The Birmingham age-herald., 1904-12-13
PARALYSIS SEIZED THE STOCK MARKET Confidence Entirely Departed
 from Former Buyers HAD NO RESISTING POWER Money on Gall Loaned Down to ? Per Cent and Pressure for Funds
 Did Not Seem to Be Mo
 tive for Selling.
HAD NO RESISTING POWER

New York, December 12-Speculative demand for stocks seemed to be com pletely paralyzed today, and confidence entirely departed from all of those who were such eager buyers up to a week ago at prices far above those prevailing to- day.
 The feeling of doubt spread more and more to holders of stocks during the course of today's market, and the pres sure to sell leading stocks during the course of today's market, and the pres sure to sell leading stocks steadily in- creased. The only buyers in evidence were those who had first sold, mostly bear operators who went short and then bought to cover at the inviting profits accrued on the subsequent declines. Buy ing of this character caused occasional feverish rallies from the violent declines. But the selling was constantly renewed on rallies and the fall touched new levels at each renewal. The range of the de- clines compared respectfully with that in last Thursdays quick break, but there was far less resistance to the market. Prices hardly got as low today as the low prices touched on Thursday, but owing to the violent reeoveries on that day, and the weak closing of today at the lowest prices, of the range of values is substantially lower tonight than It was on last Thursday night. The most striking fact in today's market was the utter lack of resisting power in the market. It only needed a slight increase in the rate of activity to start prices precipitately downwards. Changes in the conditions of the properties affected, or in the general conditions of finance, com merce and industry were not suggested by any of the headlong sellers.
 Money on call loaned down to per cent in the late market and pressure for funds did not seem to be the motive for selling any stocks. The comparative immunity of the high-grade investment bonds from weakness was an evidence of this, as bonds of that class are almost invariably brought to market in any real emergency for ready money. There can be no dispute that the enormous prestige acquired by the loudly proclaimed leader ship of last weeks raid of the stock market gave great power of intimidation to the renewal of the same methods to-
 
 growing into terror amongst the trading class of holders.
 Last week. s quick recovery aroused dstrust over the demonstrated instability of prices at the height to which they have been lifted by the injudiclous spec ulation which preceded the break. To attempt an immediate restoration of this level was regarded as indiscrete specu lation and this had much influence in cutting short the buying for a further rise. There was an expectation again that the Northern Securities decision was imminent, and this helped to depress stocks, notwithstanding the effective use that has been made of it on other oc- casions to boom the market There was revived discussion also of the unsettle- ment of values threatened by the effort to establish federal control of the rail- road rates. The heavy fall in value of November exports of agricultural prod ucts reaching ST, ,737, ,696, for all products was minor cause of depression, and es- pecially with renewed advance in the price of sterling exchange, and the moot ed question of a further export of gold.
 The wintery weather suggested railroad blockades, but weekly traffic reports from officials were in the recently prevailing tone, and a decided expansion in the belated movement of corn to market was reported Prices on the curb were as violently disturbed as on the exchange, the slump in consolidated copper in that market rivalling the break in Anialga- mated copper on the exchange. But the days losses in stocks, after all, including standard railroad and international prop critics, runs all the way from to over points. The tone at the close was as weak as at any time during the day.
 Bonds were deak in sympathy with stocks Total sales, par value, $5,340,0 900. United States bonds were uncnanged on call