Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-29
Opening Was Active and
Exceedingly Irregular.
BECAME HEAVY QUICK
WIDE ARRAY OF STOCKS AFFECT
ED BY EARLY SELLING.
Excited Second Hour - Confused Price
Reports-Extreme Declines-Doubt-
full Tone at Closing.

NEW YORK, April 29.-Frantic selling
made the stock market take on a panicky
appearance today and toward the close of
the two-hour session the confusion on the
floor of the stock exchange became so great
that the machinery for reporting transac-
tons practically broke down.
Throughout the trading 1t appeared that
bull pools were being forced to sell their
holdings, and at the same time rumors of
financial troubles, vague and without de-
tail, but of great effect on sentiment never
thelesS. were circulated freely. No attempt
at support was made, and the result was a
rapid melting away of prices.
Enormous blocks of securities were
thrown on the market for what they would
bring, and stop loss orders were reached in
great volume. showing that many margined
holdings were being sold out. Among the
rumors in currency was to the effect
that trust company was being investi-
gated. This report could not be confirmed.
There were violent rebounds in some
cases. as was to be expected. but the de-
moraliZed tone was still in force at the
closing, and some of the last prices re-
ported were the lowest of the day and were
made on a suddenly descending scale. De-
clines In the active list up to four
points and in the inactive stocks to Tx, the
latter drop occurring In Buffalo, Rochester
and Pittsburg.
NEW YORK. April o9.-The market
opened active and exceedingly irregular.
Louisville and Nashville rose IL and At
lantic Coast Line lost as much. United
States Steel fell u and the preferred gained
small fraction. Canadian Pacific ad-
vanced rs and st. Paul and Kansas nd
Texas preferred fell point After the open
ing some of the gains were partly lost and
some of the losses were partly made up
the tone became rather heavy within few
minutes.
wide array of stocks were affected by
the early selling, but intermingled with the
substantial losses were q number of ad-
vances, which impaired a ragged appear
ance to the trading The more effective
pressure was concentrated against the re-
cent weak features, such as the southern
stocks. Pacifics. Pennsylvania stocks and
the various metal and car-equipment stocks
Losses running from a point upward were
established in the leaders mentioned and a
number OF others, the aggregate reaching
fully forty stocks. OF these Buffalo, Roch-
ester and Pittsburg dropped liz, Lake
Shore 3, Tennessee Coal Brooklyn Transit
and Atlantic Coast Line 31a. Sloss Sheffield
Steel 8. Kansas and Texas preferred, Den
yer and Rio Grande, Steel Foundries pre-
ferred, Metropolitan Securities, Virginia
Iron and Allis-Chalmers preferred, Cleve-
land. c. c. and st. Louis and Pressed Steel
Car to 21a.
Advances reaching two points were made
by the Rubber Goods stocks and General
Electric. Realty, SOHSOuudleu IdS, ttoCh
Island, preferred, Nashville, Chattanooga
and st. Louis and Northwestern also
showed gains at various times of l to IA
Pandemonium broke out on the stock ex-
change during the second hour, and quota
lions were practically lost for time. What
appeared as fluctuations on the tape were
simultaneous transactions in many cases,
stocks being sold in one portion of the
crowd at prices several points away from
those being made on the other side of the
crowd
1t was difficult to distinguish the tone at
the closing the higher prices which were
reported later than the above quotations
representing simultaneous transactions in
many cases.