The San Francisco call., 1904-12-08
New York Stock Market.

NEW YORK Dee T--To-day's violent
slrDp in TIE stock market came upon the
sarguine speculative element Ike q bolt from
tire blue sky. The facr that runaway bull
markets always oVerr1n themselves never
as = essen ne sufpflse oi tne speculators
When the airy fabric crumblss- The fabric
could noL q course. be blown up 70 its dia-
rhsnous dimensions II there were not en-
tflsiastlc buyers who continue 10 buy ali
stocks Offering and q bid Up prices IN un-
bounded confidence that the upward course
VII never be Interrupted Neither would Il
BE- Interrupted II spectators were abe a. "a
cn bug nE Indefinitely. But when the time
comes that distrust obtains an entrance 70
their consciousness and they attempt 10 sell
their holdings u develops that the buoyant
rise has been due 10 their cTn buying and
Ihere IS nothing left 20 sustain prices when
fhat ceases. That Is probably the true ex-
p-aratlc- - the slump to-day which took
q fairly psuioky proportions AZ times But
Tie crumnling oi prices Jed 10 the usual in
dIsrriCus efforts - assign a cause IN some
new development IA Affairs that might be an
index ~ decline in the prosperous conditions
c< businesE aua i-dustrv There was 70 such
news forthcoming There rise in the
caH lrar ~sre iafe il ne sav 70 the highest
o. the season. but this seemed 70 Be as much
effecL csIsa from the fall in prices.
To was not learned that there had been any
calling ~ loans restriction of credits %
pre-iritare the break. but the expectation Of
further gold engagements for export Was con-
trned and there we're rennittances through the
s-o-treaslr. ~ million collars 70 san Fran
c-sco and 10000 20 New Orleans The draw
iLE ot ne purse strings and the Increa sed
cEaCt-ou reEardinE collateral has toppled over
% IS advance but there have been no pre-
nonctqrl symptoms in The present market
of money strirEency- Much more attention
was paid 70 rhr dEing rumcrE Of the attitude
tcR1rc the market assumed BY the importa NJ
financial powers The sharp losses which were
sl1ere1 gave spirit some of the assertions
rnat co-rlf nations had h-eu formed 70 raid
rhr narket and -hat some o. the advertised
atta-As - s-eclal properties n The last few
11tE rea.t represented a deep laid plot which
rae the backing q great capitalists. The
easy u.ar ner IN which Amaleamsted COPPER
s-ccurlhed 10 excessive attacks was fhe
EFourl -or fnese assertions. Much Importance
was artechcc by the hurt Spectators 70 q
c.nnrr and conference - ratlroad csrsafre
rh-ch took pl1ce here isst night and which
trey supposed adopted aisrnirg conclusions
over ne 1-cspecr iof the ra.irnsds sffecte..
bT the Presidents reconmer1atian 20 alioa
the Interstate Commerce Co-amfsSff., r.o--.r
10 * freight rates The tumble in An3alsa-
mated ccrrer was from "a at m ~lo~sng
last uiEhf to Gs2s near the close .o-ss- T-I,s
cioe-ur was week and rot Tar rom the lo-.-e~-
rILCr thc lzrus-ce o. renewed bre.k. ~
Amalgarnated Copper and Sugar The f.r
points of stT4rgth r. the morning session .-e-z
SWEPT irfo - downward movement
Bonds Elfced In syFrrafhv Rr.h -.,,,,.
Total sales .fr value s. $50 O10
tinted States bonds we're unchanged On cali
New York Stock list.
e p Button 4 Ce.. go California s.-.e-
Eon Francisco. ucrnbers u the New Vorr
Stock EIchanEe. furnish tire following offciai
q-otariors 4 that Exchange.