Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-12-12
ANOTHER COPPER DROP
HEAVY SELLING CARRIES PRICE
DowN-oTHER STOCKS AFFECTED.

NEW YORK, December 12-There was
another opening smash in prices of stocks
today, the trouble again centering in Anal
gamated Copper. Heavy unloading of that
stock carried it down Al. and 10000 shares
of United States Steel sold down an extreme
11s on running sales. st. Paul dropped .
points on two successive sales, and there
were opening losses all the way from l to
TX in the leading Pacifics. Grangers, coal
ers. trunk lines and spec ,alties.
The market ffuctuated unevenly after the
opening and then went lower. The London
prices for Americans before the opening
here We're generally higher and gave no
hint of the storm hanging over this mar
ket.
The opening break creat ted considerable
uneasiness, though nothing like last Thurs
days decentralization followed. Neverthe-
less the feeling was one OF vague alarm.
Traders seemed of the opinion that last
weeks liquidation had not yet exhausted
itself, and it was clear that a great num-
Der of accounts were being closed. London
was reported to have sold 10000 shares, in
Guiding great deal of Steel common and
preferred Wire houses also sold, and rep
resentatives of prominent local brokerage
firms were openly bearish. Brokers oper-
ating for Boston We're said to have sold
Copper and other stocks extensively.
There were some vigorous efforts made to
support the market, but by II o'clock there
was another bad break Z Amalgamated
slumped Ga from Saturdays close, Sugar
fell 5%, Tennessee Coal and Brooklyn
Transit 5. Colorado Fuel AZ. st. Paul 4A
United States Steel preferred 4, Reading
31s, Union Pacific 3, United States Steel
pa, Southern Pacific and Baltimore and
Ohio 25s, Leather preferred 2a and Erie,
the first preferred, Missouri Pacific, Louis
vile and Nashville, Rock Island, Leather
and New York Central to 2ss.
The extreme weakness OF the market
came as a general surprise to all observers
in the financial district The vigorous rally
of the latter part of last week encouraged
the idea that the Generalization was over
for the present, and the effective advances
in London this morning furthered this view.
1t was not expected that there would be
any further great rise in prices, and it was
even anticipated that there might be dull,
sagging movement, S.ccoro+ to the usual
precedents in such cases. sdas,
There was no news to accoui sr the re-
newed fright, but the moVem prices
was convincing evidence of til, +ity felt
by security holders The rene r-..t- sensa-
tional proclamatioIs through advertising
mediums from the same source that pre-
ceded the successful raid Of last week had
a 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
responsible for the liquidation.
Selling Orders Enormous.
An enormous amount of selling orders
came into the market at the opening, and
later, when it was seen that the list was
without support the selling orders increased
from every quarter. One of the best known
commission houses reported. sales of I25,oOo
shares of the active issues in ishe first half
hour. The western houses, those with
Pittsburg Cleveland and Chicago connec-
tions, We're among the largest sellers of
steel.
For obvious reasons great deal Of the
unloading in Amalgamated "copper" came
from New England. Manys brokers pro-
fessed surprise at the extent of today s
break. They were loath to believe that any
individual manipulation couldsbe responsible
for the decline. The absence of support in
most of the high-class stocks in the first
hour was largely responsible for the sharp
declines. Nevertheless there was quiet
buying on small scale.
This was particularly true Of Norfolk and
Western. st. Paul. Pennsylvania, Baltimore
and Ohio and the Pacifics. Call money
opened at to 81 per cent. 1t was freely
offered before noon at per cent.
There was a lively rebound in prices of
stocks after the liquidation had spent its
first force. A score of stocks recovered
from 1 to 3!4 points from the lowest. Su-
gar's rally was 3H, United Statss Steel pre-
ferred, 21a and Brooklyn Tragsit, Colorado
Fuel, Tennessee Coal, Amalgamated Cop
per, Norfolk and Western and Reading
from 13s to over points. The demand
showed no inclination to follow prices 10
the higher level, and the market was SOM
parat lively quiet by noon, but the tone con-
tinued feverish.
Sentiment changed to the extent that
brokers advised their clients to buy stand
ard stocks. The situation was reversed in
so far that early sellers were later buyers.
Business which in the first hour attained
tremendous proportions, with the tape from
five to ten minutes behind the market fell
off before midday.
Another Break After Noon.
Another break, less abrupt and extensive
than that at the opening, set in shortly af-
ter noon. The entire list was affected but
chiefly Amalgamated Copper. which went
lower than at any previous time of the day.
The steel stocks also were very heavy. Re-
ports from the floor suggested the theory
that the selling came from interests other
than those which caused the early decline.
During the noon hour the market showed
brief periods of extreme dullness, but ac-
tivity was soon resumed and by / o'clock
the heavy selling movement was again on.
The demand for stocks proved very Ian
guild. By the early afternoon the market
had slipped back on comparatively light Of
ferings and many stocks were lower than
during the morning. Amalgamated Copper
touched 6SA, Colorado Fuel fell an extreme
6A, Union Pacific, 4; Louisville and Nash
vile, 39s. and U. S. Steel, Pennsylvania and
Illinois Central about 3.