The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-12-13
NEW RAlO8CAUS[s
PANIC IN STOCKS.
Traders Terrified While Violent.
squall Sends Prices to
tic Bottom.
UTTER LACK OF RESISTANCE
Anlalgamated Copper Led Slump
on Exchange Losses From
Two to Six Points.
UTTER LACK OF RESISTANCE =:
nv Associated pressJ

NEW YORK, Dec. 12-The speculative
demand for stocks seemed TO be COM
pletely paralyScd to-day and confidence
entirely departed from eli OF those who
were such eager buyers UP to a week go
at prices far above those prevailing to-
day. Tho only buyers in evidence were
those who had fret sold. mostly bear
operators. who went short Of the market
and then bought to cover at the inviting
profits accrued on tho subsequent de-
clnes.
buying OF this character caused occa-
sional fevcrish rallies from the violent de-
cl1rea.. but the selling was constantly re.
newed ON tho rallies and tho fall touched
new low levels at each renewal.
Prices hardly got as low to-day as inc
bow prices touched on Thursday. but. ow-
ing to tho violent recoveries on that day
end the weak closing Of to-day AZ the
lowest prices the range OF values 10 sub
stantia!ly lover tonight than It was on
last Thursday night. &, s,
THE most striking fact in to.day's mar
Z ket was the utter lack OF resisting power
in the market, Changes in conditions OF
tho properties affected or in the general
Z Ger dltions TT finance, commerce, and IN
d,stry wero not suggested by any OF the
hcadlong sellers. q. i5.a 55s @ q
Money on call. loaned down TO pei.
funds did not seem to be tho motive for
selling any stocks. .Jl$5 ii t5 81
The comparative immunity OF the high
grade investment bonds from weakness
was an evidence OF this. There can be no
dispute that tho enormous prestige ac-
CURED by the loudly proclaimed leader
ship of last weeks raid on the market
gave great power Of intimidation to the
renewal OF the same method to-day ard
caused widespread timdity. growing into
terror amongst the trading class OF hold
3ers. s%55555s
There was an expectation again that
the Northern Securities decision was I'M
nrtnent and this helped 10 dcpross stocks.
There was revived discussion also OF the,
unsettlement Of values threatened By the
effort to establish Federal control OF rail-
November exports Of agricultural pro-
Ducts. reaching s17.727,6s6S for all pro-.
ducts, was Il minor cause of depression.
especially Will, q renewed advance In the
price of sterling exchange and q rnooted
question OF n further export OF gold.
Prices on the curb were MS violently dis
$turbed as on the exchange. the slump In
Greene Consolidated Copper, in that mar
ket riYallng the break In Amalgamated
Copper on the excha nge. a
Il But the day s losses In stocks OF all
ciasae s including standard railroad and
industrial properties. runs all tho way
Il the closing. was as weak as at any.
.iue during the day. b
Bonds were weak in sympathy with
Etocks :. total GALES, par value, IS $40 900.
United States bonds were unchanged on
1 call. az Az AS b az s33s
The total sales OF stocks to-day were
2,oas,s so sharcs. e5 & s.is
MONEY AND OBSERVATION-DISCLOSURES.
Prime rnercantilp pa per, "A 2fi "a per
cent. Sterling exchange. strong. with nc
t1;al business in bankers bills, at s4.SG759
81 So 50 for demand and s4.si.1o1s4.s4.20 for
and sss7 IT, Commercial hills.%& s4.S2 "a.
Bar silver, 60 II D NJ ex! can dollars. IS IA.
Morley on cal steady. 2al3 il per cent;
closing bid and offered Mt 2 per cent
ninety days. and six months, 8 3-ia4 per.
: Cent, u "a