The Birmingham age-herald., 1904-12-13
STOCK MARKET HAS ANOTHER BAD DAY Traders Were Overwhelmed With Selling Orders LONDON WAS BIG SELLER Brokers and Traders Were Greatly Surprised and for Little While
 Were Completely Non
 plussed.
LONDON WAS BIG SELLER

New York December 12.-Beginning with heavy declines in Amalgamated Cop per, todays stock market was weak throughout the entire session, the occaA sional rallies failing to hold prices for more than few minutes at a time AL though values crumbled away rapidly, there was little excitement in the street. Brokers seemed to have nothing but sell ing orders, they said, and they did not look beyond that fact and the recent reckless speculation and the campaign by the newspaper advertisement against @ copper stock to find reasons for the drop in prices. Money was easy and loans were made freely, but the list was scrutinized very closely. The close was weak, with prices generally at the low est. More than 2o0O,0OO shares of stock changed hands during the day.
 The selling wave continued nearly all the forenoon, with only a temporary re- action and about noon the market showed further weakness. An impressive feature of the forenoon was the heavy selling by London houses. The largest sales of London houses were made in the steel stocks. There was evidently a good sup ply of stop-loss orders on hand, but the shorts did not fare much worse than some others.
 Overwhelmed With Surprise.
 The violence of the opening decline was so great and so pronounced that many brokers and traders on the floor were overwhelmed with surprise, and for a little while were quite nonplussed Any support that may have existed was with out the slightest effect. One of the most sensational breaks was in Greene Consolidated Copper on the curb. It had been selling around S4 in the day, and had declined only nominally. In the af- ternoon the stock broke nearly 10 points to 22 Ten points in Greene copper Is the full par value of $10.
 Proceeding With Caution. With the approach of the last hour the market showed some improvement, but business was in smaller volume and trad 'ers were proceeding with the utmost eau tion. One of the interesting stories heard during the day had it that today's break was in the interest of a sO-called bucket shop system, which has it's headquarters
 in Boston with numerous branch offices throughout New England and New York states. There was much gossip of a gen eral character, but nothing tangible de- veloped in the way of adverse news to l account for the decline. There was a substantial rally during the last hour, 1 which ran to a point or over generally and reached 2h in Colorado Fuel IFS in Read l ing and Sugar, and IF to 1% in Amal- l gamated Copper, United States Steel pre- ferred, St Paul. Southern Pacific. Union Pacific and Louisville and Nashville. The l feature of the day was the slump in 1 Greene Consolidated Copper in the curh market which sold down from 34h to 21% Northern Securities also broke points in the curb market. The final drop In Anal gamated Copper to 6115 made the closing weak and generally at about the low est
 London Was Selling.
 The selling throughout the day was oi a general character, and in addition tC London offerings, came from practically ! all parts of the country. At the variou: brokerage offices there was less excite ment. and fewer crowds than during tn, previous week. It was the concensus o i opinion that a lot of weak accounts were eliminated in last weeks decline. Con. servative bankers said they regarded the 1 course of the market as natural There has been no concerted calling of loans but | bankers continue to scrntinize collateral offerings more closely. There was no ap- parent reason for the further break In prices in the final trading, except that | traders as whole got on top and ham mered the market, the balance of the list selling off sympathetically Call money went to the lowest price of the day, per l cent Tn the last honr.
 colored Candidates Convicted. | Charleston, s. C., December R.-Aaron | p Prioteau colored candidate for con- eress in the First district. was convicted | in the United States court today of vio- lating section 3891 revised statutes by in- terfering with and opening a decoy let | ter while d railway postal clerk in 1902 | The jury, containing one nsgro, first stood II to 1 for conviction, but later brought in a verdict of guilty with rec. | ommendation of mercy.