The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-12-09
FRENzIED MEN
FOUGHT TO SELL
SURGED AND SCRAMBLED
TO LET HOLDINGS GO AT ALMOST
ANY PRICE OFFERED.

Uncontrolled Excitement Not
EguaIed ON New York stock Ex-
change Since Historic Northern
Pacific Pnnic--StruggIing Brokers
Shouted Like Mad Bottom
Dropped Out of AmaIgamated Cop
per First-Lawson's Advertise-
ments Bore Their Fruit Promptly.
Markets Closed Feverish.
New York, Dec. S.-Amid scenes of
haste to sell securities, the New York
Stock Exchange witnessed the most
sensational decline in prices that 1t has
known since the historic Northern Pa
cific panic of May 8, 1901.
Warned by the signs of the coming
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 OPEN
ing of business there came from the
struggling groups of brokers on the
crowded floor a roar of voices so loud
that it startled and thrilled all who
heard it. At first 1t seemed that all
We're sellers and that none was left
to buy.
Men shouted Like Mad.
AS the shouting men surged around
the trading posts the impending inn
portant developments in this stock"
the possible increase of one dividend
on another" the coming agreement
with its principal rival of a third, or
which advances were based, we're all
forgotten and brokers sought only to
get rid Of the stocks they held
The scene was observed by a throng
of visitors in the gallery. First to
give way in the hurly-burly was
AmaIgamated Copper, against which a
campaign by newspaper advertise
ment has recently been conducted
Dropping sometimes a point at
time, 1t fell until It sold at 58h, n de-
cline of 10 points since last nights
close, and % points from the highest
of Tuesday. The % point recession
represented a decrease in the market
value Of the company's total capital
stock of more than $30,000.000.
ShrinI<aEe Represents Millions.
Next to Amalgamated Copper, the
leader In the excitement was United
States Steel Corporation stack, the
common falling to 23h and the pre-
ferred to "a, over night declines of 6h
points and 7% points, respectively, and
the declines Of 9A points for the COM
mon and 10B points for the preferred
from Tuesdays highest.
The shrinkage I'm quoted values from
Tuesday represented over $45. 600, 900
on the common and s36, 900, 900 on the
preferred, an aggregate on the com
pany's stock OF more than $50 900. .0OO
Values throughout the entire list were
cut down with great rapidity, weakly
margined accounts were wiped out, and
for nearly two hours the demoraIiza-
tion was complete. During this period
the transactions amounted TO about
100000 shares.
The Check Came at Noon.
The frightened throwing over of
stocks almost without regard 10
price was checked about noon and
there followed a period Of irreguIarity.
Heavy buying orders appeared, quo
tations started upward and before ]
o'clock many Of the active stocks had
regained considerable Of their losses.
The tone Of the trading remained few
erish. but the rally WAS we'll held and
the close WAS, comparatively speaking,
severely quiet. The total sales OF
stocks to-day were 1906. 400 shares.
Many causes for the days selling
were suggested. but the general
opinion seemed 10 be that the hull
market had brought IN many buyers
on small margins and when the signs
Of an impending break were seen yes
terday. these holders were forced 10
sell out their speculative purchases
at whatever prices were obtalnable.