The Saint Paul globe., 1904-12-14
THE STANDARD OIL
SUPPORTS MARKET
Prominent Capitalists Take
Measures to Avert
Disaster

NEW YORK, Dec 13.-The Stock Ev-
change spent another bad half hour after
the opening of the session TODAY Proront
anu vigorous measures were adopted bv
powerful capitalists to avert a disa steT.
and the headlong downward plunge of
prices was almost Immediately checked
A fever1sh tone persisted during a mart
OF the spasmodfc recovery and then the
tranquil advance. The higher level thus
attained had the effect of inviting some
renewal of selling and the manner in
, Whlch prices melted away under this
winch was only partly allayed The whole
market showeds a close sympathy with
Amalgamated Copper throughout and it
was the determined support of that stock
against the opening pressure that gave
force to the supporting measures else
where after the first plunge.
Market Rebounds
Amalga mated Copper fell back to last
nights level for moment after opening
point higher, but when it was perceived
that 1t would not yield below that the
whole market rebounded This stock
again demonstrated its effective domi-
mating power of the market in the last
hour Of the trading. At that time level
of prices had been attained for the princi-
pal market leaders from | to 9. points
above last night. Amalgamated Copper it
self had risen is over the final price
of yesterday 1t was its abrupt relapse
of over points which gave the market
Its sudden chill again. When the sudden
reversal in the movement of Amalgamated
Copper was seen to be a false start there
were recoyeries almost as sudden as the
reaction.
But this was not entirely convincing
to sentiment and the closing evinced con-
siderable hesitation and uncertainty.
The break at the opening cost the price
level quite generally from 1 to 3 points.
There were much larger declines in some
stocks but theV We're not representa- tive
of the active list. Neither were they re-
stored by the subsequent rally. Dacka-
wanna lost Is points in this way, Pullman
Z and American Express 5. These We're
generally recognized as due to the re-
linquiShment of measures used to force
few stocks of this class to an unwar
rantably high level for effect on the
speculation in the general market. The
morning break had the result of making
some prices lower than those of the low
point on Thursday last but it could not
be said that the average level of the
market fell below that point.
Sterling Exchange Firnner
1t was rather evident the intention Of
the supporters of the market that it should
not as that would have the effect OF
exhausting margins and uncovering stop
loss orders which were not disturbed by
last weeks raid and thus bring an addl-
tional avalanche of liquidation upon the
market. 1t is evident that down to that
level the weak holdings have been pref
ty well swept out of the market General
news features received little attention, al
though the continued rise in sterling eX-
change caused some discussion of the.
probability of further gold exports Money
was very easy and was not factor IN the
market.
Bonds declined early, but showed some
recovery. Total sales par value. 81 7,24O0 000.
United States bonds were unchanged on
call