Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-05-08
Sharp Break in Stocks on New York
Exchange.
HARD DRIVE ON NORTHERN PACIFIC
During the Closing Hour Money
Advanced to IS Per Cent.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evcuing Star.
NEW YORK, May S-Liquidation On A
large scale and a general yielding u the
nervous tension of the last fortnight COM
bined in producing a weak and excited
stock market this morning Rumor ran riot
and fear was III concealed in many quar-
tiers. The decline ran along without any
material support. and. as IS always the case,
the good and bad issues declined together
The numerous properties in which deals
Were the mainstay ran off easily and pool
liquidation was given full Roadway. The
market was demOralized aud many of the
mistakes made during the winter forced
the inevitable accounting in a few hours to-
day.
Ii would he useless to attempt a detailed
description Of the general market; all was
confusion, and the desire to sell outWeighed
all other considerations.
Inc reasons for the setback varied from
exhausted margins to reports of "A rupture
between two of the leading millionaire rail-
road interests.
Fluctuations were wide and sellers had
no gauge as to the probable price To be
had for their holdings. Brokers refused 10
take orders without limits Thus REVERSING,
the process of a week ago. when BUYERS
had TO take stock lat the market if they
wanted IT at all. Everywhere there were
symptoms of what brokers describe as an
ugly market.
The Northern Pacific episode OF the last
Two days began the trouble The corner
ulScIosed IN yesterdays market gave rise
10 lears that the leading interests were
quarrellng among themselves. thus over
throwing all the good that had been done
lhere were hopes that the difficulties
would be compromised over night, but the
opening quotations showed an unrelentinr
attitude on the part Of those long of the
stock. ~
The first price was 155. but right along
side OF these figures the tape received a
level the market receded to 14s. and then
worked up again to 1876, and became rela-
lively steady at that price. Meantime
these cratic fluctuations had caused APP
prehenslon IN other parts of the list and
an avalanche OF stocks were thrown over
The Hill Morgan stocks were first sold
because, in popular opinion they war,
most intimately concerned with the North
ern Pacific difficulty. The attack on this
group was influenced by rumors thar tha
burlington deal would fail. MIR Hif gave
out an interview in which he expressed
the opinion that he was the least apxin,,s
man in Wall street.
The Hartman stocks came in for a severe
shake-up later In the day. the easy ra-
action In Union Pacific being quite As sig
nlficant as the movement elsewhere M,
LIQUID stocks suffered severely also Mis-
souri, Pacific, however. showing tho bas,
resistance to attack. Ten per cent .Iacliors
We're numerous, and the wisdom of ~ nor
cent margins was amply indicated by to-
days events.
The new steel stocks broke through all
sustaining orders, the preferred eet:inp
down around - and the common brea king
10. In the thick Of the decline NANCY US
offered at per cent.
The street has had a severe lesson and
Ine utst step has been taken toward rene
alai action. In the matter of undoing How
Tar 1t will go is the question unon which
the future Of the market hangs
Money advanced to 10 per cent during the
last hour and was offered at %