The Providence news. (Providence [R.I.]) 1891-1906, 1906-05-02
ANOTHER BIC
SLUMP IN THEN.
STOCK MARKET

New York, May 2.-Prices were smashed
at the opening of the stock market today
AZ result of tho continuance OF the
heavy selling which began yesterday ar
The rush TO dispose of securities seemed
TO indicate that liquidation Of an tmpor-
tant character is under way, and specula-
tive holders OF stocks generally became
alarmed and made precipitate rush 10
get out OF the market tbs morning.
Forced selling was caused by calls TOR
additional margins overnight from brok-
ers, 10 which responses this morning were
lacking or were unsatisfactory.
Consested selling orders resulted In
sone wide variations In prices on stimuli
taneous sales at the opening and orders TO
sell ''at the market" in other stocks found
no btde but at concessions OF many
points. Anaconda's l+point break was
the most conspicuous instance. Northern
was ono sale OF 300 shares Of Union Pacific
at 142, compared with l42% last night. but
stream OF 5000 shares Immediately fol-
lowed. which were let go all the way from
lAl& 10 140.
Twenty-Five thousand shares OF United
| States Steel went simultaneously at 3SL
and 81 compared with 30 last night. Color
ado Fuel broke three points. Great North
ern preferred St. Reading. Illinois Cen
tral. Smelling. Delaware and Hudson. Lo-
comotive, Lead and the Pressed Steel
stocks ? to 3, Minneapolis. ST. Paur ana
Sault ste. Maria AZ. Manhattan 4 AMI
Pullman IA. Losses up 10 two points were
numerous throughout the list. An imme-
date rebound reaching to IL In the
speculative leaders and AZ In Northern
Pacific followed the first staggering blow
at tho market.
At the Stock Exchange IL was believed
that the opening break presented further
liquidation by certain large operators.
who were caught in last weeks slump.
This togther with short selling by prom
inent traders and the absence OF support
by the big banking interests especially In
such stocks as United States Steel Anal
gamated Copper. ST. Paul and other ac-
tive issues accelerated the decline. To-
ward II o'clock the market rallied sharply
and some shares sold above last nights
prices. The early rate for call money was
s pr cent
The first hour on the Exchange was
marked by scenes OF wild confusion.
Most of the brokers had selling orders,
some "at the market" and other stop
loss orders. A great many OF the orders
were uncovered IN the first Ave min
utes
As usual much Of the selling was for
out-of-town account and Boston is re-
ported 10 have figured 70 no small ex-
tent. The excitement was greatest around
the United States Steel, Amalgamted Cop
er Union Pacific, st. Paul and Reading
trading osts. these stocks largely bearing
the brunt OF the early attack
The noise and confusion was so great
as to be heard almost n block away and
the visitors gallery OF the Exchange was
soon filled with sightseers.
ON THE BOSTON EXCHANGE.
Boston, May Pressure OF liquidation
on account Of the break I'm the New York
market resulted In sharp declines in sew
efal specialties in the earlier trading here
today, but considering the seriousness az
the running off In New York the local
coppers as n whole held well
Trading was brisk here and was carried
on amid moro than the usual evcte-
ment orders were well distribute
throughout the list. Copper Range felt
the break the worst declining 2% to 2iA
North Butte on moderate transactions fell
TO S3is. Osceola receded TO 90. losing 2
The general list. while less active than
the coppers. was weak United Shoe Ma
chlnery easod points to 7s.