The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-12-13
Brokers Worked Their Forces
Far Into the Night.
OPENING WAS PANICKY
Not So Much Anxiety Apparent
Since May, 1901.
Air Full of RumOrs Which Could
Not Be Verified.
A Supporting Movement APP
peared Steadying Prices.

New York, Dec. 13.-It is no exag-
Reration to say that Wall Street began
the day with more anxiety than it has
shown since the May panic of 1901 Rea-
sons for this feeling were PLENTIFUL
chief among them being the absolute
collapse of the market at yesterday
close. revealing weak spots in unlocked
for places. A great majority OF the
brokerage houses had their clerical
forces at work till late last night and
some of them worked long after mid
night examining accounts and issuing
imperative calls to customers for more
margins. Many stock exchange mem
bers arrived at their offices much earl
fer than usual to prepare for the day
and to get a line on the London mar
ket. That center offered but slight en-
couragement. No Americans showed
general recovery from the opening de-
moralization there. Almost every con-
ceivable sort of rumor was in the air
this morning and the names of indi-
viduals and firms who are commonly
supposed to have suffered by the break
were freely. if privately mentioned.
1t was reported among other things
that meeting of big banking interests
had been held last night and that it
had been directed to support the mar
ket if the situation became more critical.
For this as well as similar rumors there
appeared to be no foundation. Few
doubted. however. that the moneyed in
terests were prepared for any serious
emergency Attracted by the previous
days events the gallery of the stock
exchange held a large crowd of onlook-
ers. The floor was crowded with mem
bers. many of them old timers who sell
dom appear there save on momentous
occasions. The subdued noise which
prevailed at the opening broke into Il
roar at the hrSt- sound of the chair
mans gong. The greatest crowds were
again around the Anal lgamated Copper
and United States Steel trading posts,
where brokers fairly mauled one an
other in their efforts to execute orders.
Many of these as indicated by the
opening quotations were to ''sell at the
markets" The offices of the brokerage
houses were crowded with customers,
many of them from out of town. They
seemed to think it necessary to their
Ahterest 10 De IN close touch with the
SITUATION In the offices of commission
houses which have private wires run
ming to the leading cities the scene was
especially animated and exciting.
Telegraph operators were receiving
and sending countless messages and it
seemed as if the country at large was
waiting on Wall street.
Before the end of the first half hour
the tape was at least 10 minutes be-
hind the market Amalgamated Copper
was quoted at 631z at a time when 81
shown in this and other stocks and
brokers supported buying by insiders.
Bargain hunters also took a hand. Of
feringS of Copper seemed to be freely
absorbed and such gossip as leaked out
of the board room in the early trading
indicated that the buying was of a gen
eral character.
The delayed quotations on the tape
recorded some further disastrous breaks
in prices, but powerful support quickly
became manifest and there were spas
modic rallies all through the list. The
bears rushed to cover and carried Anal
gamated Copper three points over last
night. Southern Pacific, Colorado Fuel
and International Paper recovered to a
point over last night and fractional
gains were established in United States
Steel, Baltimore & Ohio, Union Pacific,
Pennsylvania, Norfolk & Western, On
tario & Western, AtchiSon, Rock Island
and Kansas & Texas preferred. Recov-
cries were complete or practically so in
Missouri Pacific, Southern Railway and
Peoples Gas. Recoveries elsewhere
We're not complete but showed violent
rallies from the low point The break
extended to 9 points in Allis-C Chalmers
preferred, in Pullman and SA in Ten
nessee Coal
The trading was extremely feverish
for a time on the rally but the market
settled down into quieter tone before
IL o'clock.
The market became quiet at the re-
covered level of prices, but support
was forthcoming at any attempt to
AO1Ct AnS lGNGl QOWn dSdln Inc
20 whole market showed close sympathy
with Amalgamated Copper which
touched 655s early in the afternoon
and the support for that stock re-
neved the pressure at any other point.
Call money opened at per cent and
held at that figure throughout the
morning. London traded both ways,
but probably sold 10000 shares on bal
ance. The story was told that just be-
fore the opening here $4,000 shares of
United States Steel preferred were
dumped on the London market the OBJ
ject apparently being to depress prices
here. London doubtless sold back all
this stock at a profit. One room trader
is said to have bought Is, 600 shares
of Steel preferred, which he sold at a
profit of III points. Numerous similar
quick turns were probably made on a
smaller scale The recovery conveyed
the theory that the greater part of the
liquidation by weak interests has been
completed. The buying power in the
Judgment of onlookers was of better
quality than had been seen since the
beginning of the decline
Col. Greene Denies a RumOr.
New York, Dec. 13.-During to-
days early slump in prices on the
stock exchange and in the curb mar
ket it was reported that Colonel w.
c. Green had lost control of the
Greene Consolidated Copper company.
When this rumOr was called to Col
onel Greene's attention he made the
following statement denying that the
control of the company had passed.
Control of Greene Consolidated
Copper rests with me and my friends