Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-05-02
RUSH TO DISPOSE
Of SECURITIES.
When Market Opened There Was
Heavy Selling and Prices
Were Smashed.
BROKERS CALL FOR MARGINS
Responses We're Lacking Which Re-
suited In Heavy Selling Orders
From Everywhere.

New York, May 2--Prices were smash
ed at the opening Of the stock market to-
day as a result Of the continuance OF the
heavy selling which began yesterday ar
ternoon, The rush to dispose Of securities
seemed TO indicate that liquidation OF an
important character was under way ana
speculative holders generally became
alarmed and made a preclpitate rush to
get out Of the market this morning. Fore
ed selling was caused by calls for addi-
tional margins from brokers TO which re-
sponses this morning we're lacking or
we're unsatisfactory. Congested selling or
ders resulted In VIDE variations IN prices
on stimuli taneCus sale at the opening and
orders 10 sell at the market In other
stocks found no bids. but al concessions
Of many points. Anaconda's Ia point
break was the most conspicuous instance,
AT the stock exchange II was believed
that the opening break represented fur
ther liquidations by certain large opera
tors who were caught In last weeks
slump. This, together with short sell
ing by prominent leaders and the absence
OF support by big banking interests and
especially In such stocks as United states
Steel Amalgamated Copper 81. Paul aud
other active issues, accelerated the de-
cline. Toward II o'clock the market raj
lied sharply and some shares sold above
last night
The first hour OH the exchange was
marked by scenes of Wild confusion. The
opening attendance was unusually large
and most brokers had selling orders.
Many Of these were at the market and
others had stop-oss orders a great
many OF these orders were uncovered In
the first 10 minutes As usual much OF
the selling was for out-of-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 blunt of the
early market The noise and confusion
was so great as to be heard almost 4
block away and the visitors gallery OF
the exchange was soon filed with sight
seers. The market rallied shortly after
noon and there we're substantial recov-
cries In the stock list Before ] o'clock.
however. 1t started downward, gains be-
Ing lost. While some active issues went
lower than before the rally call money
advanced 10 u per cent.
No attention was paid TO the small rise
IN Americans In the London market and
stocks were poured upon the opening
stock market here today from all dlrec'
tons, causing violent breaks In prices.
The decline throughout the list ran from
fraction to point The losses were
Anaconda y, Northern Pacific I, colorado
Fuel T. Sault Ste Marie and Smelling 2ii,
Great Northern preferred Delaware 4
Hudson and Illinois Central q New York
Central Amalgamatcd Copper and Gener-
Union Pacific was Of 800 shares az l42
compared with l42A last night, but this
was Immediately followed by running
sales of s,c0l shares all the way from lil&
States steel were Of 200o shares at 3Si4
to "a, compared with % last night. The
trading was accompanied by great eX-
element.
There were fow further disorderly
breaks after the opening but for the
most part the liquidation seemed to have
spent Itself IN spasm and there were
violent recoyerles support In -. Paul
had an encouraging effect on sentiment
and from decline u ~ II recovered to =
above last night Northern Pacific re-
bounded Az and Anaconda 6is Eminent
declines IN Pullman reached = sault ste
Marie ~, and Great Northern preferred
3iz. Declines Of to were made by
the majority Of stocks, Tho demand hat.
toned out on the rally before tho end
Of the hour
The bears desisted from buying M the
advance In prices reduced their profits
aud quotations crumblcd again In some
stocks. vigorous support appeared above
the previous low levels, but In others the
pressure broke through the support Tho
was less spasmodlC than al first Ana
conda's slump reached 20. Texas & Pacific
10 Great Northern preferred o Lacka-
Colorado ~ Southern second preferred
"a. Smelling ~, Union Pacific and io-
comotiye 4. Railway Steel Springfield. l..
& n. ga. and Reading, United States Steel
preferred. Amalgamated Copper, tho Re-
public Steel stocks, American Car and
Steel Foundry preferred 2. Prices were
oil ..A.aa. Al
Bonds were weak.
During the noon hour prices rallied from
! to 2 points, Great Northern preferred,
Northern Pacific and Anaconda rcboundsd
So. to s. Prices afterward weakened again
on the u per cent money rate. Before tho
rally declines reached were. Great
Northern preferred 10, Westinghouse
Electric Cleveland G q q ST l.. ).
Louisville & Nashville "a, Republic Steel
preferred T. Tennessee Coal 3i2 and Del
aware & Hudson, International Pump .,
Reading dipped to "a below last night
before O'Clock, but the others did not
get back to the lowest
The rally proceeded to considerable
length and carried ST. Paul and Atchl
son a point over last night and Pennsyl-
yania, Southern Pacific Canadian Pa
citic, Northwestern, Amalgamated Copper.
Brooklyn Transit and the Smelling stocks
varying fractions,
Reading made another downward plunge
to 5i4 below last night and unsettled the
rally. Westinghouse Electric lost II and
Toledo, St Louis & Western preferred
az