Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-12-13
STOCK MARKET
BADLY DEMORALIZED
Brokers Issuing Imperative Call
To customers for More
Marquis,
WALL STREET VERY NERVOUS.
Has Not Been In Such Bad Way
Since the Great Panic Of
May 1905

New York, Dec l3-Todays stock
market opened weak and excited, with
prices generally lower The opening
transactions showed some confusion,
there being wide variations Ia QUOTA
lions ON sales made apparently at the
same time
It is no cxaggeraton to say that wall
street began the the day with more
anxiety than Il has shown since the
May panic of 1901 Reasons for this
feeling were plentiful,chlef among them
being the absolute collapse of the mar.
ket at Yesterdays close, revealing weak
spots I'm unlocked for places, a great
majority of the brokerage houses had
their clerical forces at work unul la'e
last evening and some Of them worked
long after midnight examining accounts
and issuing imperative calls w. custo-
mers for more margins, Many stock
exchange members prriy.i at their Of
fees much earlier than usual TO prepare
for the day and TO get line ON the
London market, That center offered
but slight encouragement No Amen-
cans showed general recovery FROM the
opening Generalization there Almost
every conceivable sort of rumor was IN
the air this morning and the names Of
individuals and firms who are commons
~ supposed to have suffered by the
break We're freely II privately men.
toned II was reported among other
things that a meeting Of the big bank
Ing interests had been held last night
and that II had been decided 70 support
the market II the situation became
more critical For this as well as SINH
lar runners there appeared to be no
foundation Few doubted however,
mat the moneyed interests we're pre-
pared for any serious emergency,
Attracted by the previous days
events, the gallery OF the stock eX-
change held large crowd of onlookers.
The floor was crowded with members,
many Of them old timers who seldom
appear there save on moment0us OC-
caslons The subdued noise which pre-.
vailed at the opening broke into a ronr
at the FIRST sound OF the chairman's
gong. The greatest crowds were ugain
around the Amalgamated Copper and
United States steel trading posts, where
brokers fairly magled one another in
their Efforts 10 execute OTHERS, Many
Of these az indicated by the opening
quotations were 10 sell Eat the market"
The Offices Of the brokerage houses
were crowded with customers. many OF
them from out Of town. They seemed
TO think II necessary TO their interest
to be In close touch with the situation
In the offices OF commission houses
which have private wires running 10 the
leading cities, the scere was especially.
animated and excited
Telegraph operators We're receiving
and sending countless messages, and
II seemed as II the country at large
was waiting on Wall street
Before the end Of the first half hour
the tape was al least 10 minutes behind
the market. Amalgamated Copper was
quoted at G3h at a time when "a was
being bid on the floor. Support was
shown In this and other stocks and
brokers supported buying by insiders.
Bargain hunters also took hand. Of
ferings OF Copper seemed TO be freely
absorbed and much gossip leaked out
of the board room In the early trading
indicated that the buying was Of o gen.
oral character,
Inc ufidNtu luVld NpUh on the tape
recorded some further disastrous
breaks in prices, but powerful support
quickly became manifest, and there
were spasmodlc rallies an through the
list The benrs rushed 10 cover and
carried Amalgamated Copper three
points over last night Southern Pa
ciic, Colorado Fuel and International
Paper recovered TO point over the
closing last night, and fractional gains
were established I'm Union Pacific.
Pennsylvania, Norfolk & Western.
Atchison, Rock Island and Kansas &
Texas preferred. Recoveries vera
complete or practically SO In Missouri
Pacific, Southern Railway and PeOple's
Gas. Recoveres elsewhere were hot So
complete, but showed violent rallies
from the low point
The break extended to 0 points In Al.
disclaimers preferred, Z In Pullman
and 3h IN Tennessee Coal
The trading WAS extremely feverlsh
for a time on the rally but the market
settled down into a quleter tone before
II o'clock