The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-12-12
ANOTHER STOCK SLUMP s
Details OF Days Trading on Wall
Street S

, New York, Dec l2.-There was an
other opening smash in prices of stocks
today, the trouble again centeringg IN
Amalgamated Copper. Heavy unload-
and 10000 shares Of United States
Steel sold down an extreme g. u on run
ming sales. st. Paul dropped 2 points
on two successive sales and there were
opening losses all the way from / to
TX In the leading Pacifes, grangers,
coalers, trunk lines and specialties.
The market fuctuated unevenly after
the opening and then went lower. The
London prices for Americans before the
gave no hint Of the storm hanging over
this market.
The opening break created consider
able uneasiness, tho nothing like last
Thursdays Generalization followed:
Nevertheless, the feeling was one Of
vague alarm. Traders. seemed of the
opinion that last week $ liquidation had
not yet exhausted itself and it was clear
! that gross number of accounts were
being closed. London was reported to
have sold 100000 shares, including a
great deal of Steel common and pre-
ferred. Wire houses also sold and rep
resentatives of prominent local broker
age firms were openly bearish. Brok-
ers operating for Boston were said to
tensively.
! Another Bad Break.
There were some vigorous efforts
made to support the market, but by i
0 CLOCK there was another bad break.
Amalgamated slumped 6A from satur-
days close, Sugar fell 81, Tennessee
RADIO Fuel, AZ; St. Paul, Al; United
States Steel preferred, 4; Reading,
81; Union Pacific, 8; United States
Steel, az; Southern Pacific and Balti-
more & Ohio, 25s; Leather preferred,
| 234, and Erie, the first preferred, Mis-
souri, Pacific, Louisville & Nashville,
; Rock Island, Leather and New York
; Central, 2 to 23s.
The extreme weakness Of the market
came as general surprise to- 8ll OBJ.
servers in the financial district l'ne1
, vigorous rally Of the latter part os last
week encouraged the idea that the De-
moralization was over for the present
} Il and the effective advances in London
Z this morning furthered this view. Es
: was not expected that there would be
, any further great rise in prices and it
) Was even anticipated that there might
be dull, sagging movement, according
to the usual presidents In such cases.
Lawson at It Again. u
+ There was no news to account for
: : the renewed fright, but the movement
:. Of prices was convincing evidence Of
|. the timidity felt by securities holders.
|. The renewal of Thomas W. Lawson g
y sensational proclamations thru advertis-
3 ing mediums, such as preceded 1he sue
n cessful raid of last week, had q notable
= effect on sentiment. The selling was
= general from all sources. The offerings
"a Of money at 3 n per cent on call showed
= that no stringency in that department
was responsible for the liquidation.
An enormous amount of selling or.
ders came into the market at the open.
ing and later when it was seen that the
r list was without support the selling or
j ders increased from every quarter. One
Of the best known commission houses
reported sales of 125 900 shares Of chs
E. active issues in the first half hour.
ar The western houses, those with Pitts
81 burg, Cleveland and Chicago connec
st tions, were among the largest sellers o.
he steel. For obvious reasons great dea
to Iof the unloading in Amalgamated Cop
II. per came from New England.
IN Many brokers professed surprise q