New-York tribune., 1906-05-03
SUPPORT AVERTS PANIC
RALLY FOLLOWS SLUMP.
Bankers Rash to hid of Sickest
Market of Year.

Not since the Northern Pacific panic day, one
week short of five years ago, has the stock mar
ket been the scene OF selling in such heavy vol
ume as. and Of collapse of prices more threat
ening than yesterdays. The close OF Tuesday had
given promise Of a further break yesterday, a
promise which received ample fulhlment.
wild rush occurred at the opening to sell stocks.
the orders representing liquidation by the dis
tressed and the timid, as well as confident short
selling on an enormous scale, and the scene on
the trading floor of the Stock Exchange was
one OF great excitement and confusion.
Ihere were apparently we'll founded reports OF
one or more big operators being Obliged tn sac-
rifce considerable part Of their lines of long
STOCK and some OF the pools also were said to
nave had to tighten their loads. throwing over
DOCKS OF shares at whatever prices they would
bring Much was made by the bears OF tho
Iact that Commissioner Garfleld's report on the
standard OIL Company's operations and meth
ods was about to be sent to Congress- o,a %
the uncertainty as to the tone of the Pres,dant,g
message accompanying it. These considera
lions undoubtedly intensified the general arnrs-
hension.
me opening rate 1or eal money was nor
cent and during most Of the dav tbera -
clted bidding for money the rate eo4n,. - OK
uie 10 Il per cent. After the initial 49, 20
Seiiils had spent its force there were occa,,o,o,
slnal rallies on profit taking by the sborts
a niue before noon came the second ana e.
we're break which sent prices down 70 Ie,,oIs
WHICH IN many cases represented new low rec
oros ior the year and seemed likely 70 deveIop
INTO panic Then the powerful banking inter-
ests rushed in supporting orders in sucb vol,,r,a
as 10 check the decline and start a rallv. which
assisted by great deal of covering OF shorts
continued to the close and brought the net
losses for the day within relatively small limits
Fart or the buying at the low level. reported
10 nave been as much as $19sOOOOO0. was said
20 nave been for foreign investment account
me total sales for the day were in excess Of
Z4OOOOO shares. In the first three hours 4ba
sales were 1,743.6O0 shares. which was AZ tba
rate OF nearly $S,OO0OO0 shares for a full dav In
this period the ticker record was often several
minutes behind the market.
1he suspension Of Charles w saacke owing
to his inability to meet outstanding oblieattops
was announced yesterday afternoon IN +be estoo,
exchange, Of which he has been a member since
October 26. 1905. Mr.. Saacke had been an em-
pioye OF the firm Of Boskowitz &, Co. No. III
BroaoWay' and on January Of this wear had
Deen ADMITTED TO the firm. becoming the board
member. the other partners being A. Willsta tier
and Ignatz Boskowitz
Notice was sent to the exchange yesterday
morning before SaaclIe's suspension was an
nounced that the copartnership of Boskowitz &,
Co. had been that day dissolved, and that all
firm obligations would be paid This pledge
however. does not cover the obligations OF Mr..
Saacke arising from his operations as an in
dividual These obligations. it is understood,
Will not be so large in the aggregate as the
sum which can be realized from the sale OF his
Stock Exchange membership
Mr.. Saacke could not be found downtown yes
terday- His suspension, which was that OF an
individual and did not include his former frm
was without effect on the stock market
TABLE SHOWING FLUCTUATIONS.
The following table, showing the maximum de-
clines yesterday in a number Of active stocks as
compared with the closing prices of Tuesday,
and the net gains or losses at the close of the
day. will give idea of the violence Of the
braslr and the extaD4 NJ the ralIV,.