Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-12-13
BREAK In STOCK PRICES
MARKET CONTINUES WILD AND
UNCERTAIN-HEAvY SELLING.

NEW YORK, December 1s.-Today's
stock market opened weak and excited.
with prices generally lower. The opening
transactions showed some confusion, there
being wide variations in quotations on sales
made apparently at the same time.
Amalgamated Copper opened from 61% to
6211, and then declined to 611k. 1t closed
last night at 61%.
The curb stocks also were weak.
Greene Consolidated Copper sold from p
to 22M. down to 10. Northern Securities
sold from 1231s down to 122.
Yesterdays weak closing in the stock
market and the natural consequences pre-
cipitated heavy selling throughout the list
this morning. The only evidence OF sup
port was In Amalgamated Copper, of which
5000 shares sold at 61% and 62t, compared
with 61k last night. Thirty thousand shares
Of United States Steel sold at 26h and %,
compared with 26H last night; 10000 shares
of the preferred, at S5h and So. compared
with S7h last night. and 5000 shares OF
Union Pacific. at 1864 and 105. compared
with 1867 last night. The last named SUBJ
sequently receded 2M.
There were breaks besides OF 2as In Balt1-
more and Ohio, IN in st. Louis and San
Francisco second preferred. 215 In Erie, ~
in Smelling, 2 points in Pennsylvania and
Missouri Pacific, 21A in Sugar. and l to Ia
In long list Of prominent active ,, stocks a.
Greene Consolidated Copper rallied to 70.
AT 10:2S it sold at 23h
Day Of Anxiety.
It is no exaggeration to say that Wall
street began the day with more anxiety
than it has shown since the May panic OF
1901 Reasons for this feeling were plenty,
chief among them being the absolute col
lapse of the market at yesterday close, re-
vealing weak spots In unlooked-for places.
A great majority Of the brokerage houses
had their clerical forces at work TIL late
last evening, and some of them worked
long after midnight examining accounts
and issuing imperative calls to customers
for more margins. Many stock exchange
members arrived at their offices much ear
lier than usual to prepare for the day and
to get line on the London market Ihat
center offered but slight announcement.
No Americans showed general recovery
from the opening decentralization there. Al
most every conceivable sort of rumor was
in the air this morning and the names OF
individuals and firms who are commonly
supposed to have suffered by the break
were freely, if privately, mentioned 1t was
reported among other things that a meet
ing of the big banking interests had been
held last night and that 1t had been decided
to support the market il the situation be-
came more critical. For this as well as
similar rumors there appeared to be no
foundation.
Few doubted. however that the moneyed
interests were prepared for any serious
emergency Attracted by the previous days
events. the gallery of the stock exchange
held a large crowd of oniookers. The floor
was crowded with members, many OF them
old-timcrs, who seldom appear there save
on momentous occasions. The subdued
noise which prevailed at the opening broke
into a roar at the first sound of the chair
mans gong.
Copper and Steel Central Figures.
Tho greataet crowds ware again around
the Amalgamated Copper and United States
Steel stock trading posts, where brokers
fairly mauled one another in their efforts to
execute orders. Many of these, as indlcat-
ed by the opening quotations, were to sell
''at the market" The offices of the broker
age houses were crowded with customers,
many of them from out of town. They
seem to think it necessary to their interest
to be in close touch with the situation.
In the offices of commission houses
which have private wires running to the
leading cities the scene was especially
animated and exciting. Telegraph opera
tors were receiving and sending countless
messages. and it seemed as if the coun-
try at large was waiting on Wall street.
Before the end of the first half hour the
tape was at least ten minutes behind the
market. Amalgamated Copper was quoted
at 63k at a time when GA was being bid
on the floor. Support was shown in this
and other stocks, and brokers supported
buying by insiders. Bargain hunters also
took a hand. Offerings of Copper seemed
to be freely absorbed, and such gossip as
leaked out of board room in the early
trading indicated that the buying was Of
a general character. '--
Spasmod1c Rallies All Day.
The delayed quotations on the tape re-
corded some further disastrous breaks in
prices, but powerful support quickly be-
came manifest, and there were spasmodic
rallies all through the list. The bears
rushed to cover and carried AmalGamated
Copper three points-over last night
Southern Pacific, Colorado Fuel and In
ternational Paper recovered to a point
over last night. and fractional gains were
established in United States Steel. Bali-
more and Ohio, Union Pacific, Norfolk
and Western, Ontario and Western, Atch-
ison, Rock Island and Kansas and Texas
preferred
Recoveries were complete or practically
so in Missouri Pacific, Southern Railway
and Peoples Gas. Recoveries elsewhere
were not complete, but showed violent
rallies from the low point.
The break extended to nine points In
Allis-Chalmers preferred, Z In Pullman,
3k in Delaware and Hudson, 3A in Ten
nessee Coal. in Great Northern pre-
ferred and to az in Rock Island, Cen
trail of New Jersey Erie second preferred,
Louisville and Nashville and Minneapolis,
st. Paul and Sault Ste. Marie. The trad
ing was extremely feyeriSh for time
on the rally, but the market settled down
into a quieter tone before II o'clock.
The London Market.
Call money opened at per cent and held
at that figure throughout the morning.
London traded both ways, but probably sold
10000 shares On balance. The story was
told that just before the opening here $4,000
shares of United States Steel preferred were
dumped on the London market. the object
apparently being to depress prices here.
London doubtless sold back all this stock
at profit. One room trader is said to have
bought 1900 shares of Steel preferred,
which he sold at profit of 1h points. Nu-
merous similar quick turns were proba-
bly, made on a smaller scale. The recovery
conveyed the theory that the greater part
of the liquidation by weak interests has
been completed The buying power in the
Judgment of onlookerS was of a better
quality than had been seen since the be-
ginning of the decline.
Quiet at Recovered Level.
The market became quiet at the recovered
level of prices, but support was forthcom-
ing at any attempt to force the level down
again. The whole market showed close
sympathy with Amalgamated Copper, which
touched 65ss early in the afternoon. and the
support for that stock relieved the pressure
at any other point.