Evening star., 1907-08-15
THE WHIRL IN STOCKS
Break Badly on Opening and
Recover.
SLUMPS SUCCEED RALLIES
Copper Begins the Day at 66 and
Central Sells Below Par.
MARKET LEADERS HARD HIT
Excitement on New York Exchange
Attends DemoGaliZati in Shares
Buying Braces List at Intervals.

NEW YORK, August 15.--Ano;her sharp
break in the pril-s of stocks characterized
the opening OF the stock market today, fol-
lowing the lead set by the London market,
where the prices of American stocks
slumped today on the announcement Of the
increase in Bank of Englands rate of In
terest.
Amalgamated Copper which has been in
the center of price depression lately, was
again the leader of the downward move-
ment at todays opening in New York, scor-
ing an initial drop OF 314 points from yes
terday's closing price Of 69i4. It's first sale
today was at G6 American Smelling was
also a heavy sufferer IN the opening break.
its first sale being at 90, compared with
closing price OF 81 last night. Brooklyn
Transit and Reading scored losses OF
points per share in the first sales, the for
mer selling at 10 and Reading at SO. from
which it advanced l point quickly.
The Pacific railroads shared in the losses
Of the other leaders, Southern Pacific going
from Sl4 of last night to 79a4 on its first
sale today, while Union Pacific fell from
1o9,s to 121. Canadian Pacific dropped a
point and a half. Northern Pacific fell
from ll5s4 to ia. American Sugar fell "a
points to 1O1a. New York Central lost
about one point on the first sales.
These breaks were promptly followed by
recoyeries of a point in most of the active
leading stocks but the undertone was ex-
tremey feverish.
The fact that usual settlements Of the
transactions OF The previous day were MADE
by brokers without failure had a feas-
suring effect upon the market, and the
rally of the first hour was sustained "A
number of the market leaders, Including
ST. Paul. Union Pacific and Reading, ad-
vancad a point or more over the closing
prices of last night.
The scene on the stock exchange during
the mornings decentralization was Of the
widest excitement. The gallery was
crowded with spectators.
Stocks continued TO be bought in mod
crate amounts, and large proportion or
the list ruled materially above yesterdays
closing. Union Pacific was up two points.
Republic Steel preferred Slelueu ioui.
Operators on both sides Of the market
took advantage of the low prices to buy
heavily, and the resultant rally reduced
the declines to fractions. ST. Paul, Union
Pacific and New York Central sold frac-
ton above yesterdays closing. Anlalga-
mated Copper rallied to within y, and
Smelling a point of where they left of
yesterday The market then took another
downward surge, which carried prices, in
some cases, to within fraction of tho
lowest.
Mackay companies lost 3s4, Consolidated
Gas and Third Avenue Az. Another
rally was in progress at IL o'clock, and
most of the leaders were lowering around
their best prices of the hour.
A belief that the urgent liquidation had
been completed aroused more confidence
in the market, and there a general
return to "A parity with yesterdays closing
prices. or above st. Paul, Union Pacific.
Reading, Northwestern, Pennsylvania, Erie
first preferred and United States Steel
preferred scored overnight gains Of l TO
11a, and Illinois Central ga. Isolated
points of weakness showed from time TO
time. resulting in Denver and Rio Grande
dropping 67s, with a rally of 3; New
Haven c, United States Express :, United
States Rubber 1st preferred A., and
Westinghouse Electric 4. Bonds were
heavy.