The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-05-02
VIOLENT BREAK
IN PRICES AGAIN '.A|lII|.
Stock Market Goes to Pieces and
Day Ends With General
Generalization. 81
CLOSING WAS VERY EXCITED J ll;|' I I:
48 ----.---------.-- ---.5 III. Y
Developments in Money NJ. Market I. Ct
Have Important Bearing .sot1
Renewal Of Liquidation.
CLOSING WAS VERY EXCITED J Z; { I 7
( !. Ala IA prnaa /,

NEW York, May 1.-The disino'na-
ton of buyers OF stocks to deal freely
at the recovered Lowell OF prices establshed
yesterday became manifest early III To-
days market. After Il period OF quiz
ness and hcsitating fluctuations, prices
bernn 10 recedo nnd the fall became pre-
c,pitatc again before the end OF inc
day. Liquidation which had teen WIZ
held with the idea that better pr'ces
might be obtained came out again -
large volume when the downward course
was established and aggravated inc "e ea,
ncns OF the market. The force OF inc
.oilInr measure carried prices Of leading
sneculativc issues far lower than the
lowest prices touched last week. ms
had the result Of uncoverlng stop loss
orders. and exhausting margins lett uh-
touched In the last weeks decline anu
led TO a free throwing over OF specuia-
tive holdings In all directions. ;.
DEVELOPMENTS IN tho money market naa
an important bearing on the renewal OF
ljauIdation Loans were called ana tne
cali money rate ran up sharply during
the afternoon to ten per cent. some
lidu,dat ton OF speculative holdings "is
forced at this rate, and there appeared
to be discrimination exercised aBan's.
some securities for collateral IN loans'
( NO new ChuBc uefciopeA AoA S''~ =.
OF the money market and It's reflected
Influence in the stock market beyond the
progress OF the working out Of the adjust
ment TO tho conditions fixed by the san
Francisco losses Additional heavy en-
Ragcments OF gold for import were mace
and corresponding Withdrawals made from
tho SUBJ treasury by the banks engaging
the gold, tho proceeds OF tho shipments
thus becoming Immediately available IN
bank reserves. Renewed violence IN the
anthracite mining region was regarded
Us not tending to further the prospects
for strike settlement.
The selling movement became as Fio-
lent during the final hour as at any time
last week and the market took on an
appearance OF Generalization. Declines
from last night Of between and points
became quite numerous. Grcnt Northern
preferred headed the list with loss OF
Z 1858 Other stocks scoring lesser losses
we're Northern Pncllic. Chicago. st. Paul,
Minneapolis and Omaha: st. Paul, North
western Delaware and Hudson: Tennessee
Coal. smelttng. Reading; Union Pacific,
New York Central, Amalgamated Copper.
and others OF less prominence. Hasty
short covering formed the only Interrupt
ton to the throwing over OF stocks WITH
out regard to the price up to the closing,
which was excited and de'noralized.
Bonds were heavy. Total sales, par
value s2.2n,ooo United States 80 declined
"a per cent. on call.
The total sales Of stocks to-day amount
ed to 1,1453no shares
NEW YORK, May money on call.
strong and higher, 4G1o per cent: ruling
rate Ala; last loan, 9; closing bid, 8:
offered at 10. Time loans steady; GO days.
90 days and six months. b1-2G6 per
cent.
Prime mercantile paper. 61-4a5 "a per
cent, Sterling exchange steady al AZ
4s4. 25M4s4.sO for demand and at 4s1 .2014S1. 25
for sixty day bills. Posted rates,
as 1-2G4s3 and 4s5 1-214B. Commercial
bills, 4al. Bar silver. A. Mexican dollars,
E0l-o.