Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-03-05
COPPER STOCKS
UNDER PRESSURE.
AmaIgamated Heavily Sold With
Result Of Forcing Prices
Down.
SOME FORCED LIQUIDATION.
Slight Rally Followed by Selling,
Wiping Out All That Had
Gained.

New York March 5.--stocks broke bad
~ today on the heavy outpouring %
liquidation from all quarters. There was
a well conferred bear attack on a num-
Der Of stocks which have become vulner-
able by the building up Of extensive pool
accounts ana manipulation IN the market
The dissatisfaction over the money out
look, the continued withdrawal OF the
banking reserve ana the necessity OF seal
Ing down credit accounts to keep pace
with the declining reserves were respon'
siDle Tor most OF the selling Inc unsta-
bic condition vi stocks developed last
week, caused widespread distrust and
was the cause for seudins out large adj
ditiOnai margins on speculative noiulnss
FAILURE to respond 10 these lnuuCeu
throwing over OIL some nolulnBs ~ conf
MISSION houses. Inc Offering down or
prices by the bears mad the erect OF eA-
naustlns margins ana uncoNerlng stop
loss oTuurs. lne weight on tne market
was thus increased Lenders of money
also exercised increasing DISCRIMINATION
against some stocks wnuse market posi-,
ton was alstrusted Wnen they appeared
in collateral for loans. Reading Mas es-
pecially weak ana ieil nearly points
below SATURDAY during the morning
Northwestern was dOWh y points, Nortn-
ern Paciic, Amalgamated copper ana
Sloss steel va 10 "a, COLORADO ruel tH
and Union Pacihc, llhnols Central l)eld-
ware * HUDSON, st. Paul, Atlantic Coass
Line, Smelling General Electric, hide
and Leather preferred ana some others
from ~ ~, The average level In the
whoIe list yielded between ana points
The occasional rallies In the market were
que 10 nasty prOnt taking Dy the bears ny
buying to cover.
Prices started dOwnwards at the open
Ing OF the weeks trading In the stock
market today The selling pressure CEN
tered on the copper stochs and the IA
chcs. Amalsanated Copper opened a
cent lower ON the sale OF l0VOJ shares
ana made turtner decline Afterwards.
Anaconda sold down III, Northern Paclnc
IA, Union Pacific IA, Colorado Fuel about
a point and Reading " cent. Consolidated
Gas opened at an advance OF "a ana
Dlstilleis securities rose "a.
Buying orders that were IN the market
caused momentary rally, but the sup
port was NOT protIacted enough TO over
come the effect Of the heavy selling of
Amaigamated Copper and Reading. Pres
sure was general with the largest losses
In the pool lavorltes, Some bad breaks
occurred toward the end OF the hour APP
parently on forced liquidation. Lackawan'
ma sold on ~ points, ANACONDA lO4., head-
ing SIS, Northwestern I, Northern Pa
cine, Amalgamated Copper, Pressed Steel
Car and Locomotive "a Colorado Fuel ~,
ana the active list generally from / 10 IL.
A rally Of a point in Reading marked
the extreme Of a temporary resistance
TO the market Prices then broke again
with violence. None or the important
stocks escaped losses OF l and points
Reading fell ~, Northwestern g. Ana
conda 1874. Colorado Fuel "a, Amalga-
mated Copper, Northern Pacific, LocomO-
tive Soss- Sheffield Steel ana Illinois Cen
tral 3 to 3A and Union Pacific ST. Paul.
Atlantic Coast Line Canadian Pacific. u.
a H.. n. Y, Chicago x ST. Louis, Smelt-
ing, Sugar, General Electric, Republic
steel and Hide and Leather preferred :
to 2a.
The market steaded and became quieter
at noon.
Bonds were easier at noon.
Another wave of liquidation swept over
the market shortly before o'clock which
wiped out the midday rally and drove
some Of the leaders below their low prices
OF the noon Reading was the chief SUI
ferer and the enormous selling Of the
stock cfectually checked all attempts OF
speculation elsewhere. Reading sold at
1859. a loss Of So Sloss. Sheffield Steel
dropped 81. Smelling a.
The market hardened slowly during the
greater part u the day between / and
O'clock RecoYeries, however. were not
substantial outside OF Reading and Anal
gamated Copper Determined efforts were
made 10 force the latter below par and
the entire market receded, Anaconda
slumped 1874, Great Northern preferred.
Northern Pacific, Amalgamated Copper
and Locomotive to Az and Pullman 3a
The support which Amalgamated Copper
received at 100 caused some hurried coy
ering elsewhere, and there were some
rallies Of point or more, Lead excep-
tlonally gained ~.