Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-05-03
'eOline Unoovers Large Stop Loss Orders
and Margins Are Wiped Out,
SALES LARGEST FOR MANY MONTHS
Total for Day Reaches 2,445,ooo Shares,
with 100000 Sold First Hour,
ANACONDA LEADS THE BIG SLUMP
slight Rallies Follow PrOht Taking
by BeRrs-COIIapse Not Due TO
News ARecting Earning
Capacity of stocks,

NEW YORK, May Mot since the
Northern Pacific panic of May ., 1901, has
there been such a spectacular decline in
prices on the Stock exchange as there was
today. Heavy selling, almost regardless OF
the prices offered, began with the opening
Of the market and from that time till
near the close the tone generally was weak.
There were rallies from time to time when
the bears bought stocks TO cover the sales
they had made at higher prices or when
some strong financial interests sent in buy
ing orders to protect shares in which they
were interested. but each rally except the
last one just before o'clock, was followed
by a resumption of the selling movement.
The days trading was extremely heavy.
rising to the total of 2445 900 shares. Nearly
100000 shares of stocks changed hands in
the first hour of trading.
Excitement at Opening.
Considerable excitement marked the OPEN
ing of the exchange. Yesterdays late de-
cline had prepared the brokers for lower
prices and heavy transactions today and
the attendance on the floor was very large.
It was known that the commission houses
had heavy orders to dispose OF securities
as early as possible and also that there
were forced sales TO be made where Gus
toners carrying stocks on margin had
failed to respond TO calls for more funds,
Within few minutes after the trading be-
gan many stocks touched new low records
for the year There was much confusion
as It seemed that every broker had orders
TO sell and was anxious to get rid of his
stocks without moments delay. At first
the interest centered In the half dozen
stocks which have been the market leaders
for some time past. Anaconda, which
closed last night at 246. opened at 234 and
Immediately sold at 232, loss OF IL points.
Northern Pacific, which closed yesterday
at 19O opened at 1853. and on a running
scale" sold at 1856, 1856. then back to 1856
and 1s7 Amalgamated Copper opened at
| 99%d99 as compared with 100% at the close
yesterday. and Union Pacific, which ended
yesterday at 142S. first appeared today at
JAP. 1H%. 40.
big slump In Anaconda.
Anaconda was the subject Of much COM
ment Today's opening price aot 2s2 was
1 IS points below the high price OF the year.
which was on February 1S Twelve months
ago the stock sold as low as 1904.
After the first ten minutes there was a
fair sized rally on covering by shorts,
which carried st. Paul above yesterdays
closing prices, and the others from to 2
points above the low; but soon after IL
O'Clock there was another violent slump,
which carried prices in many instances
lower than ever. Copper broke through 90.
The weakness grew more pronounced dur
ing the second hour, when Union Pacific
was hammered down below 1885, smelter
below 1S9, Reading down to 115 Anaconda
below 2SO. Amalgamated Copper below ss
and Steel preferred to 1O2.
All support Withdrawn.
At noon support seemed to have been en-
tirely withdrawn and there was absolute
decentralization Nobody seemed to want
stocks at any price and they were thrown
over so fast that the ticker tape was from
FIVE to ten minutes behind In reporting the
sales.
There was another rally at 1919, but this
was followed by a drive against Reading,
which carried it down to 1l2 After
o clock 1t appeared that there was no
further liquidation in sight and prices rail-
lied TO the best OF the day.
There was no definite news to account
for the heavy selling and consequent coll
lapse in prices Wall street heard many
rumors of bear pools formed to depress
prices, of alleged financial difficulties and
of alleged impairment OF confidence IN
the values of some of the securities listed
on the exchange, but nothing developed "a