Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-01
Conf usion and Disorder
Marked the Opening.
CHANGES IN BOTH WAYS
FEELING OF GREAT ANXIETY
WAS IN EVIDENCE.
Some Opening Gains, but Prices Soon
Dropped - Business Was Heavy
During Slight Recovery.

NEW YORK, May 1.-The stock market
opened in confusion and disorder, with
wide changes both ways. The closing to-
day OF the London Exchange left operators
in stocks without the usual preliminary In
timation of the tone of the speculation,
and a feeling of great anxiety remained
as result of Saturdays events vigorous
support in evidence and was effective
in many prominent stocks. but in others
there were considerable declines. Opening
gains shown of l to is in ILLINOIS
Central Louisville and Nashville. Cana
dian Pacific, Northern Pacific, Atchison'
Reading and Union Pacific The last
named opened wide. with simultaneous
sales of 6,Jo0 shares from 119A to lib,
compared with 11S1s on Saturday. The price
then dropped to 11S9s.
L. S. Steel preferred was down x on run
ming sales and a vic opening in the COM
mon stock on 10000 shares showed prices
at 309. and 81 compared with 31$ Satur-
day. American Smelling was down rs.
Tennessee Coal about point and Penn
sylvania Is. Northwestern dropped 4.
There were some recoveries from the ex-
treme declines and some reaction from the
wide advances Immediately after the open
Ing.
Foreign commission houses reported de-
mand for stocks from all parts of Europe
and considerable advances were made in
prices. The failure of confirmation of Sat
urday'S rumorS of financial troubles MADE
shorts disposed to cover. The success OF
the supporting tactics seemed to induce the
Withholding of selling orders, but in the
second half of the hour there were some
threa tening breaks again.
Atlantic Coast Line rose 31a, Great North
ern preferred and Kansas City Southern
preferred :, and the Erie, Rock Island, Mis-
souri, Pacific Norfolk and Western, Anal
gamated Copper, Colorado Fuel. the Metro
politan stocks, General Electric had got up
/ to 2. On the break Smelling slumped 4Ns
New York Central 8, New York, Chicago
and st. Louis 2, the second preferred 31a,
Locomotive 2la. and Reading, ST. Paul
Pennsylvania, Southern Pacific. the United
States Steel stocks. Tennessee Coal Colo
RADIO Fuel and others to 2. Union Pacific
reacted from 119as to 11I9s and Great North
ern preferred from lib to 16S. Cleveland
Lorain and Wheeling broke five.
The break carried many stocks through
the low prices made on Saturday, which
would serve to affect additional margins
The fact that support was effective in face
of this did much toward restoring conf
dence and there was a substantial recov-
cry Some of the stocks which opened
strong recovered to the best. Erie was
prominent in the rally with gain of IL.
Canadian Pacific rose 2A. The market be-
came much quieter at the restored level.
Bonds were easy at noon.
The bulls obtained absolute control of
the market for a time after, midday and
pushed prices resolutely upward. Out
standing shorts became alarmed and COW
cred frantically at a level from l to 3
points above Saturdays closing
Business was very heavy while the rise
was in progress. Among the more notable
gains were Atlantic Coast Line of 5k,
Louisville and Nashville Az, General Elec-
trio. 312 United States Rubber preferred
and a number of the Pacifics South
westerns, Coalers. Independent Steel COM
panies, the Metropolitan stocks and Anal
gamated Copper TO 3. Northwestern raj
lied to points over last weeks final fig
ures. Linseed preferred declined g. Chi
cago, st. Paul and Minneapolis and Oma-
ha and Rubber Goods preferred 5h
The market ran off l to ~ for a few
stocks on professional realizing. but rail-
lied 10 above the highest again and became
comparatively quiet.