The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1904-12-13
ANOTHER BIG SLUMP
PRICES OF STOCKS ON THE NEW
YORK EXCHANGE SHOW GEN
ERAL WEAKNESS.
AMAIGAMUTeD COPPER LEADS BREAK
UNLIKE LAST WEEKS DEMORAlI
ZATION THE MARKET FAILS
TO RECUPERATE

New York Dec. 13-There was an
other opening smash in prices of
stocks during the day. the trouble
again centering in Amalgamated Cop
per. Heavy unloading of that stock
carried it down AZ and 10000 shares
of United States Steel sold down an
extreme y. on running sales. st.
Paul dropped , points on two success
sive sales and there were opening
losses all the way from / to "a in the
leading Pacifics, Changers, Coalers,
trunk lines and specialties. The mar
ket huctuated unevenly after the open
ing and then went lower
The opening break created consider
able uneasiness, though nothing like
last Thursdays Generalization fol-
lowed.
There were some vigorous efforts
made to support the market, but by II
o'clock there was another bad break.
Amalgamated slumped Ga. Sugar fell
5&, Tennessee Coal and Brooklyn
Transit 5, Colorado Fuel 4A, St Paul
Az, United States Steel preferred 4,
Reading 3h, Union Pacific 3, United
States Steel pa, Southern Pacific and
Baltimore and Ohio 25s, Leather pre-
ferred pa and Erie, the first pre-
ferred, Missouri Pacific, Louisville
and Nashville, Rock Island, Leather
and New York Central ? to 28s.
Weakness Came as a Surprise.
The extreme weakness of the mar
ket came as a general surprise to all
observers in the financial district. The
vigorous rally of the latter part of last
week encouraged the idea that the
decentralization was over for the pres
ent and the effective advances in Lon
don during the morning furthered this
view. There was no news to account
for the renewed fright, but the move
ment of prices was convincing evil
dence of the timidity felt by security
holders. The renewal of sensational
proclamations through advertising me-
diums from the same source that pre-
ceded the successful raid of last week
had notable effect on sentiment. The
selling was general from all sources.
There was lively rebound III prices
of stocks after the liquidation had
spent it's first force. A score of stocks
recovered from l to Ia points from
the lowest The buying demand
showed no inclination to follow prices
to the higher level and the market
was comparatively quiet by noon, but
the tone continued feverish.
Sentiment exchanged to the extent
that brokers advised their clients to
buy standard stocks The situation
was reversed insofar that early sellers
were later buyers.
Buying Demand Paralyzed.
1t became evident during the after
noon that the buying demand for
stocks was practically paralyzed be-
yond the occasional demand to cover
short contracts by traders on the bear
side of the market. The throwing
over of the stocks again became pre-.
cipitate, causing rapid decline again in
prices. Amalgamated receded an ex-
treme SA, Colorado Fuel SIS, st. Paul
Ga, Louisville and Nashville 57s, Ten
nessee Coal SIS, Consolidated Gas 6,
Metropolitan Securities 5, Reading
Az. Union Pacific, Southern Pacific
and Smelling Az, Illinois Central and
Chicago and Northwestern 4, United
States Steel preferred 47s and large
number of stocks points or over
There was a substantial rally on the
Stock Exchange during the last hour
of trading, which ran to a point or
over generally and reached 212 in Colo
rado Fuel. / X in Reading and Sugar
and I've to Ia in Amalgamated Cop
per, United States Steel preferred, st.
Paul, Southern Pacific. Union Pacific
and Louisville and Nashville. This
rally was pretty well maintained. al
though the demand dropped TO almost
nothing ar the recovery, but the sell
ing pressure was not renewed. The
feature of the day was the slump in
Greene Consolidated Copper in the
curb market. which sold down from
34iA to 21A. Northern Securities also
broke points in the curb market.
The final drop in Amalgamated Cop
per to 81 X made the closing weak and
generally at about the lowest.