Show PANIC PRICES IN WALL I Stock Market in a Condition Bordering on Demoralization tion Most of the Day COPPERS LEAD THE SLUMP PURGING PROCESS NOT YET COMPLETED New York Oct 18 The fall faU In prices price In some stocks today equals that in som somi of ot the panic periods of ot the past The market was at times in a condition t or ordering ordering dering on demoralization Conditions a ano at atno atno no time however slipped into actual panic although there was a ruthless slaughter of ot values that bore a close re reo resemblance resemblance semblance thereto At no time however was as the whole list embraced In the slump There were points of comparative comparative comparative tive resistance throughout but these thee grew less as the day progressed and the weakness spread throughout the market Another feature of the market compared with the slumping periods of the past Is the comparatively small volume o of trading dealing for the day rising but bui little over a million shares compared With to over oer shares In similar periods of ot past markets This ThIB Is the result of ot the retirement from Wall Wail Tall street for many past 01 ot of some of ot the big semiprofessional speculative speculative plungers whose manipulative tac tactics tactics tactics tics made up much of the total of ot great days In the past The knowledge of ot this fact act has fostered a suspicion that mar marginal marginal marginal ginal holdings of oC stocks had diminished to unimportant proportions The experience experience experience of ot the past few days goes to cor cot correct correct this Impression There was a brief brieC experience of cheerfulness after the mar market market market ket opened when prices advanced slight slightly ly Jy and hopes were entertained that th t the cut In the dividend on Amalgamated copper had been discounted In the trad tradIng tradIng trading Ing yesterday and ani an that the announced a solvency of ot the Mercantile National bank after Investigation by a clearing house committee had removed that subject from the realm of disturbing factors This T la of oC sunshine was the last of It that was seen during the day Prices rallied feverishly at times in inIn InIn inin In the pauses in liquidation but there was no o feeling of oC confidence at any ny time that thit the purging process was yet ret com corn completed completed The weakness at first was pretty closely confined to the copper stocks The T e condition of the copper Industry was given responsibility for this for a time and continuance of ot the decline in the price of ot copper Indicated that the point I of effective responsibility for this Indi Indicated Indicated that the point of at effective demand had not been reached yet With the prospect thus afforded of a possible com corn complete complete shutdown of production by the Amalgamated properties and the recollection lection of ot the successive reductions which occurred In the dividend on the stock In 1903 1900 the disposition to get out of hold holdIngs holdIngs holdings Ings seemed to be general It was evi evident evident dent that urgent pressure on the part of ot money lenders was a factor In the crash of ot American Smelting and the forced liquidation Iq In the stock was asso associated associated dated with the cleaning up process going on amongst the banks bank bankIt It was an Inkling of ot the fact tact that the clearing house authorities were discussing the affairs of ot some other banks that thai caused the general weakness In stocks The rhe knowledge of ot this fact tact deprived re reassuring reassuring assuring statements on the subject of their effect The objective point of ot the efforts of oC the clearing house authorities becoming more defined however and re restricted restricted restricted to the field of at newer activities In banking on the part of forces general generally ly Jy recognized for conservatism a better impression of ot the situation gained some foothold Restricted as was the field of ot readjustment sought ought in the banking sit situation situation situation however the fact that the bank banking bankIng banking ing position was under criticism at all had Its usual grave grae effect on confidence and was the sufficient explanation of oC the disquiet painted on the record of o the days davs stock market The grain markets also reflected the scaling down oB o credits employed In spec speculation speculation speculation Some Influence was attributed to reports that yesterdays Hamburg failure was more Important than was at first supposed presenting so close a par parallel parallel aliel to the local situation as to appeal to sentiment The German bourses were not seriously disturbed The strong re returns returns returns turns of ot the Imperial bank of ot Germany German Germanas was as regarded with satisfaction Call money loaned at the stock exchange as high as 10 per cent but this was regard regarded ed as due to discrimination between bor borrowers borrowers I rowers and collateral rather than to any an v greater tightness In the money mone market Estimates of the currency movement showed hoed the movement still away awa from New York on em balance but It did not ap appear appear appear pear that this would be more than If It so much as the gain of by the banks on operations The closing tone was weak and unsettled In spite of ot the considerable rally raIl of at the last Jast hour Bonds were lower but were not notably affected by the liquidation of stocks To Total Total Total tal sales par value 2411 00 United States is declined U 4 per cent centon centon centon on call K C Southern SOO 23 23 22 Preferred 52 2 50 WA Louis Nash 9 W MexIca Central 15 U 1 U St L 31 MInn St P S Ste Marie 1400 Sh 78 18 SO Preferred MIssouri Pacific 2700 52 2 63 3 M 11 K T 21 25 27 21 Preferred 60 60 5 National Lead 40 35 3 33 Nato Nat R H R H ot of dex preferred 45 N Y Central lOOi N Y Onto Oat W 1200 30 4 23 2 30 Norfolk West 67 61 66 M 66 Preferred 77 North American OO 51 50 51 Pa Pacific Mall 21 30 20 Pe Pennsylvania 11 1 Peoples Gas SOA 79 79 9 P C C St L 63 62 62 P Steel Car 1000 20 18 i 19 i Preferred 70 70 O Pull Pal Car COO Reading 89 83 53 55 1st preferred 73 preferred 71 Republic Steel 1300 17 1 15 15 Preferred 1000 6 63 tH 64 Rock Island 2 1 15 15 15 Preferred 42 42 Us 4 St Louis S F preferred f 35 33 3 34 St Louis S W V 14 Preferred 35 33 34 Southern Pacific 74 4 6 OJ Preferred 08 3 Southern 2500 13 11 11 Preferred 44 44 44 Tenn Coal I 1 Texas Pac 2 21 21 21 Tol To St L W 21 21 21 Preferred 40 39 33 Union Pacific Preferred SO EO 60 78 I 1 S Express 82 63 U IT S Realty 1700 42 41 41 U S Rubber 1 1240 1914 19 19 9 Preferred mil 7 75 76 U S Steel 23 I 22 2 22 Preferred 42 lOo 83 81 82 Chemical 17 16 1 16 Preferred Sf 86 Va ash 9 Preferred 16 15 rs 15 Wells Fargo Ex Electric Western Union 1 10 67 65 61 66 Wheel L E 6 Wis Central 33 13 13 12 Preferred M 34 Northern Pacific Central Leather 14 14 14 I Preferred 77 71 77 71 77 Met Iet OO 8 8 8 Preferred 1200 21 20 O 1912 Gt North pfd pM Sloss 1100 34 24 33 32 33 Total sales salea for the day shares i |