The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1904-12-13
BIG SLUMP IN AMALGAMATED
AND STEEL STOCKS.
STANDARD STOCKS SUFFER
aaroe Orders to Sell Causes Loss OF
over 100000, ooo-Market
Closed Stronger.

New Yorw, Dec. 8.-Amid scenes OF
uncontrolled excitement and frenzled
haste to sell securities, the New York
stock exchange today witnessed the
most sensational decline in prices
that it has known since the historic
Northern Pacific panic Of May >, l9ol.
Warned by the signs Of the coming
storm. made visible yesterday in the
preponderance of orders to sell over
those to buy, the traders were early
on the floor of the exchange.
the gong sounded for the opening OF
business there came from the strug-
filing groups of brokers on the crowd
ed floor a roar of human voices so
loud that it thrilled those who heard
it,
At first it seemed that all were sell
ers and none was left to buy. AS the
shrieking men surged around the trad
ing posts the Impending Important
developments" in this stock, the pos
sible increase of dividend" on an
other, "the coming agreement with its
principal rival" of a third, or That
ever we're the bull arguments on
which advances were based, were all
forgotten and brokers sought only to
get rid of the stocks they held.
AmaIgamated Went First.
The scene was observed by a throng
OF visitors in the gallery. First to
give way in the h%urlyburly was Anal
gamated copper, against which a cam
paign by newspaper advertisement
has recently been conducted. Drop
ping sometimes a point at a time, 1t
fell until it sold at 58h, a decline OF
10 points since last nights close, and
of % points from the highest OF Tues
day. The 22-point recession represen'
ted a decrease in the market value OF
JIG SOlxpoAy . ~ SNTN
more than $%30,000,000.
Next to Amalgamated copper, the
leader in the excitement was United
States steel corporation stock, the
common falling to 23k and the pre-
ferred to "a, over night declines o.
81 points and 7% points respective
T.. o-l- loo1;rnc of OH nnintS for fhE
common and 1913 points for the pre-
ferred from Tuesdays highest. The
shrinkage in quoted values from Tues
day represented about $45,OOO,OO OF
the common and $780, O0, 900 on thu
preferred, an aggregate on the com
pany's capital stock or more thai
$SO,OOO,000.
Other sensational declines were 81
in Union Pacific, Az in Southern ia
cifc, 6% in American Sugar, 3h ii
American Tobacco preferred, ~ ii
Brooklyn transit, 7% in st. Paul, 11a
in Colorado Fuel, II in Michigan Ger
trail, 5h in Missouri Pacific and ~
in Tennessee Coal Il iron.
Decentralization Was Complete.
Values throughout the entire lis
were cut down with great rapidly
weakly margined accounts were wipe
out and for nearly two hours the d
moralization was complete. Durin
this period the transactions amounte
to about 900, 900 shares.
The frightened throwing over
stocks almost without regard to pric
was checked about noon, and thel
followed a period OF %lrregularit'
Heavy buying orders appeared, Quot'
lions started upward and before
o'clock many of the active stocks ha
regained considerable of their losse
The tone Of the trading remained t
verish, but the rally was we'll he
and the close was, comparative
speaking, severely quiet. .
The total sales of all stocks tods
were 1905, 400 shares.
Many causes for the days selli1
were suggested, but the general OPT
ion seemed to be that the bull me-
ket had brought in many buyers
small margins, and when the signs
an impending break were seen yestt
day the holders were forced to 81
- lr.>s. o-10%:v1 -,,ron0 ia