The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-10
ACTIVITY With DECLINES
Initial Losses Followed by Some
Material Rec0veries.
Opening of the stock Market Showed
the Effects of Tuesdays Rad Break.
Although the Irrcgu1nrity Was
Not So Marked Railway List
Weak But SpeciaIttcs Strong.

NEW YORK, May 9.--As might have
market stocks opened very active, and
with material declines appearing in viz
tually every quarter of the market. In
the subsequent dealings the price changes
were rather irregular. In some cases the
initial losses were extended. while in
others the low levels attained appeared
to attract buying of a sufficiently sub
stantial character to lead to decided re-
coveries.
Speculative sentiment seemed to be as
confused as ii has been throughout the
week. The absence of anything definite
TO account for the sudden outburst Of
liquidation throughout the market logically
led to the conviction that persons with
large speculative commitments were in
possession of some information of a
calamitous character which would subse-
quently become public knowledge. OF
course in connection with the general I'M
settlement of prices, the various bugaboos
which have recently been exploited so
vigorously were again paraded in numbers.
These were notably. ii is hardly neces-
sary to say, the Presidential campaign
the labor troubles. and the alleged dis
Indignation of trade throughout the
country.
1t will be idle. of course. to consider
such a market as the present without
taking due account of the speculative
sentiment and ii is only by observing Its
current demoralized condition that it is
possible 10 explain the recent course OF
prices 1t is only necessary to say that
some speculative interests which were
clamoring for stocks of the character rang
ing from Missouri Pacific to Pennsylvania,
when they we're eight or ten points above
their present level. have now persuaded
themselves and others that there is no
limit to the decline in the stocks in Ques-
tion.
The London market for American stocks
was severely depressed in the early part
OF the day, but ii subsequently recovered
materially. So also. foreign houses. after
selling quite vigorously at the opening.
turned buyers. and on balance purchased
q fair amount of various stocks. A rather
material decline in British consols was a
feature OF the dealings in London, which
was not definitely accounted for in to-
days cabled advices.
The London money market was reported
to be working much easier. probable in
direct reflection Of current exports Of gold
Of the metal for shipment tomorrow aggre-
gated 81 $50 eco. an amount somewhat in
excess of the common estimates. No ma
teriai changes appeared in local monetary
conditions and there was indeed virtual
absence of any important news of finan-
cial character.
II is hardly necessary to particularize
in regard TO special movements in to-day 8
market The railway list again showed the
most severe declines. and a number of the
industrial stocks. notably Sugar Refining,
Federal Steel. and Steel and Wire. were
we'll supported. There was. however moth
ing new bearing upon these stocks. The
market movements, as a rule, reflected
merely technical trading conditions. Out
side liquidation WIS again in large volume,
but, on the other hand buying of a sub
stantial character was noted in various
quarters of the market throughout the
days dealings. and attained fairly large
aggregate This business was very well
distributed throughout the market.