Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-12-08
FINANCE and TRADE
Opening Was Weak and
Marked byiHeavy Unloading.
GREAT BREAK IN PRICES
MANY FUTILE ATTEMPTS TO SUP
PORT THE MARKET.
In the Second Hour Stocks Were Sold
Without Regard to Prices
r Fluctuations Erratic.
GREAT BREAK IN PRICES

NEW YORK, December 8.-Reports from
London before the opening of this stock
market today showed traces of support for
prices of American stocks, but the opening
here was weak and there was heavy I'M
loading at various points in the list. Six
thousand shares of Amalgamated Copper
sold at the opening at 6S and 81, compared
with 6Sh last night, and the price quickly
ran off to 66A. There was very free sell
ing of the United States Steel stocks. the
common losing IA and the preferred point.
Southern Pacific fell IN. Sugar opened up
an extreme rs on running sales. but al
most Immediately lost greater part of the
gain. The market was extremely feverish
and unsettled after the opening.
Prices broke violently after futile efforts
to support the market by bidding up Sugar
and lifting Ontario and Western 1B over
last night. The Pennsylvania group, Union
Pacific. Rock Island, st. Paul and Louis
vile and Nashville were supported at about
last nights level. but the weight Of lfQuida-
ton caused by the wiping out of margins
broke through the support and there was a
violent slump all around toward II o'clock.
Amalgamated Copper broke 9h, Colorado
Fuel 81, United States Steel AZ, Tennessee
Coal ~. Sugar 3ss, Chicago Great Western
preferred A and an extended list of the
principal speculative leaders 3 points or
over. There were some student rallies just
before IL o'clock on hasty covering Of
shorts, but the market continued extremely
unsettled.
In the panic which swept over the market
IN the second hour stocks were sold with
out regard to prices. and the resulting
breaks reached in Colorado Fuel 11&; Anal
gamated Copper, Oh; Tennessee Coal, on !;
Lake Erie and Western, 81; ST. Paul. rs;
Brooklyn Transit, IA: United States Steel,
6h; the preferred, 7as Union Pacific, 5N !;
Missouri Pacific 51A; st. Louis Southwest
ern preferred, Z: Sugar, 6as; Metropolitan
street Railway, o24, and an extended list Of
all the principal active stocks between 3
and points.
When the shorts liquidated to cover there
were some violent rallies, extending to AZ
In United States Steel, 6 in Colorado Fuel
4 in ST. Paul and "a to By in many other
of the principal sufferers on the break
Fluctuations continued extremely cratic
under the influence of renewed liquidation
on the rally. Bonds were weak at noon.
Market Receivers Somewhat.
The recovery became more systematic
and inclusive as the most urgent liquidation
was seen to be concluded. Apparently
large orders for Investment were executed.
The wide gaps in prices caused by the wild
selling of the morning were largely filled
up, and in some cases only fractional losses
remained. This. was true generally of the
Pacifics, trunk lines, Illinois Central
Southern Railway and some of the indus
trials. Smelling rose ~ over last night
and Ontario and Western, Norfolk and
Western and Sugar fraction. Colorado
Fuel rallied 8. Tennessee Coal 61a, Anal
gamated Copper and st. Paul 5A each and
the United States Steel stocks 3. The rail-
lies were not perfectly held, and there
were some sharp recessions again before
1 o'clock.