The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-12-09
LAWSON CAUSES WILD
SELLING ON STOCK EXCHANGE.
Continued From Page One.

opening, and It was known that Boston
had sent in heavy selling orders in Anal
gamated Copper, and that many wire and
commission houses were on the short side
of the market. Everybody was anxious
TO see the next move OF lawson, and his
first telegram WAS eagerly scanned every
where in the street.
The news OF the failure of a consolidated
house, that of ". E. Badeau. who was
long on copper. aided the bearish feeling.
Amalgamated had closed at ssii and
opened to-day at 6s-67; then 1t went slump
ing until at II o'clock 1t touched IS
United States Steel common and pre-
ferred. Sugar. the railroads and, in fact.
the entire list s,umped until It seemed as
If panic was at hand. prices dropping
a point at time. with no regard for frac
tions.
The best-known trading posts were sur
rounded by wildly excited men. The trad
Ing was so wild and price fluctuations so
wide that many men gave up looking at
the tape or attempting TO follow quota
tions.
Pools threw over their excess holdings,
weakly margined stocks were ruthlessly
sacrificed by brokers'. who would take no
chances Of loss, and the result was that
stop-loss orders were uncovered in grad
ually increasing volume until the market
was overwhelmed. there being no buying
orders to Offset the enormous offerings.
TICKER COULD NOT
KEEP UP WITH TRADING.
In Missouri Pacific, for instance. some
stop-loss orders were executed at three
points below the orders. In great num-
ber of leading stocks transactions were
made at two to three points apart stimuli
taneously, and not since the May panic of
1901 was 80 much difficulty experienced in
executing orders. The tape was never
less than five minutes behind the market
and often it was eight or nine minutes be-
hind during the forenoon. so great was
the rush of business.
There was no wanting plenty of good
news. but nothing good counted. brokers
said. in such q market: conditions had not
changed: the country was as prosperous
as the most sanguine could expect. but all
that made no difference; stocks were go
ing down. and until the prices were low
enough to attract confident buyers there
would be no recovery. but the buy
ers, when they come, would undoubtedly
reap big gains.
There was rally about noon, when re
coveries ranging from to 5 points were
scored In the principal stocks. This was
caused by big buying all around the room
by brokers representing Kuhn, Loeb &
Co. and J. P. Morgan & Co.
ROCKEFELLBR INTERESTS
RUSHED TO THE RESCUE.
Hartman & Co. were also said to be big
buyers Of their specialties. particularly
tho Pacifics. Brokers representing the
Standard Oil, or Rockefeller. interests also
contributed largely to the rallying Of the
market by large purchases of stocks at
rock bottom bargain prices.
After 1 o'clock there was some exceed
-ingly active trading in bonts. long strings
coming out on the tape without a single
quotation of stocks. The extreme declines
in stock, 1t was said. had compelled some
selling of bonds by people who had to
straighten out their accounts
HEAVY SALES IN BOSTON,
WITH MANY WEAK SPOTS.
Boston. Dec. s.-Weak spots were plen-
tiful on the Boston Stock Exchange be-
fore noon to-day and excited brokers
rushed about bewiloered as immense SELL
ing orders came out, taking down prices
without check.
Many holders Of Amaigamated Cooper
shares parted with them soon after the
gavel fell. thousands of shares going over
board. The stock opened at s. and fell TO
50. where 1t steadied for brief period.
The other coppers were weak, Utah losing
31s to 40. Osceola to 911s and Centennial
IL. Copper Range was erratic. but gen.
orally stronger than the other coppers'
In the afternoon there was a rally and
the highest Of the day Copper Range
gained Z points and favorably Influenced
the chief coppers.