The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-09

the smash on the morning after ex-Gov-
ernor Flower died. IL was quite in keep
ing with the size of the recent boom. The
superlatives that have been used to te
scribe the wild advances in prices apply
with equal force to the way that prices
melted away from / to O. clock yesterday
afternoon. Declines in the active securi-
ties from the high to the low prices of
the day ranged all the way from to
points in Atchison preferred, Baltimore
and Ohio. Louisville, Peoples Gas, Sugar.
and common Steel to Is and 20 points in
st. Paul. Rock Island. Delaware and Hud-
son, Missouri Pacific, and Union Paci-
fc, with an extreme downward fiuctua-
tion OF 50 points in Northern Pacific.
Hardly any Of the active list escaped
break of points, and 10-point drops were
common in the best securities IN the list.
The recovery during the last hour of
the day was in some cases important. AT
the close, in fact there was almost
scramble by the shorts to cover and some
excellent buying by large interests was
noted. The business of the last hour was
so tremendous that the tapes and tckers
did not cease to quote sales for hair an
hour after the close. In view of the
drastic nature of the break, wiping out
the phenomenal gains of weeks In two
hours as il did and in view of the evident
support of the market at the close there
is much difference of opinion as to what
viii be today's contribution. Ordinarily
such break would be followed by fur
Their immediate declines on succeeding
days, and II might be expected that the
opening today would be off and the later
business further of. Some careful people
think that this time the first break has
been severe enough and that the worst is
over. to be followed today by general
recovery and a resumption of the boom:
As a matter of fact. the insiders Will
probably do they wish with the mar
| ket, and it is impossible to know what
this VIII be. Some stocks are still much
too high, and are certain gradually to get
/ their legitimate others
! broken yesterday to a point where they
are cheap and in time are certain to
advance again. Conservative buying OF
such stocks as the Steels, the Southern
Railway stocks. Atchison preferred, Nor
folk and Western common and Chesa-
peakc and Ohio is advised on the weak
spots by some of the best informed peo-
! pie.
Northern Pacific was jumped up 81
points and then it broke IS. jumped %.
broke 20 and finally advanced at the close
10 points to 100 During the entire day its
fluctuations were wilder than were ever
before seen in a stock OF such Importance
1t seems probable that there VIII be vlo-
lent break again today, though the steadi-
ness with which il closed at $50 showed
that the corn ersstill exists. Northern Pa
ciiic preferred broke in the morning, while
the common stock was skyrocketing. 1t
dropped to l0l. During the break in the
general market in the afternoon 1t had
little boom5of its own to l07. The price
The worst breaks of the day occurred
in those stocks that have been manipulate
ed so wildly during the past weeks, the
grangers and the Pacific securities gen
orally. There is ample reason for believ-
ing that the multifarious stories of deals
in these securities recently have been
without foundation except in the brains
of the Western speculative clique st.
Paul sold al 1SS a day or two ago. 1t
opened al $50 yesterday and after advane-
ing point, broke 1914 points to 1872. 1t
recovered only two points at the close.
Rock Island tumbled from 16s to 154 and
closed at 1854. Atchison common broke
from Si7s to T6h and recovered points
broke from 100 to 1l21h and recovered
point at the close. In all these cases
prices have been many dollars too high.
For the most part the level is still far
above legitimate values and 1t seems GER
tain that there will be further sharp de-
clines during the coming few days.
Burlington, too. broke badly, in this
making an exception to its recent record
of great steadiness and strength 1t went
off to 1S6 and closed below 100. In the
case of this stock 1t is dangerous to make
any prediction as to today's probabilities,
as. although the stock is selling too high,
1t still seems probable that the Burling-
tonNorthern Pacific deal will be carried
through.
The Steel securities broke in a discour-
aging way, the preferred 10 points to be-
low 80 and the common to "A. Their re-
covery, however, was rapid and sturdy,
the preferred climbing back almost to
the top level for the day and the common
to 81. Conservative people still have
very good opinion of these securities. as
this recovery showed. 1t is probable that
they should be bought on reactions.
Pennsylvania and New York Central
were among the most sensationally weak
st nf 10 declining
points, respectively, from levels that were
already showing much sturdiness.