The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1904-12-13
GREAT DECLINE IN PRICES.
WILD EXCITEMENT ON THE NEW
YORK STOCK EXCHANGE.
The Day witnessed Losses UnequaIled
Since the Northern Pacific Panic OF
19O1--Values Throughout n Entire
List Were Cut Down With Great
Rapidity-A Rally Toward the End
Made the Close Comparatively Quiet

New York, December S.-Amid scenes
OF uncontrolled excitement, and fren-
zied haste TO sell securities. h New
York stock exchange witnessed the
most sensational decline In prices that
IL has known since the historic North
ern Pacific panic of May 9. 1901. Warn
ed by the signs of the coming storm
made visible yesterday in n prepon-
derance of orders to sell over those TO
buy, h traders were early on the floor
Of the exchange. When the gong
sounded for the opening OF the business
Of brokers on the crowded floors a roar
OF human voices so loud that IL starOe1
and thrilled all who heard il. At first
il seemed that all were sellers and that
none was left to buy. AS the shouting
men surged around the trading po5cs
the impending important develop
ments" in his stock, the possible in
crease of dividend on another" and
coming agreement with its Principal
rival" of a third or whatever were the
bull arguments or which advances
were based, were all forgotten and
brokers' sought 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-burley was Amalga.
mated Copper, against which a CAM
paign by a newspaper advertisement
has recently been conducted. From the
opening, sometimes a point at a
time, it fell until it sold at 5Sk, a de-
cline of 10 points inc last nights close
and of twenty-five points from the
highest of Tuesday. The twenty-five
points recession represented q decrease
points recession represented a decrease
total capital stock of mere than thirty
millions of dollars.
Next to Amalgamated Copper the
leader in the excitement was United
States steel corporation stocks, the
common falling to 23k and the PREFER
ed to "a, over night declines of 6k
points and rs points respectively, and
declines Of 81 points for the common
and 10k points fSr the preferred from
Tuesdays highest. The shrinkage in
quoted values from Tuesday repre-
scented $45, DOC, 600 on the common and
$50, 000, 900 on the preferred, an aggre-
gate on the company's stock of more
han $50, 600, 600.
Values throughout the entire list
were cut down with great Tapidity,
weakly margined accounts were wiped
OAS oN IO"4Ay " LOoAo SIS ~
m~oralization was complete. During
his period the transactions amounted
to about 100000 shares.
The frightened throwing over Of
stocks almost without regard to price
was checked about noon and there TO-
lowed a period of irregularity. Heavy
buying orders appeared, quotations
started upward and before one O'CLOCK
many of the active stocks had regained
considerable of their loss.
The tone of the trading remained
feverish, but the rally was well held
and the close was, comparatively
speaking, severely quiet. The total
sales of all stocks today were 2,9O5, 400
shares.
Many causes for the days selling
were suggested, but the general opin-
ion seemed to De hat the bull market
had brought in many buyers or small
margins and when the signs of an i'm
pending break were seen yesterday
these holders were forced to sell out
in the market value of the company's
er prices were o~btainable.