The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-05-02
STOCK MARKET FEATURES
BEARS MAKE ANOTHER VIOLENT
ATTACK.

newed Forced LiQuidation--More Gold
Came--CaH Money Rose to 10 Per
Cent.--Wall Street Full OF Rumors.
The bears started in early in the day
to make stocks look sick again and sue
ceeded pretty we'll.
The opening Of the market was steady
and dullness followed.
1t was apparently an attempt to dis
lodge holdings that had withstood the
previous strain.
Under the speculative selling prices,
IN some cases, went lower than the low
Of last week, and then came signs of
renewed liquidation.
The market closed in great democrat
ization, with many stocks showing de-
clines Of and points from the fore
noon prices. Great Northern broke liz
points, Anaconda Is, ST. Paul 8. The
selling of st. Paul was an extraordinary
element in the days transactions; it
was fairly emptied on the market in the
afternoon. 1t looked as IL big interests
were attacking st. Paul not from phil
anthroplc motives.
The dullness of the early forenoon in
dicated that the shorts had got through
with covering and were, as it proved,
marshailing their forces for another as
sault on prices.
When the attack came prices were Of
fered one-half point down between sales
to facilitate the decline.
Then, to help along the onslaught,
call money rose to 10 per cent and hung
around that figure, lending new dismay
to the bullishly inclined.
There was a general rush to get out
stocks and the reaching once more of
stop-loss orders and the exhaustion of
margins forced heavy amounts Of stock
on the market.
The sudden rise in call money to 10
per cent had possibly some connection
with the May settlements at the banks,
but 1t more probably resulted from the
disturbed and excited condition Of the
stock exchange borrowers.
st. Paul broke to 1861 last weeks
low price was 1921.
Europe continued to pour gold into
this market yesterday, and $4,000, 900
was taken for New York at London,
Paris and Amsterdam. With these en-
gagements the total movement foots up
SAL, $780, 900 since the first import was ar
ranged on March IL last.
The Gates interest, which had been
talking early in the day about an odd
fashioned bull market" being witnessed
soon, was reported to be among the
heaviest sellers of stock, and this excit-
ed good deal of comment.
The other foreign and domestic influ-
ences that were used to depress prices
were the reports of riots in Paris, which
reflected in an advance in discounts
there, and the more serious turn in the
coal strike situation.
1t was suggested that one principal
reason for the way the market caved in
was that the banking interest which
supported prices Monday had tried to
sell some of the stocks they took then
and had found virtually no buying
power present.
The Gates element are predicting a
big bull market during the summer.
Some Of the superstitious ones made a
note of the fact that yesterday was the
thirteenth day since the earthquake,
Wall street was full Of runors Just
before the stock market closed that
President Roosevelt was to initiate pro-
ceedings against the Standard Oil COM
pany as result Of the investigation by
government officials of its affairs
The natural action of a market that
has had 2-point rally after an 11-point
break is to slide off again. However,
there was a good deal of disappoint-
ment that stocks should have lost
ground so readily.
The weakness of United States Steel
during the greater part of the day was
significant 1t opened the same as it
closed, and did not participate in the
early rise.
The regular semi-annual Pennsylva-
MIA dividend was declared yesterday,
payable May 81 Books close Saturday.
The stock was weak.
That Consolidated Gas, which rose
about points Monday to 1884, should
have slipped back to 1873 at midday yes
terday, losing all the Improvement, sur
prised nobody. Mondays bidding up
represented a drive" at the shorts.
ST. Paups March statement was not
bullish. While the gross increased
$246, 1000, there was a decrease in net of
$7.7O6. Those who know the st. Paul
policy Of adding to renewal account
what in many other companies goes to
swell net earnings are not worried over
the statement. The year win show from
Ii to IL per cent, earned on the COM
mon stock.
Shortly before the close it was report
ed that several large operators, or
plungers, had failed to put up further
large amounts of margins asked for
1t was alleged that the institutions
that loaned them money had as a con-
sequence thrown over large amounts OF
collateral in liquidation Of a part OF
the loans that were made. Two OF
these men were reported to have been
carrying between 100000 and 100000
shares of such stocks as st. Paul, Union
Pacific and Reading, which broke most
sharply yesterday.
4 a.. A IA