The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-05-15
E.tmnMcrNl.
THE STOCK M.4RKET
Violent Declines Caused by Light Liqui-
dalton.

Violent Declines Caused by Light III qui
| dalton.
| New York, May lathe inheren
weakness of the stock market after las
weeks severe shock to confidence be-
came obvious to-day and some violent
declines were caused by comparative
ly light volume of liquidation. The
| weakness was partly due to the fac
| that the natural rebound after the pan
lie had expended itself The factors
which caused that rebound We're ele-
ments Of weakness at the higher level
of prices For instance, the profession
al operators who were so fortunate as
to secure stocks that were sacrificed at
the low level on Thursday were very
willing 70 sell and take profits when
they perceived that the rebound had
about reached it's limit. There was an
other class, that Of the insiders and
friends of various stocks, who bought
heavily on Thursday to support thel1
favorites in order 20 protect their VAL
ues as coon as possible. This class was
anxious to tighten It's holdings when
the panic was checked and took advan-
tage Of the high level of prices. There
was q large amount of belated liquida-
ton also In to-day's market on the part
of capitalists and operators who were
strong enough to hold through the PAN
ic and save their property from abso-
lutte sacrifice, but who were neverthe-
less bent on liquidation. The Satur-
day holiday was taken advantage of all
through the Wall street district to bring
up accounts to date, and the weak con-
dition disclosed in many cases prompted
the closing out Of these accounts. This
factor would have had more influence
yesterday had it not been for the en-
couraging effect Of the favorable out
come of the London settlement. The
bears also resumed their aggressive
mood to- day. and not only offered
prices down to take the market away
from those seeking to liquidate, but
were industriously circulating alarmist
rumors OF the further consequences to
ensue from the conflict in Northern Pa
cifc.
1t was observed with apprehension.
as indicating possible spread Of hos
tile tactics to general stock market
warfare, that brokers usually supposed
to be employed by Standard Oil inter-
ests were sellers of so-called Morgan
stock, while the supposed Morgan brok-
ers were In evidence when the stocks
in the southwestern group began to
give way This might easily have been
a bear manoeuvre, but 1t was effective
in driving prices downwards. There
were whispers abouttthe exchange also
Of a new element of disturbance in the
Union Pacific situation. That stock
was most prominentAi in the market all
day and Its violent break after brief
period Of strength was an effective in
f1uence in hnsettlingfhe whole market.
The selling was seemingly for the ac-
count of insiders, judging from the
agents employed inH~executing orders,
and very large selling orders in this and
In other western railroad stocks came
from that portion of the country
through Chicago. Boston was also ac-
tive on the selling side.
With the obvious tendency OF the
market to yield, the investment buying
which has been more or less in evidence
FOR the last day or two was largely
in the hope Of getting stocks
alter at lower prices. 1t was the prev
,lent belief in the market also that the
powerful operators who were so long
foremost in the bull market had turn
ID to the bear side and were selling
Freely. Whatever the cause at work,
t was clear that the buying demand
'or stocks had fallen to Insignificant
proportions, and the liquidation even of
light lines caused sud |
len and rapid melting away of values.
There were intervals on the down grade |
f 1. and even points between sales. |
l scrutiny of the price changes of the |
Law will reveal net losses Of between
md 6 points for large number of the |
active stocks. The decline
,elow last nights level reached in
Union Pacific Is, St. Paul OK, Delaware
nd Hudson, Missouri Pacific and Con-
olidated Gas s, Northern Pacific 10,
N, Manhattan and Anal
.amated Copper 6h and Rock Island
POINTS.
The money market was not an influ-
nee as there was no large demand for
all loans. In fact, people were mostly
onyerting securities into money as rap
div as was possible For the same rea-
on the growing difficulties of the for
ign money situation and the belief
hat it will draw largely on New York's
money supply was viewed with lessen
d apprehension. The coming INSTALL
nent of the British war loan, the ex-
,ected issues Of the Russian loan in
Paris and the embarrassment feared
or the London market by the with
travail of French credits are expected
o result in a considerable movement of
old from New York, Notwithstanding
he easier tone of the exchange market
day.
Bonds become weak in sympa thy
18th stocks after an early show Of
trength. Total sales par value $780,
DO.
United States refunding twos and
ew fours advanced u per cent. ON the
list call.
closing Prices.
Following are the closing prices reported
? Prince & Whitley, Bankers ana Brokers,
!. Broadway, New York, and Is Center ST.
ew Haven. Bid, Asked.
dams Express Co ........... $50 200
Copper ........l. Ill 111h
merlcnn Car Foundry Co.., 23la 23A
Do pfd ....... ........... 10Y 771a y
m. Cotton Oil Co ............ 25!a &c
D0 pfd .......,...,,.. w +.
n. Express co '.'.'...f. .lS5 l92
II. Ice GO ........... 5JN oo3A 4
DO pfd ID 40
n. Linseed Co !. ..........., 1SA 1Sa
n. IS Smelling nell Redning CO.: 5 y 5 5s''
N SUGAR Refining Co 9o1L goa