The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-12-09
SQUALL IN STOCKS
pIAYED HAVOC IN NEW YORK FOR
A SHORT TINE.
ALL KINDS WERE AFFECTED.
IMPROVEMENT TOOK PLACE IN
MANY ISSUES BEFORE CLOSE.

D.v,s Net Changes Reveal Few
Gains, and Even Worst of Losses
Are Confined to the Moderate Pro-
portiOns-During Part of Day Or
Jers to Sell Even a Few Hundred
stocks Could Only BE Executed at
concessions of L to 3 Points.
New York. Dec. s.-A violent squat
swept over the stock market to-day
which wrought havoc while it lasted,
hut which disappeared almost as
quickly as it came. A review of the
davis net changes reveals not few
rains. and even the worst of the losses
are confined to the moderate proper
lions.
Unfortunately for those who sold
their stocks. either from fright at the
crumbling tendency of prices or from
necessity to repay borrowed money
the final prices of the day by no means
represented the prices at which the
largest part of the days sales were
made.
There was a time during the mar
ket when there was no apparent de-
mand for stocks at any price Orders
to sell a few hundred shares could
only be executed at concessions of to
points from the preceding sale. Col
orado Fuel fell an extreme 11% Anal
gamated Copper, 10; Tennessee Coal.
81; Lake Erie and Western, 81; ST.
Paul, H.; Brooklyn Transit, ~;
United States Steel preferred, tx; Su-
gar. 6as; United States Steel 6ss
Union Pacific, 5A; Missouri Pacific,
81 Metropolitan Street Railway, 5& ;
Metropolitan Securities, 5; Consolidated
Gas, 5B; Louisville and Nashville, Az,
and many others lesser amounts.
Dig Drop in Prices.
These low prices represented a drop
from the high level of this week on
Monday of such figures as "a for Anal
gamated Copper, 81 for Colorado Fuel.
1915 for Tennessee Coal, 111k for Unit
ed States Steel preferred, 11h for
Union Pacific, 14A for Sugar, 1881 for
Brooklyn Transit and II for st. Paul
The source of the selling was not ac-
curately known, and it seemed to
come from widely distributed sources.
The call money rate went slightly
above the seasons previous maximum
but as everybody was liquidating
loans, the actual supply of cash was
being replenished instead of depleted
The severe break in the foreign ex-
change market reflected a quick resort
to that source of relief and there were
large offerings of bankers finance bills
in that market.
London Bought Heavily.
London's heavy absorption of our
stocks on the break also made a large
supply of exchange. The same was
true of foreign purchases of cotton and
grain on the break in those markets
under the reflected pressure from the
stock market. The extreme weakness
of Amalgamated Copper had a reflex
effect in the market for copper metal
both here and in London
There was the usual gathering of
bargain hunters" on any severe break
in prices of stocks and there was evil
dence Of investment buying of a more
substantial and sustained character
The Improvement in the health of the
market by reason of the sweeping out
Of weak holders was very obvious in
the late dealings. There was no Sc
rious consideration of news develop
ments, the speculative imitation and its
rupture being held to amply account
for the break.
Bonds Also Affected.
The bond market was affected in
sympathy with stocks, but in less de-
gree. Total sales, par value, $9,211,-
WO. United States bonds were un-
changed on call.
Total sales of stocks were 1905. 400
shares including Atchison, 50, 800: Bal
timore and Ohio, 80, 700; Canadian Pa
cine, 1850; Chesapeake and Ohio, 49,