The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-05-09

The elimination of the great boom Of
1S5U-l95l, begun yesterday, finished in a
final magnificent smash today. far eclip-
sing even the boom in magnitude. Panic
re!gned in Wall Street, and throughout
the country, wherever there was a bro
kerage office and people that buy and sell
stocks. Prices broke $40 and $50 and So q
share in q few minutes between i and z
o'clock The breaks IN many cases ex-
ceeded all the advances made IN the past
three or four months Drops Of ten points
between quotations were made by the
hundred, and in some cases the difference
II prices between quotations was far
greater than this. One stock Delaware
ana Hudson dropped from 100 TO I25 be-
tween sales The best stocks on the rail-
way list that have paid dividends without
fail for many years, and are looked upon
as gilt-edged investments, broke during
the worst half hour ten and fifteen points
Stocks were thrown over utterly, without
regard to prices OF dividends o.. tried sta
bility Of character This half hour OF
terrific smash carried thousands Of men
10 ruin in New York and all over the
country There were ruTnors throughout
the Street of numerous failures but these
could not be verified in many cases, and
there seemed TO be q general desire 10 tide
the lettering firms over in the hope that
they viii be able to recover.
The causes Of the crash are. not hard II,
understand now that II has come. Some
thing OF the kind has been expected and
predicted by conservative people, but the
extent Of the panic is far greater than
was looked for except perhaps by Mr.
Sage Prices have been jockeyed up many
dollars share beyond the widest belief
Of few months ago. They were far too
high even for the best of prospects. and
discounUng all the good that might come
In business during the coming year or
more The rankest and most reckless of
manipulation has been Tesorted to. All
this was realized. It was known that any
accident would bring about a break of
far-Teaching Importance Even the most
conservative and best informed, however,
dld not quite realize the bigness OF the
manipulation. Tight money last FRIDAY
and yesterday started the break and the
public as invariably happens. all tried TO
sell at once. Thus the story can be told
IN q few words RUmors Of disasters to
brokerage firms and OF great railway
deals gone wrong helped the panic along
but were not primarily responsible.
A sharp reaction toward a more reason
able level began at noon. The gains in
the next few minutes were almost as
rapid as the declines had been, and in
many cases before I2-3U half the de
ClInes had been recovered The dividend
paying stocks and those generally which
have most merit were first to recover and
sturdiest after the first upward movement
in holding their gains The outlook is for
The widest kind OF market during the
remainder Of the week. but the insiders
the rankS and big railway men have
come into the market to support il and
TO pick up bargains again II is proba-
Bile. therefore. that the worst Of the F-aaJ
anG that there viii be q recovery toward
better level at least in the dividend paw
ing stocks.
As vas 10 be =z2ected, the most crash
ing breaks came - IKE stocks that have
been worst manipulated. The grangers
and the Pacific securities. with the OK
ception Of Northern Pacific, common and
preferred, dropped in an unprecedented
way. Union Pacific, which yesterday sold
at 80. was marked down 10 so. St Paul
and Rock Island dropped go TO $50 each
from the prices Of yesterday. Atchison.
common. went of TO q from the price Of
g a day or two ago, and &c this morning.
The preferred dropped TO so a share. The
Tecoyeries were very rapid Atchison,
preferred soon sold above go and the
common above 60
Delaware and Hudson broke from $50 a
few days ago and frCya I65 this morning
10 ~ 1t advanced quickly from its low
price to 40 and above. The coaIers gen
orally, and the Readings in particular.
CASTORIA Fulnfsats and Children.