The sun., 1919-08-08
STOCKS TUMBLE
In WILD BREAK
$4,000 Shares Turned Over
in One Hour Before Close
at Ruinous Prices.
EXCITEMENT ON 'CHANGE
Report of Drastic Action OH
Profiteering by Wilson
Causes Unloading.

Wall Street heard yesterday after
noon around o'clock that President
Wilson's address to Congress to-day
will contain some drastic and revolu-
tionary suggestions as q means to
lower the high cost of living. These
will include, according to the report,
general wage increases for all classes
Of industry and reduction in prices,
to the very bone. Of commodities Of
every kind.
The report had an immediate effect.
Stocks were dumped overheard for
what they would bring and in mini
ature panic brokers literally fought
with each other to unload securities.
In one brief hour there was enacted
one OF the most exciting scenes the
New York Stock Exchange building
ever witnessed. 1t was a turnover OF
713,000 shares of stock in single
hour at ruinous prices to investors
and spectators.
The close was at the lowest level
Of the day. with losses in practically
all the standard stocks running from
1 to 6 points and with the highly
speculative specialties suffering even
more severely. So rapid was the trad
ing at the close that 1t was fully
twenty-five minutes after the bell had
sounded before the ticker finished
printing the last quotation.
News OF the day was such as to
cause great uneasiness to stockholders.
Back of all, Of course. Is the industrial
unrest sweeping over the nation,
which has brought out more stocks
for sale than any other factor this
year. The announcement that the
Government will proceed against the
packers-"the big f1ve"-for conspir-
acy, with the further announcement
that determined assaults are to be
made or the high cost of living. was
construed by Wall Street as having
but one meaning-that earnings OF
the large industrial corporations OF
every sort will have to be pared down
and that inflated earnings, SO far as
the immediate present is concerned,
are past.
The market had rocked along easily
most of the day, displaying an Irregular
tone, but with no decided weakness. the
easy position of money-quoted at "a
| to per cent.-and the rise OF the previ-
Gus day had brought portion at least
of the speculative public back Into the
market. The decline started with the
offer of q block of 5000 shares of steel
half a point below the market. Pro-
| fessionai bears quickly seized the oppor-
tunity to throw block after block of
stocks into the crumbling and wavering
market. and in a few minutes an or
Derby recession was turned into a COM
plete rout.
'aThe big ones are selling" was the
report that spread about the Street from
commission house to commission house.
! and in the last hour, particularly the
| last half hour there was rush to sell
and prevent further loss. Hundreds Of
| stop loss orders were caught In the de-
| cline and this further accelerated the
drop, for the stocks were necessarily
| thrown overheard for what they would
bring
Losses were not confined to any ono
| group, but spread generally throughout
| the entire list as Is shown in the ap-
| pended table of the declines sustained by
representative stocks of eight groups:
| STEEL GROUP.
Net loss Net loss.
y. 8. stssi;:::;. ~ M Midyais ste Steel e.
CrucibIe Steel. SIX Republic steel..... bN
RAIL GROUP.
Chesapeake q o.. ~ Missouri Pacihc... 2h
al Paul ........... az New Haven ....... ~
| Rock Island....... ~ Frisco .........,....t
Denver pf......... 2k Texas q Pacific. 6Ii
FOOD GROUP
Am. Cotton Oil..... 3H u. s. Food Prod. AZ