The prolonged list
lessness on the stock exchange gave way
10 an outburst Of active liquidation to-
day and prices suffered severely as
result. In the railroad lines losses be-
tween l and ? points are the rule, and IN
many active stocks they exceed that.
Stocks in which bull manipulation was
persisted in in face Of a gathering evil
dence offdepression naturally suffered the
most. Baltimore and Ohio stocks were
foremost in that class, the common los-
ing over s points and closing at the low
est. while the preferred is 3s4 lower than
yesterdays close. Missouri Pacific was
another example in the same class and
declined rs on very heavy dealings, in
spite Of spot buying on a scale down.
The sharp break In prices came gener-
ally as a surprise and the room traders.
contrasting the wide movement OF prices
for the small effect produced by their
best efforts for a week past were in
clined to look for an explanation 60 the
arrival within reach Of telegraph facil-
tiles of the most successful bear leader
of the past year, who landed yesterday
in England after a week at sea. But
there was nothing in the trading that
would make bear raid sufficiently ac-
count for the action 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 . feature, and wnich were be
neved TO be the letting go of specuia-
tive accounts by large interests, were
evidently the forerunners of today
liquidation. The weekly statistics of rail-
road traffic made up at Chicago and
possibly held after yesterdays market
was closed were the sufficient explana-
ton Of the selling. They demonstrate
conclusiyely that the reactionary tend
ency of business has begun to have
marked effect on railroad traffic, as 1t
has been feared Il would. II is appar-
ent that many offers of railroad stocks
have been holding in the hope that the
volume of railroad traffic would not be
materially affected. But with barge de-
clines both in the receipts and shipments
in Chicago and with freight officials of
eastern lines complaining about the light
traffic, large holders Of stocks threaten
ed the market today and found few bid
ders TO take them. The bear traders,
when they saw how things were 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 neces-
sity, which is now clear, Of reduction
of prices throughout the business world
in order to induce sufficient consumptive
demand to absorb the largely increasing
production gave occasion for depressing
opinions for the outlook. Fears are felt
that a readjustment Of wages and a
course Of labor troubles may Be the re-
suit Not much attention was paid 70
the Ques ton of further gold exports, as
the money market shows no effect Of
apprehension on that score nor on that
Of the cessation of the outgo to the mar
ket from the sub-treasury. The contin-
uing ease of money, IN face of these fac
tors IS regarded as corroborating the
fears of business reaction. The compre-
! hensive outlay for Improvements by
some of the railroad companies And for
extension OF control are also beginning
TO be looked upon with apprehension 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 on
them. Closing prices. Of stocks were Is
follows: