Every evening, Wilmington daily commercial., 1906-05-02
STAGGERING BLOW
At STOCK MARKET
Prices Smashed as q Result Of
the Continuance Of The Heavy
Selling Begun Yesterday.
SPiGULATORS GREATLY ALARMED
Forced Selling Was Caused by
Calls for Additional Mar
gins over Night
SPiGULATORS GREATLY ALARMED
Associated Press Dlspatohes BY special Wires

Associated Press DISPATCHES by Special Wires
New York May 2 Prices werelsmashed |
az the opening Of the stock market today |
as a result of the continuance OF the |
heavy selling which began yesterday
afternoon Tho rush TO dispose OF Sc
curities seemed TO indicate that liquida-
ton of an important character was under
way. and speculative holders of stocks
generally became alarmed and made "a
| preciptate rush to get out oi the market
Forced selling was caused by calls Tor
| additional margins over night from
/ brokers. to which responses this morn
/ ing were lacking. There were some VIDE
variations in prices on simultaneous
/ sales at the opening, and orders TO seli ai
I the market in other stocks found no bids,
but at concessions of many points. Ana
conda's l4-point break was the most con-
spicuous instance. Northern facihc
opened down 3 points. There was one
sale of 800 shares of Union Pacific at l42,
compared with 1924 last night, but a
stream of 5000 shares Immediately fol-
lowed. which we're let 20 all the way from
l43{ to 40. Twenty-Five thousand
shares of United States Steel were simul-
taneously sold at 3S1{ and 81, compared
with 30 last night Colorado Fuel broke
points. Reading. Delaware 4 Hudson,
Locomotive. Lead and the Pressed steel
stocks to 3, Manhattan 4 and Pullman
~. Losses up to points we're nu-
merous throughout the list. An imme-
date rebound. reaching ] to ~ in the
speculative leaders and AZ in Northern
Pacific, followed the FIRST staggering blow
at the market.
Toward II o'clock the market rallied
sharply. and some shares sold above last
nights prices. Call money was per
cent.
The first hour on the exchange was
marked by scenes Of wild confusion. The
opening attendance was unusually large
and most brokers had selling orders:
\ Many Of these we're at the market, and
others had stop-loss orders. A great
many of these orders were uncovered IN
the first Is minutes. As usual, much OF
the selling was for out-oi-town account
and Boston is reported TO have figured
to no small extent. The excitement was
greatest around the United States Steel,
, Amalgamated Copper, Union Pacific, St.
| Paul and Reading trading posts, these
stocks largely bearing the brunt OF the
early attack The noise was so great as
! TO be heard almost a block away, and the
; visitors gallery Of the exchange was soon
filled with sightseers.
? STOCKS POURED ON THE MARKET.
s Wall Street, New York, May 2.-No
I attention was paid in New York to the
small rise in Americans in the London
market today. Stocks were poured upon
the opening market here from all direc-
tions. causing violent breaks in prices
4 the declines throughout the list ran from
a fraction to q point. The more violent
= losses were: Anaconda, IA; Northern
" Pacific s.; Colorado Fuel, 3; Smelling
( 21(; Sloss-Sheiiield Steel, Great Northern
preferred. Delaware & Hudson and Illinois
: Central, .; St. Paul, New York Central
Amalgamated Copper and General Elec-
trio. ~ TO 13{. The first sale of Unior
Pacific was Of 300 shares at l42, com
pared with 1929 last night, but this wal
:, Immediately followed by running sales O
D. 5000 shares all the way from l4ls4 dow
p 10 l4O The opening sales of Unite'
e States Steel were of 25 900 shares at 3S1.
10 to 81, compared with 80 last night.
o The trading was accompanied by grea
10 excitement on the exchange. There wer
e a few further disorderly breaks after tn
opening, but for the most part the liquida
ton seemed to have spent itself in
spasm, and there we're violent recoveries
+ Support in St. Paul had an encouraging
h effect on sentiment, and from a declin
10 of 15 it recovered TO 5-S above last night
s. Northern Pacific rebounded AZ an
3, Anaconda 81
.t The bears desisted from buying, as th
n advance in prices reduced their profits
and quotations crlmhled agoin. In som
stocks vigorous support appeared abou
the previous low levels, but in Others th
pressure broke through the support. tn
- new selling came in a steady stream an
y was less spasmodic than at first. Ans
y conda's slump reached 20 Lackawann
II "a, Lead Z, Northern Pacific 10, Colorad
IL & Southern, second preferred, 494, Smeli
% ing AZ, Union Pacific and Locomotiv
4. Railway Steel Spring 8 and Reading
United States Steel, preferred Amalgl
mated Copper, the Republic Steel stock
4. American Car and Steel Foundries, pr
b, ferred, 3. Prices we're slipping ava
m RAPIDLY at noon. Bonds were weak.