Morris tribune., 1904-12-10
FREQUENT AND VIOLENT FLUC-
TUATIoNs IN PRICES ON
STOCK EXCHANGE.
SALES EXCEED TWO MILLION SHARES
SEcURlTlES DUMPED ON MAR
kET WITHOUT REGARD TO
VALUE RECEIVED.

| 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 Az, United States Steel
preferred 35s, Colorado Fuel and
Missouri Pacific, Louisville and Nash
vile, Pressed Steel Car, Steel Foun-
dries preferred, Hide and Leather pre-
ferred, Virginia Iron and others I
points or over. Chicago Great West
ern preferred "A' dropped 8. Calling
for additional margins by alarmed
brokers precipitated heavy liquidation
in ali 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
brought food of selling orders in
this and other stocks, chiefly indus
trial, to all parts or 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All support was withdrawn from the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 to over 2 points. Colo
RADIO Fuel was carried down 11A,
United States Steel preferred ~
common 61a, st. Paul 7%, Brooklyn
Transit 7A, Tennessee Coal 914, Mis-
souri, Pacific 5!A, Metropolitan Street
Railway and Metropolitan Securities
over 5 points, Sugar 6ss, Consolidated
Gas as much. New Tobacco preferred
51h, Chesapeake and Ohio 45s, Amer
lean Car 412, Reading Az, Union Pa
cifc, Erie, Louisville and Nashville,
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 2 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 it
difficult to secure stocks to cover their |
short contracts. Violent rallies were
the result. United States Steel recov-
cred Az, Colorado Fuel Az, st. Paul !
4, Sugar, United States Steel preferred, |
Missouri Pacific and Tennessee Coal |
3A to 37a, and Erie, the Metropolitan !
stocks, Reading, Union Pa |
cific and Amalgamated Copper 2A to
3. There were renewed breaks at |
some points, Union Pacific receding an
extreme 81. st. Louis Southwestern |
preferred z and Lake Erie and Western
3A. The fluctuations continued vio-
lent and erratic rallies being met by
fresh liquidation.
The recovery became more sys-
ematic and inclusive as the most urg-
snt liquidation was seen to be con.
'luded. Apparently large orders for
Investment were executed. The wide
,aps in prices caused by the wild SELL
ng Of the morning were largely filled
lp and in some cases only fractional
osseS remained.
Sales of stocks in the first hour were
ver 100000 shares. probably the high
ecord for the first hour of business
n the exchange.
The total sales of shares for the day
7as 100000.