The Providence news. (Providence [R.I.]) 1891-1906, 1904-12-12
STOCK MARKET HAS
ANO Their SLUMP.
CONTINUED from page one.)

tConunueu from page One)
The extreme weakness OF the market
came as a general surprise to all OBJ
servers in the financial district. The
vigorous rally OF the latter part OF last
week encouraged the idea that the de-
moralization was over for the present
and the effective advances in London this
morning strengthened this view. II was
not expected that there would be any
further great rise I'm prices. and II was
even anticipated that there might be a
dull. sagging movement. according TO the
usual precedents in such cases.
There was no news to account for the
renewed fright but the movement Of
prices was convincing evidence OF the
timidity felt by security holders. The
renewal OF sensational proclamations
through advertising mediums from the
same source that preceded the successful
raid Of last week had n notable effect on
sentiment. The selling was general
from all sources. The offerings OF money
at 3A per cent on call showed that no
stringency In that department was re-
sponsible for the liquidation.
The market continued unsettled, and by
II o'clock further losses were recorded
throughout practically the entire list Old
Dominion ran off 21z points TO 25h Cen
tennial lost IL, declining to 26. Copper
Range went 10 SO and Isle Royal TO 27%.
losing Ia. The other shares were gem
orally weak.
MANY SELLING ORDERS.
An enormous amount OF selling orders
came into the market at the opening and
later. when IL was seen that the list was
without support. the selling orders in
creased from every quarter. One Of the
best known commission houses reported
sales OF i25,000 shares of the active is
sues during the first half hour
The western houses. those with Pitts
burg. Cleveland and Chicago connec-
tions were among the largest sellers Of
steel. For obvious reasons a great deal
OF the unloading In Amalga gamated Copper
came from New England Many brokers
professed surprise at the extent OF to-
days break. They were Ioath TO be-
lieve that any Individual manipulator
could be responsible for the decline The
absence Of support In most OF the high
class stocks In the first hour was large
ly responsible for the snarp decline.
Nevertheless there was quiet buying
on a small scale. This was particularly
true of Norfolk and Western. ST. PauI
Pennsylvania, Baltimore and Ohio and
the Pacihcs. Call money opened at
3@SA per cent II was freely offered
before noon at az per cent.
There was lively recovery in prices OF
stocks after the liquidation had spent its
first force. A score OF stocks gained from
/ To "a points form the lowest Sugar raj
iy was Sh. United States steel pfd 2 and
Brooklyn Transit Colorado Fuel Ten
nessee Coal. Amalgamated Copper. Nor
folk and Western and Reading from Isl
to over points. The buying demand
showed no inclination to follow prices 10
the higher level and the market was com
paritively quiet by noon but the tone con-
tinued feverish.
AMALGAMATED GOES DOWN.
Another break less abrupt and extern
sive than that at the opening set I'm short
ly after noon. The entire list was affected
but chiefly Amalgamated Copper which
went lower than at any previous time OF
the day. During the noon hour the mar
ket showed brief periods OF extreme dull
ness but activity was soon resumed and
by I o'clock the heavy selling movement
was again on.
The demand for stocks was small and
entirely insufficient 10 maintain the re-
covery I'm prices. BY the early action the
market had slipped back on comparative
ly light offerings and many stocks were
lower than during the morning. Amalga-
mated Copper touched sS&.
BOSTON MARKET WEAK.
Boston. Dec. 12.-.The Boston stock
market opened weak today with Amalga-
mated Copper the centre OF interest, due
In a large part 10 the continuation OF
last weeks campaign against II by a
we'll known Boston trader whose extern
sive advertisements appeared In the
morning newspapers. The stock opened al
eeh and quickly recorded a loss OF over
four points. shannon Copper opened at ..
a loss OF a half. Copper Range esL. OF
Ia. Bingham at 35A. OF one eighth, and
United shoe Machinery AT 2sta: a loss OF
a from Saturdays closing.
,pplrpATIOu TpcATv MITu