The news & observer., 1904-12-10
STRUCK By STORM
AND LUNACY
Fortunes Wrecked and
Lives Ruined BY Brief
Tempest on the
Exchange.
(Py the Associated Press. J

y
New York, Dec. S.-A1nid scenes
of uncontrolled excitement aad fren-
zied haste to sell securities, the New
York stock Exchange witnessed the
most sensational decline in prices that
it has known since the history or
Northern Pacific panic OF May =, l90l.
Warned by the signs of the coming
storm made visible yesterday in the
preponderance Of orders to sell over
those to buy, the traders were early
on the floor of the exchange. When
the gong sounded for the opening Of
business there came with the Strug-
Cling groups of brokers in the crowd
ed floor q roar of human voices so
loud that it startled and thrilled all
who heard it.
At first it seemed that all were
sellers and that none was left to buy.
As the shouting men surged around
the trading posts impending I'M
portant developments" III this stock,
the possible increase of dividend on
another and coming agreement with
it's principal rival' of third or what
ever were the bull arguments on which
advances We're based, were all forgot
ten and brokers sought only to get
rid of the stocks they held. The scene
was observed by throng of visitors in
the gallery.
First to give way in the hurly bury
was Amalgamated Copper, against
which a campaign by newspaper
advertiseme had recently been con-
Quoted Dropping sometimes a poiat
at time it fell until it sold at 5S 1-2,
a decline of 10 points since last night S
close and of twenty-five points from
the highest of Tuesday. The % points
recession represented a decrease in the
market value of the company's total
capital stock of more than thirty mil
lion OF dollars.
Steel Goes Staggering Down.
Next to AmalganIated Copper, the
leader in the excitement was United
States steel Corporation stock, the
common falling to % IL and the pre-
ferred to 84, over night declines Of
6 Is points and 3-S points respect
lively and declines of IA points for
the common and 10 rs points for the
preferred from Tuesdays highest,
The shrinkage in quoted values from
Tuesday represented over $45,o00.0 0e0
on the common and $36.0 900 on the
preferred an aggregate on the com
panys stock Of more than SS0,00O,.
000
Values throughout the entire list
were cut down with great rapldIty,
weakly margined accounts were wiped
out and for nearly two hours the de-
moraliZation was complete. During
this period the transactions amounted
to about 900, 900 shares.
The frightened throwing over of
stocks almost without regard to price
was checked about noon and there fol-
lowed a period of irregularity. Heavy
buying orders appeared quotations
started upward and before / o'clock
many of the active stocks had regain
ed considerable of their losses. The
tone of the trading reamined feeris.
but the rally was well held and the
close was. comparatively speaking, se-
verely quiet. The total sales of all
stocks today We're 2,905, 400 shares.
Many causes for the days selling
Were suggested but the general 0pin-
ion seemed to be that the bull marles
had brought in many buyers on small
margins and when the signs of an inn
pending break were seen yesterday
these holders were forced to sell out
their speculative purchases at what
ever prices were obtainable.