The daily morning journal and courier., 1904-12-09
'FRIENZIED SCENES ON
 THE STOCK EXCHANGE
STARTLING RUSH TO SELL ON
 THE OPENING.

Most Sensational Decline In Prices since
 Historic Northern Pacific Panic of
 May 9, 1sO1-AmaIgamated Copper
 First to Give way-steel FoIIows--
 General Rally Occurs Accompanied
 by Quiet Close.
 New York. Dec. S.-Amid scenes of uncontrolled excitement and frenzied haste to sell securities. the New York Stock Exchange to-day witnessed the most sensational decline in prices that 1t has known since the historic North- ern Pacific panic of May g. 1901. Warned by the signs of the coming storm made visible yesterday in the preponderance of orders to sell over those to buy, the traders were early on the floor of the exchange. Whena. the gong sounded for the opening of busi- ness there came from the struggling groups of brokers on the crowded floor 8 roar of human voices so loud that it startled and thrilled all who heard 1t. At first 1t seemed that all were sellers and that none were left to buy. As the shrieking men surged around the trad- ing posts the impending important de- velopments" in this stock the possible increase of dividend on another" the coming agreement with its principal rival' of third, or whatever were the bull arguments on which advances were based, were all forgotten and brokers sought only to get rid of the stocks they held. The scene was ob- served by a throng of visitors in the gallery.
 First to give way in the hurly- burly was Amalgamated Copper, against which a campaign by newspaper ad- vertisement has recently been conduc- ted. Dropping some times point at a time it fell until 1t sold at 58 1-2, de- cline of ten points since last nights close and twenty-tWo points from the highest of Tuesday. The twenty-two point recession represented a decrease in the market value of the company's total capital stock of more than $SO,- 900 900.
 Next to Amalgamated Copper, the leader in the excitement was United States Steel Corporation stock. the common falling to 25 1-2 and the pre- ferred to S4, overnight declines of Sid points for the common and 10 7-8 points for the preferred from Tuesdays high- est. The shrinkage in quoted values from Tuesday represented over S45,- 1000 ofl the common and $s6. 1000, GOO on the preferred, an aggregate on the company's capital stock of more than $SO,0O000
 Other sensational declines were 5 If in Union Pacific, 4 1-S in Southern Pa cific, 3-8 in American Sugar, 5 1-2 in American Tobacco preferred, S-4 in Brooklyn Rapid Transit, 2 7-8sin St Paul, ii 3-4 in Colorado Fuel, ii in Michigan Central, 1-2 in Missouri Pa cific and 1-4 in Tennessee Coal and Iron. Values throughout the entire list were cut down with great rapidity, weakly margined accounts were wiped out and for nearly two hours demorali- zation was complete. During this peril cd the transactions amounted to about goo, 900 shares.
 The frightened throwing over of stocks almost without regard to price was checked about noon and there fol- lowed period or 1rregularity. Heavy buying orders appeared, quotations started upward and before one o'clock many of the active stocks had re- gained considerable of their losses. The tone of the trading remained fever- ish, but the rally was well held and the close was, comparatively speaking. se- verely quiet The total sales of all stocks to-day were 2,s05. 400 shares.
 Many causes for the days selling were suggested, but the general opin. ion seemed to be that the bull markes had brought in many buyers on smal margins, and when the signs of an i'm. pending break were seen yesterday these holders were forced to sell out their speculative purchases at whatev- CT prices were obtainable.