The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1904-12-09
AND VIOLENT FLUC.
TUATlONS IN PRICES ON
STOCK EXCHANGE.
SECURITIES DUMPED ON MAR
kET WITHOUT REGARD TO
VALUE RECEIVED.

NeW OIh, Dec. > he SlOCk MAR
ket became demoralized during the
first hour, after the weakness had been
strenuously contested by the support
Ing orders. During these tactics the
fluctuations were violent and frequent,
but many prominent stocks were held
at about the previous nights level.
Towards the end of the hour, however,
support seemed to be abandoned and
prices slumped throughout Amalga-
mated Copper fell to SO, Tennessee
Coal dropped 4A, United States Steel
preferred 3%, Colorado Fuel 5 and
Missouri Pacific, Louisville and Nash
vile, Pressed Steel Car, Steel Foun-
ferred, Virginia Iron and others 3
points or over Chicago Great West
srn preferred "A" dropped s. Calling
for additional margins by alarmed
brokers precipitated heavy liquidation
in all directions.
Sentiment was bearish from the
outset Before the opening it was
known that Boston had sent in heavy
selling orders in Amalgamated Cop
per- also that the leading commission
houses were on the short side From all
accounts the break in the first hour was
Largely Due to Forced Liquidation.
There is no doubt that many accounts
were thrown over without regard to
prices Boston was reported to have
sold over $4,000 shares of Copper in
the first few minutes and the break
caused by these heavy offerings
af lt,acr in
this and other stocks, chiefly indus
trial, to all parts of the room.
All support was withdrawn from the
market. AS prices crumbled panic
swept the floor of the Stock Exchange
Stocks were unloaded without heed to
the prices they would bring and the
drop between sales extended in many
cases from l to over 2 points. Colo
RADIO Fuel was carried down ll%,
United States Steel preferred rs,
common SIS, St. Paul 7%, Brooklyn
Transit ia Tennessee Coal 9A, Mis-
souri, Pacific 5b, Metropolitan Street
Railway and Metropolitan Securities
over points, Sugar 6as, Consolidated
Gas AS much, New Tobacco preferred
So, Chesapeake and Ohio AS, Amer
ican Car Az, Reading 4S, Union Pa
Southern Pacific and other. active
stocks points or over. There were
sudden and violent rallies by inter
walls of point or more. United States
Steel preferred and Amalgamated re.
covered over points, but liquidation
was constantly renewed on the rally
and new low prices were made.
Market Rapidly Receivers.
The panic was somewhat allayed
during the second hour of the market
and the room bears who had been sell
ing heedlessly on the break found 1t
difficult to secure stocks to cover their
short contracts. Violent rallies were
the result. United States Steel recoy-
cred 4A, Colorado Fuel Az, st. Paul
4, Sugar. United States Steel preferred,
Missouri Pacific and Tennessee Coal
3A to 31a, and Erie, the Metropolitan
Railway stocks, Reading, Union Pa
cific and Amalgamated Copper "a to
3. There were renewed breaks at
some points, Union Pacific receding an
extreme 5A. st. Louis Southwestern
preferred and Lake Erie and Western
8A The fluctuations continued vio-
lent and erratic, rallies being met by
fresh liquidation.
The recovery became more sys-
tematic and inclusive as the most urg-
ent liquidation was seen to be con-
cluded Apparently large orders for
investment were executed. The wide
gaps in prices caused by the wild sell
ing of the morning We're largely filled
up and in some cases only fractional
losses remained.
Sales of stocks in the first hour were
over 100000 shares, probably the high
record for the first hour of business
on the exchange.
The total sales of shares for the day
was 100000.