The Washington times., 1906-03-05

NEW YORK. March 5.-Union Pacinc.
after holding above $50 the greater part
OF the morning. broke through that
point shortly before noon. The dealings
nave been very heavy Coal strike talk
was persisted in and under its influence
Reading lost SIS per cent.
The dominating feature of the early
market was the continued pressure
against Anaconda and Amalgamated
: which apparently is forcing considerable
liquidation. There was no news regard
Ing these issues. but the lack of support
was credited to some purpose of the In
; side interests which are apparently will
ing 10 see prices lower.
Has Bad Effect.
This obvious Indifference is having
bad effect upon the sentiment of pro-
miscuous trading. Liquidation has been
pFeclpltated In Reading which declined
over per cent on renewed talk of the
danger II an anthracite coal strike.
1nere was heavy selling by a number
OF commission houses IN stocks like
Reading. Locomotive. Northwest and
Brooklyn Rapid Transit.
g a number of stocks held remarkably
aIh IN. N spite of the general heavtnesS
dnrT-lI ne F3llI STOCKS shared in the general
~" ard movement, The selling in
1he nrSt hour was accompanied bv many
LuihorS CT trouble and disGuietinQ xoS-
sip. Most OF the talk was to the effect
n,sra Snat prominent Standard OIL interests
were opposed to a bull movement
Downward Movement.
Inc gossip in general was to the effect
that the market was discounting sorns
favorable pending DEVELOPMENTS. but
conservative opinion was that a down
WAfo movement was in order. following
me advance that lasted into January.
ana that no special reason was wanted
III progress.
In regard to AmaIgamated much IS
SAID IN the street of the similarity of the
present movement 10 that OF Tennessee
SodI ana Iron after the purchase OF
tle Debardeleben property If this
1neory Is correct, traders saw II will
oe Hllcult 10 nix the point at which
support Will appear sufficient to turn
me Course of prices
Government bonds were unchanged.
p m.-The Iiquidating movement
continued in full swing in this morn
ing trading, the decline, both in its
extent and uniformity, exceeding any
thing that has so far been seen this
year By common consent as It were.
everything outside Of the market of :
depressing nature which has been dis
cussed as a possible reason for selling
ssNNHNSr "aS NitpltU from COnS1Gerd- /
tiOn' and the verdict was that securi-
ties We're being thrown over solely and
simply because the speculative com
mun-ty had become Thoroughly de-
n1Orahzed by the failure of prices to |
snow any resistance or solid support. |
Inc decline was especially violent In |
such recent Oh. ects of manipulation as !
copper, Smel-erS, Colorado Fuel Loco
motive, the Steels. and reading Here |
and there the railroad stocks display
sd some strength. But the bGving of /
Union Pac1nc, which had held out some
nope IN the final dealings Of last week !
no longer aVailed to hold the stock |
which broke al most as severely as the |
rest. The other railroad shares as q |
rule fell to the new low levels durin z
the morning, and the ma Eiiitude Of the
tions of the morning indicated that the !
liquidation was extremely heavy in /
all quarters Of the list.
Edward Sweet & Co. have this TO say
today:
London market irregular and changes
from our closing on Saturday are IL sig- /
niticant. There is q feeling fl the Street :
that liquidation must be carried som O. 4
what further in order TO bring the money
market into a more favora bic position /
Although the railroad earnings general
" are better than those shown for last I
year, there is skill some apprehension |
over the possibility of "A coal strike
The activity in Analgamated Copper ]
on Saturday has caused cOnsidera BILE |
speculation as to the origin OF the
lie IidatiUn. but no satisfactory expla-
nation has been offered
we look for an Irregular market to- !
~