The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-12-08

swept the floor OF the Stock exchange.
Stocks were unloaded without heed to
the prices they would bring and the
drop between sales extended in many
Fuel was carried down ll34, United
States Steel preferred, rs; common,
61g; St. Paul, tx; Brooklyn Transit,
~; Tennessee Coal, Oh; Missouri Pa
cifc, 51a; Metropolitan Street Railway
and Metropolitan Securities, over 5
points; Sugar, 6$s; Consolidated Gas as
much; new Tobacco preferred, 51a;
Chesapeake & Ohio, As; American Car,
AZ; Reading, 4As; Union Pacific, Erie,
Louisville & Nashville, Southern Pacific
and other active stocks, 4 points or
over.
There were sudden and violent rallies
by intervals of a point or more. United
States Steel preferred and Amalgamated
recovered over 2 points but liquidation
was constantly renewed on the rally
and new low prices were made. -:
Panic Was Allayed. -
The panic was somewhat allayed dur
ing the second hour Of the market, and
the room bears who had been selling
heedlessly on the break found it diff
cult to secure stocks to cover their short
contracts.
Violent rallies were the result.
United States Steel recovered Az, Colo.
RADIO Fuel 411a, st. Paul 4, Sugar, United
States Steel preferred, Missouri Pacific
and Tennessee Coal 81 to 311a, and Erie,
the Metropolitan Railway stocks, Read
ing, Union Pacific and Amalgamated
| Copper 2A to 3. There were renewed
breaks at some points, Union Pacific
receding an extreme 81, St. Louis
Southwestern preferred 7. and Lake Eric
| o
tinued violent and cratic, rallies being
met by fresh liquidation. ..."
Break a Surprise.
The force of the early break came
as a surprise, and proved that the pub
! lie had been in the market to a much
greater extent than was generally sup
posed. The slump in the Steel stocks
showed how lacking was the support.
Numerous stories were told to illus
! trate the wild character Of the market.
One broker had an order to sell 500
shares of Amalgamated Copper if the
he disposed of 200 shares, but so rapidly
did the price fall off that the best he
could do for the remaining 800 shares
was 63 and 621b.
Sales of stocks in the first hour were
over 100000 shares, probably the high
record for the first hour of business on
the exchange.
Call Money Goes Up.
The opening rate for call money was
4 per cent, but the supply soon became
exhausted in the early afternoon, the
/ rate advancing to Az 04h. There was
an abrupt break in sterling exchange,
which was thought to reflect the high
er money rate here as we'll as London
| buying OF our stocks.
The excitement subsidized soon after
the first hour, when support was seen
in a number Of issues, particularly the
standard railway shares and the steel
stocks. Further improvement was
shown by the entire list during the
noon hour, some stocks recovering to a
fraction Of the previous days close
Business for the two hours of the morn
ing session aggregated over 100000
fifteen minutes behind in the recording
of operations. &c.,
The f1uctuation of prices became
much less cratic in the early Afternoon
and the tide of the price movement
turned pretty st. stea Pi ;ea upwards: Tn,
and some of the southern stocks wiped
out all but fraction of the losses ant
there were rallies of to 8 points il
Colorado Fuel, Tennessee Coal, Amalga
mated Copper, the United States Stee
= stocks and ST. Paul. Selling was re
sumed at this level and there wer
fresh recessions. .s .-....
The sales Of shares from IL to 1 pm
amounted to 100000, making a total O.
', 100000 shares. .s
! The restraint of the selling on tn
early afternoon rallies served to restor
confidence pretty fully and the marke
II became active and strong in the las
: hour. The aosses in the standard stock
were almost entirely made up and no
a few sold at fractions above las
night. Even in the actually veal
stocks of the morning the losses wer
reduced to moderate proportions. ;.
The recovery was practically unin
} was some slight diminution of the de
J without the selling pressure being re
J newed. The price level was almost CON
, pletely restored in the average run o
! stocks and the market finished the da
l as placid and undisturbed as tho n
trouble had occurred.
In spite of the high rate for money
: the market held very steady in the las
hour 1t was the general opinion tina
! the buying which brought the recover
! in the general list was of the best char
e acter. Some uneasiness was espresso
j, however at the increasing dispositio
of the banks to discriminate agains
:, the industrial stocks as collateral.
DEATH OF GLEN kuNNzELMAN.
Y Special to The Journal SIS #
nj saltwater, Mimi, Dec. S.--Clem Kunr
. zelman. a resident here many years, die
~ re L.. 49,. %