Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-05-25
Sharp Decline in Changers,
Steel and Other Issues.
MANY SELLING ORDERS
STOCK MARKET OPENS FEvERISH
AND LOW RECORDS MADE.
Some Support Given, and Recoveries,
Followed by Reactions, Set Inst
Paul and Rock Island Slide Of.

NEW YORK, May 25-The stock market
opened with a good deal of excitement to-
day. and amid the throwing over of some
large lots of stock there was a great deal
of confusion during the first quarter OF an
hour.
1t represented largely the liquidation OF
orders from the country. of which hundreds
had poured in over Sunday.
The sharpest declines were in the issues
which were the objects of attack on Satur-
day: 5000 shares of Rock Island came out
at 3S% to 80. as compared with closing
price of 1914 on Saturday: of United States
Steel. $500 were sold simultaneously at
31s and 31& compared with 31ts Satur-
day: and st. Paul dropped to 1879. as COM
pared with 151h Saturday. thus making a
new low record price since May o, 1901.
Other features OF weakness were Union
Pacific. which dropped * to S5h: Missouri
Pacific rs to 1O5: Amalgamated Copper. 1
to 6O1s; Wabash preferred, 1 to AN: Penn.
sylvania, Is to 12oA, and New York Cen
trial. V to 125
The only firm issues were the Coalers.
Erie shares advancing from l to 1h points
and Reading recovering fractionally. At
the end OF the first hour the liquidation
seemed to have largely spent itself.
There were slight gains among some
American stocks In London this morning.
which gave some hope of a recovery from
Saturdays weakness, but the opening Of
the market here showed heavy selling or
ders and little demand throughout the list.
The first sale of st. Paul was of 100 shares
at 15OM. but the next sale was 1900 shares
at $50, and the stock subsequently broke
through that figure. Saturdays price was
151A
There were $500 shares of United States
Steel sold at 307s and 30s4. compared with
31as on Saturday. and opening sales of Rock
Island were of 5000 shares at 3sa4 and 30.
COnnared IN Saturday
Missouri Pacific lost nearly points, and
declines of a point or over We're shown by
Wabash preferred. Canadian Pacific.
Brooklyn Transit, Amalgamated and Ten
nessee Coal Pennsylvania and United
States Steel preferred fell Is under heavy
offerings.
The precipitate declines in the leading
stocks alarmed holders OF the less import
ant properties and there was general
splitting out Of holdings, which lowered .
number of them between 1 and points.
These included some high-priced invest
ment stocks as well as low-priced nom
dividend-paying industrials. Exceptional
losses were made by St Paul preferred OF
AZ: United States Realty preferred, AZ. and
Virginia Carolina Chemical, 3.
The general market was feverish and ex-
cited. Supporting orders. however. were
plainly manifest all through the active list
and by 1870 the tide of prices had turned
upward.
A number of active stocks recovered from
1 to ~. carrying few above Saturday.
Erie first preferred and second preferred
sold ~ and IA. respectively above Satur-
days close. The trading became quieter at
the rally.
The market reacted slightly on the an
nouncement of an engagement of S300O
in gold for export to Germany. Union
Pacific was carried back to the lowest.
Erie first preferred reacted a point. North
western lost IL, Rock Island and Toledo
st. Louis and Western preferred On. Eff
fective support was again forthcoming and
the selling was checked, but the demand
fell away at the higher level. Minnea polls
and st. Louis was marked up over Sat
urday, and Metropolitan Street railway
and Cotton Oil preferred gained point
Bonds were weak at noon.
Prices hardened here and there were but
few changes of consequence during the
midday hour st. Paul rose to 151A and
United States Steel preferred to 81. and
the general list maintained a firm under
tone.
Toward 1 o'clock heavy selling of Rock
Island forced it down to 37B, and prices
elsewhere ran off quickly, st. Paul reacting
to 15Ok and Union Pacific and Southern
Pacific fell back to the lowest. Colorado
and Southern preferred lost "a and Ameri-
can Express g. while Minneapolis and st
Louis receded 3.