The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1904-12-09
PANIC IN STOCKS
SEEMS At AN Emu
Bears Make Futile Eliot
Renew d moral z ion.
A RALLY IN AMALGAMATED
Stock Used as a Club by the Ursine
Element-Went From 90 Ia
to 68 This Morning.

NEW YORK, Dec. 9-The bears seem
10 have lost control of the market to-
day They made a vigorous effort 10
bring about again the GENERALIZATION OF
sentiment that prevailed yesterday. but
they failed dismally.
Naturally. Amalgamated Copper was
selected as the club 10 beat down the
general list, but the stock. after losing
% per cent. rallied over per cent.
There is a better feeling on the board.
and the opinion is freely expressed that
while irTegularity must be expected. the
panicky conditions have passed with no
weak spots disclosed
Opening Excited.
The opening was excited and prices
on the stock exchange huctuated VIC
lently during the first ten minutes of
trading. An accumulation OF selling or
ders over night from exhausted margin
holders and others who took fright at
The precipitate decline of Wednesday
and Thursday were poured on the mar
ket AT the opening and the bear tao
ucians. seiZing their opportunity to COW
er their contracts at the best advantage.
offered prices down until the selling
-
under last nights closing prices.
Buying from banking and other big
interests was detected at the low figures /
and prices rallied slightly.
Copper Reaches %.
Amalgamated Copper opened ia per
cent eff, and fell TO 62lk. after which it
steadily rose until at II o'clock it had
reached 6S. Many sales of Amalganlated /
We're half a point. and not a few bears
who put out short contracts at the low /
figures had to climb TO get their stock !
back.
Weakness was shown in the steels. in /
which there was heavy selling in the |
commoH and preferred. The common |
fell 10 p. but received support from Nor /
gan brokers, who also purchased large
blocks OF preferred when fl touched s.. |
Colorado Fuel and Iron onened al &C. 1
last nights close, and slumped over four /
points. 1t recovered most or the loss /
later.
Stel'alfl Ess under pressure from 5he 1
bear coterie, who succeeded In forcing /
the price down TO 1854. Banking inter- /
ests identified with the Rockefellers /
took Ell the offerings. and the prices re-
bounded 20 10, quarter of point F.
above the close yesterday.
steacying influence on the list was /
the announcement that the stock ex-
chGnge clearing house sheets had gone
through all right
Strong Buying of 3. go.
Strong buying or Baltimore and Ohio
continued today. and The belief i'm the 4
increase Of dividend rate was strength |
ened. Sugar maintained fairly steady |
tone throughout the morning. and was /
conspicuous BY the absence OF eccentric
fluctuations. Reading and Union Pacific /
sold on point at the opening. but the
ease with which the loss was recovered
gave the bears bad half hour.
Foreign exchange showed some un-
settlement with a tendency to harden.
Since last Friday the banks have lost
SAazZo 1o 70 the subtreasury.
A London dispatch states that an the
markets nave weakened under the lead
OF copper shares There has been
some selling Tor the Paris account
Lawson Strangely Silent.
Thomas W. Lawson. OF Boston. who.
many believe, is responsible for the
bear market Of the last two DAYS. was
strangely silent this morning During !
the wild drop yesterday and the day /
befOre lawson flooded Wall Street 1
with kilograms 10 sell Amalgamatea /
and other pool stocks and not stand 4
upC the order Of selling. Mr.. Lawson /
gave many reasons Tor the advice. and /
many acted on it, Nothing was heard /
from him this morning,
Some Exhibitions Of Strength.
10 a M.-The stock market opened /
carrying over TO no small degree
yesterdays uneasiness. There were. I
however. some exhibitions of strength. /
metropolitan Securities gained per
cent. ana Ohio and Western :. AmaIga- /
mated Copper lost IA but anaconda :
gained IL. Steel common averaged atI
about last nights level The preferred I
lost 49, Colorado Fuel and Iron opened
off "a Union Pacihc showed no SUP /
port until us decline amounted TO rs. 4
Reading sold on ~. The market IS now 4
weak, with Colorado Fuel and Iron of \
4iz In al
Buying Checks Declines.
n A. Mn the early weakness
stocks like 81. Paul. Union Pacific. Erie
Missouri Pacific. and Canadian Pa
eihc sold on a point or more COL
orado Fuei lost ~ and Steel preferred
over / per cent
IA was not long. however. before buy
ing for both accounts checked the de-
cHnes and whom The rally in Conner SET
On the general lst quickly recovered I
more than the early losses After Inc
first hour there were naaeIatl c0uces-
sious.
Governments uuchaU sed.