New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-09
CHANGE BREAK VIOLENT
Wild Scenes in Rash to Dump
StockS-Cro5cds IN Offices.

Not since May 8, 1901, has the stock market
teen the theatre of such excitement and such g
crash Of values as yesterday. and not since thai
historic day has the volume OF trading been az
vast as yesterday. when the total sales
amounted TO 2,S69, 751 shares December 8
1904 1t was popularity said, would be renem.
hered as the day Of "Lawsons Panic" for the
terrific break OF the morning hours con.
tinuation Of the violent collapse of the preceding
day. the Immediately melting cause Of which
vas the series of advertising and Geographic
sulu,instions launched by the Boston operator
against AmaIgamated Copper. at a period when
the technical position of the whole market had
become such that a sharp and determined as
ssult from any quarter must be followed by a
serious decline IN stock values
Lawson continued his policy of sending alarm
ist dispatches 10 the newspapers. His output
yesterday was five. and made such stocks as
ltchlson and Union Pacific his targets as well
as Amsigamated Copper But the market yes
tenday paid little heed 10 his outgivings The
retreat started Tuesday afternoon and, quick
ensd yesterday by his appeals to the market
public, with the concurrent heavy selling. large
" from Boston. had become yesterday morning
panicky Tout which for A time no one mans
effort or influence could either hasten or check.
The speculative pools unloaded hastily and heav-
for months been "pyramiding" their extensive
paper profits saw their pyramids toppIed over
and their profits swept away In the rapids of
the downrushing market and the bears-possi-
bly, more from Boston-joyfully poured in COM
rnitments on the short side to swell the food Of
sales L was not until nearly noon that the cur
rent Of selling was stemmed and the maTket
rally set In.
A
In the break Of yesterday Amalgamated nat
uFaly took the lead. It had closed on Wednes-
day at esl1. So points under Tuesday night II
opened yesterday with simultaneous sales Of
6!00o shares at IS to 81, and rapidly went down
until before II o'clock it had touched 5Sh ad-
yancing eratically TO about 6o1k in the next
half hour. It's course was followed by the gen.
srsi list. such declines occurring in the first
hour and half as points in United States
Steel preferred, which reached 81; IN Steel
common which touched 1914; 11s4 in Colorado
Fuel. Ok in Missouri Pacific. In ST Louis
Southwestern preferred and 63s in Sugar.
The scene on the Stock Exchange was an ex-
citing one. witnessed by a body of spectators
which crowded the visitors gallery. The groups
Of brokers around the Copper and Steel trading
posts were unusually large. and the attendance
Of members on the floor was much greater than
usual AS the gong sounded for the opening Of
business mad rush to execute the OF
selling orders began. Stocks were thrown over
board. going for what they would bring for in
the immense pressure to sell no broker could
hope 10 dispose of his offerings at the exact
figures for which his orders called. It was
often the case that at some post transactions
were made at the time at l. and even 9
points difference.
The ticker service was necessarily very slow,
being at times from five to fifteen minutes be-
midland. Consequently some transactions were
not quoted. One of these known was a sale of
Arnalgamated Copper at 6s. the ticker giving the
low price for this stock at So.
There was no attempt TO fill limited" orders.
In the brokerage Offices the excitement was even
more intense than the exchange The Offices
filled with customers some of them wor-
RED over impending losses. and some already
wiped out" and the clerks were kept busy
sending out urgent calls for more margins
Later n the morning came the bargain hunt
ers,' whose opportunity arrived just before
noon, and who BY some strange faculty al
ways know when their chance is about to de-
vslop.
Around 11:30 o'clock. as already noted, the
bottom reached, when heavy buying orders
were put in by the large financial interests, who
for the last few weeks have been out of the
market, having foreseen that break was at
hand and acting upon their usual policy Of let
ing the other fellow reach for the last dollar
OF possible profit. London, too. came in as a
buyer, taking in all about hundred and sew
shty-nve thousand shores, and a great many
Shorts were covered. Under these powerful in
heepees sharp rally occurred. prices rising
several points, and. after second break and re-
cFeTy closing at inconslderable net declines.
some oSslhe active issues even showing net
gains on the day
SHALL EXCHANGE FIRMS INVOLVED.
Apart from a triling failure on the censop-
aated Exchange. there was not even a rumor
11fins the period Of collapsing prices of any
Reuse in trouble" although late in the after
noen it developed that there was trouble ON tho
eOrr which might involve one or more of the
smaller Stock Exchange firms.
There was undoubtedly soma sudden "A,
elimination asserted against the character =,
eo1iAseral. which added 70 the strsngency of IN.
a'uahoz The call money rate went 70 par
HS signify above the seasons previous rnaxi-
n' oar as everybody was liquidatinr loans
e actual supply Of cash was being repienishad
.s'eaa OF depleted The severe break In tho
sn exchange market reflected quick re-
- thal source Of relief and there ,,.ra
onerinss Of bankers finance bills I'm tba
London's heavy absorption OF Arnart-
~. SUCKS on the break also made a lnrgA sun-
= s1cnange, as did the foreign purcha. es .,
s'ia grain on the break In those r,arl,...
ens rejected pressure from the sfocp
n..,s. aoree Of the early break proved tina, ~.
80 So nad been In the market to much grso
man was generally supposed. Npr,.r.,,.