The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1905-04-28
YESTERDAYS sToCK MARKET
wave Of Liauiaatlon and a slump.


New York, April 27.-The lack of con-
| fidence in the present level of prices
was the only obvious cause for the
wave of liquidation which swept over
the stock market to-day and carried
| prices Complementary to lower level
The liquidation was renewed again and
again, and the entire lackaof support
and the failure to attract any effective
demand at the cheaper prices caused
progressive growth in the feeling Of
distrust. The violence of the decline
gave rise to a crop of sinister rumors
of something hanging over the, mar
ket." No foundation developed for
these rumors. - 100
| The stocks centering about the
Northern Securities company shared
fully in the days weakness, but they
We're not so singly conspicuous as had.
been the case lately. Yesterdays re-
Itention of the former dividend on Nor
folk and Western seemed to shatter the
hopes Of SPECTATORS regarding a large
number of other stocks which have
been heavily, bought on similar expecta-
/ tons. The story of the Louisville lease
Ito the Atlantic Coast Lime on a per
cent. dividend basis, which was the lat
est production of this character, obtain
| ed so little credit to-day that those two
stocks were among the principal suffer-
ers by reason of the violent reaction
from Yesterdays jump. Another break
! in the wheat market. renewed anxiety
regarding losses in that speculation
which would have to be made good in
the stock market. -. ,-.
| The opening influence on the selling
| from foreign financial centers was
strong, owing to the unsettlement there
over the international political outlook.
Paris manifested decided uneasiness
over the dispute with Germany regard
ing Morocco. The report that the cable
to the Asian mainland from the island
nearest to the field of navaF activity
had cut seemed to inspire the circula-
ton of sensational rumors that the ex-
pected naval battle had already been
fought with unexpected results. But it
| is doubtful whether any or all of these
matters had as much influence upon the
selling as a vague feeling of suspicion
and a fear of some unfavorable devel-
| 0plIleIIC yet 'tU uS diiilpuIlGcu. IHS uhs-
cussion of the Milwaukee bank episode
and the Equitable Life Assurance
scandal, with the renewed ventilation
in that connection of the old United
States Shipbuilding incident, was be-
lieved to threaten spread of distrust
over a wide field, and the resulting loss
of confidence was dreaded for it's re-
suits on credits. ys 80
The character Of to-day's selling was
a plain intimation that important liq-
uidation remained to be completed. The
volume of the selling gave rise to some
startling estimates of the proportions
of the speculative losses which have
been suffered by reason of ill-judged
campaigns. Financial authorities of a
substantial character expressed the
opinion that the awakening to the illu-
sorry character of much of the recent
gossip would make for the health of the
market, although the REIMBURSEMENT
might prove a painful process. The
tone at the close was ni-demoralized
and showed losses from 2 to over
points for all the principal active stocks
in the list.
Bonds We're weak. Total sales, par
value, $2,995,0OO.
United States bonds were unchanged
ON call.