The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-05-03

Prices offered, Begins With the OPEN
ing of the Market-From That Time
Until Near Close the Tone is Generally
Weak-Rallies From Time to Time
Trading Extremely Heavy.
New York, May Mot since the
Northern Pacific panic Of May 9, 1901
mas there been such a spectacular de-
cline IN prices on the stock exchange
as there was to-day Heavy selling
almost regardless Of the prices offered
began with the opening of the market
and from that time until near the close
the tone generally was weak. There
were rallies from time to time when
the bears bought stocks to cover the
sales they had made at higher prices or
When some strong financial interests
sent in buying orders to protect the
shares in which they were interested.
but each rally except the last one 1ust
before 3 o'clock was followed by a re-
sumption of the selling movement The
days trading was extremely heavy, ris-
ing to the total Of 2,445 900 shares, Near
ly 100000 shares of stocks changed
Considerable excitement marked the
opening of the exchange Yesterdays
late decline had prepared the brokers
fo- lever prices and heavy transactions
to-day and the attendance on the floor
was very large. 1t was known that the
coni'aission houses had heavy orders to
dispose OF securities as early as poss-
BILE and also that there were forced
sales to be made where customers car
ryny stocks on margin had failed to
resrond to calls for more funds With
in few minutes after the trading be-
gan many stocks touched low records
of the year There was much confu-
sion as it seemed that every broker had
orders to sell, and was anxious to get
rid of his stocks without a moments
delay. At first the interest centered In
the half dozen stocks which have been
the market leaders for some time past.
Anaconda which closed last night at
246, d loss Of IA points; Northern Paci-
| fic, which closed yesterday at 19O open
ed at 1888, and on running sales" sold
at 1856, 1855 and then back to 1856 and
1877 Readings first sale was only is
below yesterday at LII S-S. but selling
soon broke out in this stock, forcing the
price down to 115 1-2, on 10000 shares.
Amalgamated Copper opened at 80 S-A
to 49, as compared with 100 3-4 at The
close yesterday, and Union Pacifio,
which ended yesterday at 142 ga, tlrst
appeared to-day at 142, 141 "a, 14O
Anaconda was the subject OF much
comment. To-day's opening price OF 2S2
was 6S points below the high price Of
the year, which was made on February
1S. Twelve months ago the stock sold
as low as 100 1-2.
After the first ten minutes there was
q fair sized rally on covering by shorts,
but the trading was very irregular and
soon after IL o'clock there was another
violent slump, which carried prices in
many Instances lower than ever. Cop
per broke through 80.
The weakness grew more pronounced
during the second hour, when Union
Pacific was hammered down below 1S9
Shelters below 1879, Reading down to
49, Anaconda below $780, Amalgamated
Copper below 98, and Steel pfd to 1O2.
AT noon support seemed to have been
entirely withdrawn and there was alb
solute decentralization. Nobody seemed
to want stocks at any prices, and they
were thrown over so fast that the tick
er tape was from five to ten minutes
behind in reporting the sales
There was another rally at 1915, some
stocks showing signs of a little support,
though there was vigorous buying. This
rally was followed by drive against
Reading which carried it down 10 112
After 2 o'clock it appeared that there
was no further liquidation in sight and
prices rallied to the best of the day
There was no definite news to ac-
count for the heavy selling and conse-
quent collapse in prices. Wall street
heard many rumors of bear pools, Of al
legged financial difficulties and Of al
legged impairment of confidence in the
values of some of the securities listed
on the exchange, but nothing developed
to give substantial confirmation to any
of these reports.
Call money opened at per cent. and
continued tight during the morning. At
l o'clock it had jumped to IL per cent.
There was little demand, however, and
it soon slipped back to per cent. and
the last loan was at per cent.