The sun. [volume] (New York [N.Y.]) 1833-1916, 1907-05-22
STOCKS Down TO MARCH Low
FORCED LIQUIDATION AGAIN
PLAINLY APPARENT

ures -Bank said 10 Have Thrown Over.
board the stocks Of a Captain Of In.
dustrlals Wheat Goes Up and Up.
New records for the year in both the
wheat pit and the stock market were made
Yesterday. In wheat there was a continu-
snce of the upward movement which has
made new high records for the year on sew
eral days recently. In the stock market
there was a selling pressure that brought
about the sharpest break in prices since
the panicky days of March and carried
many stocks below the panic prices Of
March "a. In both markets the trading was
remarkably active and excited.
Transactions in the stock market we're
in eKcSss Of ,355. O0O shares. a greater ag-
Rregate than or any previous day for two
months. The general course Of the trading
was 4 steady decline throughout the day.
without those sharp fluctuations of prices
that marked tho severe breaks Of March.
but with the same evidences Of liquidation
btkh forced and painful. AS in the March
decline. people we're selling stocks because
thev had to. and. like that slump, yester-
days was accompanied by numberless
rumors of men and firms in trouble, but
without a single reported instance Of failure
IiF FIidl IfFl pItdh vi llt hdy "dS III
Smelters. which fell from l221[, Mondays
closing price. to 113, and recovered but
? points Of the loss in Il feeble rally at the
close. The maximum loss FOR the day was
eh POINTS and the net loss "a. Union
Pacific was carried down to 1921, 50 points
Of Mondays closing. and closed with a
net loss of I Toints. Some OF the more
important Of the other net losses we're:
Amalgamated, "a points; Anaconda. ia:
BROOKLYN Rapid FRA usit, 3: Consolidated
Gas, q: Delaware and Hudson, ~; Great
Northern. pa. Great Northern ORE, .; North
ern Pacific. ~; Reading, =; Tennessee Coal
and Iron. 81 Steel. common "a
The decline IN treat Northern carried
the stock to a Io!u, far below the low of
March "a On the latter day the low price
was 1872. Yesterday il was 12ii4 and the
closing rice 1875. The closing, as we'll
rs tho low Price at yesterday. was below
the previous low record for the year, 1926.
reached on March -. when some stocks
broke below the rlces OF the lanic. The
low price on that day in turn, was the low
record for much more than halt Il dozen
years.
Some Of the low priced stocks, though
the decline was less abI pit, sold off yester-
dav ia points we'll below the low record
price not only for this year but for the
siH years since the Northern Pacific panic
Nv ~ WI ~ EblAl w u
70 20: Colorado Fuel TO ?7l?. Great Western
10 los.. Distlllers' Securities to 81. Erie TO
224, Inter-Met common to lS'4. The low
point for steel common Nas 3I's, a lower
point than was reached in tho panic but a
fraction above March -.
In transactions OF 500 shares Tennessee |
Coal and Iron. ordinarily inactive, dropped
IN 1881. and closed there viii 4 net Icss of
early dissolution Of the house of Charles G..
Gatos 4 Co. gave rls" to 4 rcpurt that
much of the liquidatio was for the account
of John ". Gates and his son. People
who ought to snow did not believe a
word of this. for John W. Gates. il was
said. put his mouse in order some time ago.
That there might have been some closing
out Of accounts for customers of the broker
age firm was considered mora reasonable.
OF other reports Of liquidation there was
one that a banking house he'd thrown
overheard the stocks of a man prominent
in the mana gemen of industrial corpor-
atoms The report was not susceptible
NJ verification, and as one banker expressed
It II was enough to know that the market
vas subject 70 forced liquidation. The
source Of the selling didn't so much matter.
The break was an even harder blow 10
the Street than the figures indicate, because
it followed the steady decline for six previ-
Gus days. That decline was in some quar-
tiers given as one Of the reasons for it.
Though many accounts have been liqui-
dated since the panic. " was said there are
2 great many which bankers have pro-
tscted. The constant saRging Of the mar
ket for days and weeks may we'll have con-
vtnced these bankers that il was useless to
attempt TO carry the old weakened ac-
counts longer. Acting on the same belief
that there was little promise in the future,
many individual holders doubtless con-
sidered it advisable to curtail their lines of
stocks.
There was no concerted support Of the
market, as there was both after the break
II Mall "a ,tI tb,t ~ Mach a. A.. To-
IS could be learned there was uo movement
among fnanciers after the market closed
10 bring about such support, Whatever
buying there was was scattered and of
little effect in breaking the force Of selling
orders.
Little more than A week ago there was
loud cheering on the floor Of the exchange.
for Union Pacific had crossed $50. There
was no cheering on his or any other ac-
count Yesterday. Union Pacific above 1884
seemed absolutely devoid of sIpport and it
was apparent that tho syndicate which
took the SIS. OON. NO0 convertible bonds was
not al the moment anxious Tor any more
Hartman securities. The ConveTtibles.
" when issued, " sold n = lower price than
that AT which they were offered to stock
holders and there were rumors thG' mem
tiers Of the syndicate were protecting them
selves by selling the bonds against the date
OF issue.
There was p slight rally at the close. II
was generally attributed to covering Of
short contracts and was moi of sufficient
strength TO produce 4 ! ~rouorncod recovery.
The wheat market w2s rather 1uli in the
morning, but in he afternoon was rs buoy
ebt AZ stocks were der ressnd. Shortly
after the noon hour PRICES shot M to 81 O3la
here and 81 in Chicago for the July option.
There were ROY crts of 'hr ra wages or the
green bug in Illinois and Nehra la. and from
{ anada and other sections Of the spring
wheat belt there were reported snow and
freezing weather.
The number Of buying orders from the
outEide ' ctllC was moi % great as on some
dsyt If last week. hut the activity Of Last
week ras renewed nv = much larger amount
of 81 ecuIative trading from Wall Street
sources. Under the i'm etus cf this trading
the various op tions made new high records.
July advanced TO 1885, September TO
1851, and December to 1927 There was
an average gain of mora than 3 cents a
bushtl at the close with these closing prices:
July, 1878; September. 1915; December, 100.
BIG FOUR B0RROHS $1,000, 900.
sells -Four Year 3 Per Cent. Notes. which
Are offered Al q ) I.2.