The San Francisco call., 1904-12-09
New York Stock Marker.


NEW YORK, Dec. s.-A violent squall
swept over the stock market to-day. which
wrought havoc while IL lasted, but which was
oissipated almost as quickly as it came. Com
pared with the stormy scenes OF the day the
maj market was as placid a summer lake
ana the buying OF stocks was going as
systematically as though no disturbance had
occurred review Of the days net changes
reveals not a few gains. and the worst
O. the losses are confined TO moderate pro-
portions Unfortunately for those who sold
their stocks, either from fright at the cruB-
repay borrowed money, the final prices Of the
day by no means represented the prices at
which the largest part Of the days sales were
Hi2oe- Ihere was a time during the market
When there was no apparent demand for stocks
az any price. Orders to sell a few hundred
shares could only be executed at concessions
o. 10 ) points from the preceding sale. Such
haste and confusion characterized the selling
mat the same stock sold simultaneously only
a teW feet apart at variations Of 81 To S3 q
share There was such frantic fluctuations
as that in Northern Pacific May 2. 1901.
stock. but otherwise the movements in the
market resenlbled those that day and the
day total sales Of 2905 400 shares compare
with a.usl,IOO on May =, 1901 Ihe DAY un-
ooubtedly viii 90 down In the history OF the
stock Exchange as one OF those In which
the assurance which usually sustains men in
acton on plconceived determinatIons deserted
them and they did things under the influence
OF unreasoning manic a list Of some of the
days. extreme declines is the best evidence
Of this fact taken in connection with the sub
seQuent almost complete recoveries when rea-
son ndQ redSSerteu It's fOltrOl. AOloTdQD r uel
and Iron fell an extreme 11s4. AmalGamated
Copper 10, Tennessee Coal 81. Lake Erie and
Western Sls, St Paul rs. Brooklyn Rapid
Transit =. United States Steel preferred : y
ST Louis Southwestern Z. Sugar 6%, United
States steel 6L, Union Pacific S4 Missouri
Pacific 5la Metropolitan Street Railway 5% g.
Metropolitan Securities 5ss Consolidated Gas
6A. Louisville and Nashville AS. and many
Others lesser amounts. These low prices rep
resented a drop from the high level OF this
week Monday Of such figures as "a for
Amalgamated Copper. p for Colorado Fuel.
l5ls for Tennessee Coal, llls for United States
Steel preferred II Is for Union Pacific 14A
for Sugar. 1928 for Brooklyn Transit and j
for St Paul The raDidity and violence OF
this shrinkage Of values abundantly accounts
for the fears aroused by lenders OF money on
stock collateral and the urgent demands foi
additional margins sent out by brokers carry
ing stocks for customers There was un-
dcubtedly some sudden discrimination against
the character Of collateral which added to the
stringency Of the situation. The source Of
the selling was not accurately known. and II
seemed 10 come from widely distributed
sources II was somewhat remarkable that
reports Of financial embarrassments did not
get afiOat al any time during the break. The
call money rate went slightly above the sea-
son previous maximum, but as everybody was
hquidating loans the actual supply of cash
was being replenished instead of depleted
The severe break in the foreign exchange
of relief and there were large offerings OF
bankers finance bills IN that market. Lon
don's heavy absorption Of our stocks the
break also made large supply OF exchange.
The same was true OF foreign purchases Of
cotton and grain on the break in those mar
kets under the reflected pressure from the
stock market The extreme weakness Of
Aualgamated Copper had a reflex effect in
the market for copper. both here and in Lon
don. There was the usual gathering of
'bargain-hunters' on any severe break in
prices OF stocks. and there was evidence Of
investment buying Of a more substantial and
sustained character. The first violent recov-
cries were due to the scramble among the
triumphant bears 10 cover their short con-
tracts but the more substantial buying sus-
tstned the market wei TO the strong closing.
The improvement in the health of the market
by reason Of sweeping out Of weak holders
was obvious in late dealings There was no
serious consideration Of news developments
the speculative imitation and its rupture being
held 20 account for the break
The bond market was affected in sympathy
with stocks. but in less degree. Total sales
par value 50. oil. 600.
United States bonds were unchanged call
New York Stock list.
z. r. Hutton & Co. 49O California street
Sen Francisco, members Of the New York
Stock Exchange. furnish the following official
quotations OF that Exchange: