The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1906-05-03

j LS1 LkDAk's STOCK MARK "a
Enormous volume of Liquidation
Fresh ReIapses at Close.

New York, May 2.--An enormous vol
ume Of liquidation was affected in the
stock market to-day The aggregate Of
the shares sold, while falling far below
the absolute record Of dealings at the
New York stock exchange, rose well
over 100000 shares and made the day
one of the great ones In New York stock
exchange, rose we'll over 100000
shares and made the day one Of the
great ones in New York stock exchange
history. Very serious inroads upon
prices were caused by the violence Of
the liquidation. But towards the end
Of the day the market showed evidence
Of the relief afforded by the liquidation
accomplished, 1T was field day for
the bears and they operated with great
bodness and on an enormous scale all
day. Their inclination to tare profits
on the large declines of the day was
an important factor in the occasional
rallies and In the later tendency to-
wards improvement in the market. The
extreme weakness shown during the
day was attributed to the operation Of
the same causes which have been of eff
feet for several weeks past 1t was
generally accepted as a fact that very
wealthy speculative operators and pow
erful pools who had persisted in dsre-
garding the warning Of the money
market and In attempting to hold the
market BY main force, we're being fore
ed from their position and obliged to
sell out their huge holdings to obtain
funds In hand for the reimbursement
of banking interests which had adj
vanced money for use in the ahoritive
speculative campaign. The manner in
which stocks were hurled into the
market and the size or the individual
blocks traded in gave strong impress
sion Of the dimensions Of the specula-
tive interests which were being forced
to sell and Of the distress which urged
them to the drastic measures. The
money market continued tight and the
rate for call loans rose again to IL per
cent Rates for time loans for all per-
iods up to six months were firmly held
at per cent.
In connection with the improvement
In prices In the latter part Of the day it,
was reported that foreign banking in
terests had taken over some very heavy
blocks Of securities either as collateral
for advances or for outright purchase.
The substantial recovery of the latter
part of the day left no adequate indi-
cation in the days net price changes
or of the extreme decentralization that
ruled In the market about midway Of
the session. At that time, aside from
Anacondas 20 point slump there were
such declines as 10 ga for Northern Pa
cific, 10 for Great Northern pr, for
National Lead, ia for Reading, IA
for Smelling, for Union Pacific, Loco
motive and Republic Steel pr, "a for
Louisville and Nashville for Cleve-
land, G.. G. and St. t., and 1 to g.
points quite generally throughout the
list BY the close of the day a fair
sprinkling of gains was established
which was substantial for ST. Paul,
Brooklyn Transit, Canadian Pacific,
Atchson and Consolidated Gas. The
closing tone, however, was unsteady
with some fresh reapses at few
points.
Bonds were weak. Total sales par
value, $3,565,00O.
United States bonds were all I'M
changed on call