The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-05-03
ENORMOUS VOLUME
Of LIQUIDATION.
Day One Of the Great Ones in tltt
Stock Exchange
u, History. -lu h
WAS A FIELD FOR j THE II; BEARS
They Operated With Great Bold
ness and on q Large
Scale. ....Al-.
WAS A FIELD FOR THE 'l-l 4. BEARS q !: I y.
nav Associated Press. }

NEW YORK, May 2-An enormous
Is xo,,,,ne of llauldation was effected In the
stock market to-day. The aggregate OF
the shares sold While falling far below
The absolute record Of dealings at the
New York stock Exchange rose well over
i 2.00OOo0 shares, and made the day ono
Of the great ones In New York Stock
Exchange history. Very serious inroads
upon prices were caused by the violence
OF the liquidation. But towards the end
Of the day the market showed evidence
OF the relief afforded by the liquidation
Accomplished. 1t was u field day for tho
bears, and they operated with great bold
ness and on an enormous scale oil day.
Tho Discrimination to take profits on the
/ lurgc declines OF the day was an I'M
portant factor In the occasional rallies
and In the later tendency towards I'M
provcment in tho market The heavy
shrinkage in market valuations gave rise
TO the Inevitable reports of money dlfii-
cultles ana added to the uneasiness pre-
valling about the Stock Exchange. There
was no confirmation OF any Importance
OF the reports and their failure of YER
ification helped to the rebound. Tho
extreme weakness shown during tho day
was attributed to the operation OF the
same causes which have been ineffective
for several weeks.
The money market continued light and
Z the rate for call lolns rose again to II
per cent. Rates for time loans for all
periods up 10 six months were firmly
held at per cent. Another days large
cearances between the banks reflected
further large financial operations In
progress.
limitations Of forthcoming special
presidential message to accompany cle
1 report OF the Standard Gil inquiry were
made something OF. Decreases In March
net earnings by the southern Railway,
4 Cleveland. Cincinnati, Chicago and ST.
Louis and the Denver and Rio Grande
companies made q dIsagrceable supple
ment to yesterdays similar. showings by
the ST. Paul and the Louisville and Nash
VILE. notwithstanding the largely { III
creased earnings reported by the Penn
sylvania and the Norfolk and Western.
Further large declines in the foreign ex-
change Indicated a continued control Of
y the outside gold supply, but foreign dis
counts hardened. the private rate in Lon
don rising to level with the official
rate OF the Bank OF England.
The substantial recovery Of the latter
part OF the day left no adequate indIca-
!. ton In tho days net price changes or
OF the extreme decentralization that ruled
In the market about midway OF the sea-
son. At that time. aside from Anaconda's
0i'point. slump. there were such declines
d as 10 81 for Northern Pacific: 10 for Great
Northern preferred; z for National Lead;
BIB for Reading; IA for Smelling:
for Union Pacific: Locomotive and Re-
public Steel. preferred. 4 49, for L. sd
N, 5; Cleveland, Cincinnati. Chicago and
ST. Louis. and to points quite generally
throughout the list. The closing tone,
was unsteady with some fresh relapses
at few points. ,
Bonds were weak. Total sales par value.
S3,an.0oO. United States bonds were all
unchanged on call.
Total sales OF stocks to-day were a.
1890 shares.
NEW YORK. May 2.-Noney on can
strong, and IL per cent lowest, 3: ruling
rate, s. closing bid, 3l-2; offered at l..
Time loans firmer; GO days. ninety days
and six months 6 per cent.
Prime mercantile paper, 51-465 ga per
cent. Sterling exchange weak, with ac-
tua business in bankers bills at
4sHG4s3.SO for demand. and at
4so.sca 4sOs5 for sixty day bills. Posted
ra ties 4S264S5. Commercial bills. $50 IL.
Bar silver, G6. Mexican dollars, 50 IL.
= d, !. +