The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-04-28
STOCK MARKET FEATURES
BEARS WERE IN HIGH FEATHER
YESTERDAY.

BIS Drop in Some Of the High Priced
Stecks -~- Market Demoralixed -- Big
Liquidation--Money Easy Abroad.
The New York stock market was a.
lively. place yesterday.
The market opened with buoyancy.
Prices then tumbled.
Some of the big priced stocks fell off
with thud
It was the sort of thing that might
be looked for the day after the san
Francisco disaster occurred.
Stocks were offered at prices that
seemed ridicuously cheap when com
pared with those of January.
Enormous liquidation occurred with
the greatest pressure coming upon the
high grade issues, like Great Northern
pf., which went down 26 points; North
ern Pacific II, Northwestern 1-2 Della
ware and Hudson 5, and Anaconda 8.
Trading yesterday was the heaviest
since January 30, when the days sales
exceeded 100000 shares. Yesterday S
i,761,900 total was made up as follows:
First hour, 276,550 shares; second 1885,
$780, noon, $4,000; fourth hour, SS1 900,
and last hour, $4,000.
In more active shares the losses were
4 to points. Reading, Union Pacific,
Amalgamated Copper, st. Paul, New
York Central, Sugar and Shelters are
included in this range. Many stocks
not only sold at the lowest prices of
the year, but under any quotations
made since last spring.
The plight of brokers was trying,
since most of them carry many mar
gined accounts and necessarily must
see that they are protected. AS this
was Friday, day on which brokers
have to make their arrangements for
loans to carry over until next Monday,
the predicament was all the more try
ing,
There were many sinister rumors,
among them the reported failure of
several insurance companies, Some of
them declared chat corporate interests
were losing no time in cashing In their
assets, and the popular assumption was
that these included some Of the insur-
ance companies Some of the heaviest
selling of Thursday was assumed to be
for those concerns. That none Of the
insurance companies were willing to
confirm these reports was to be ex-
pected. To do so would have been to
take the market out from under their
feet.
The declines in such stocks as New
York Central and st. Paul were fully
as impressive as the much heavier loss
es In Great Northern and Northern
Pacific.
Trading was enormous throughout the
afternoon, the total up to 2 O'Clock be-
ing about 1,400,00O shares. There was a
partial rally in the last hour, and the
worst Of the liquidation seemed to be
temporarily over. With an easing off in
money rates and an absence Of failures
concerning which reports had been cur
rent, confidence was partly restored.
1t was very noticeable that buyers on
the slump were very quick to take
profits on slight rallies.
One Of the most singular incidents Of
the day was the comparative strength
Of Southern Pacific, while Union Pacific
was demoralized at times. That nom
dividend stock should thus hold up,
while dividend issues were going on all
all around, seemed inexplicable.
The Hill stocks and steel common
went down together. Consequently ru-
mors OF an overthrow of the ore deal
were circulated.
During the early part Of the day
much talk was heard about investors
being In evidence, picking up bar
gains" All this talk ceased in the
afternoon, when stocks were dropping a
point between sales. The pools with,
drew all support. Had they not done
this they would soon have been filed
up to the bursting point.
The advance In money rates and anx-
iety over to-day's bank statement ex-
erted just the needed pressure to start
stocks sliding downward again.
Lazard Freres engaged $3,000,0 900 In
gold from the other side yesterday, the
First National bank depositing the nee
essary bonds with the sub-treasury In