The San Francisco call., 1904-12-09

ern Pacific panic of May 9, 1901.
Warned by the signs of the coming
storm made visible yesterday in the
preponderance Of orders to sell over
those TO buy, the traders were early
on the floor Of the exchange. When the
gong sounded for the opening of busi-
ness there came from the struggling
groups Of brokers on the crowded floor
a roar Of human voices so loud that it
thrilled those who heard it. At first it
seemed that all were sellers and none
was left TO buy.
AS the shrieking men surged around
the trading posts, the impending i'm
portant developments" in this stock.
the possible increase Of dividend" on
another, the coming agreement with
Its principal rival of a third or what
ever were the bull arguments on which
advances were based were all forgotten
and brokers sought only TO get rid Of
the stocks they held. The scene was
observed by a throng of visitors in the
gallery.
AMALGAMATED GIVES WAY.
First TO give way in the hurly -burly
was Amalgamated Copper, against
which campaign by newspaper adver-
( tisement has recently been conducted
Dropping sometimes a point at a time,
/ II fell until ii sold at 5S1a, a decline of
10 points since last nights close. and
OF Y points from the highest of Tues
day The 22-point recession represented
a decrease in the market value of the
company's total capital stock of more
than s30,OO0,OO0.
Next 10 Amalgamated Copper, the
leader in the excitement was United
States Steel Corporation stock the
common falling to 23Ja and the pre-
ferred 10 81. overnight declines of SIS
points and rs points, respectively, and
declines Of 914 points for the common
and los points for the preferred from
Tuesdays highest.
The shrinkage in quoted values
from Tuesday represented about S45,-
0O0,000 on the common and S36 000. 900 on
the preferred. an aggregate on the
company's capital stock OF more than
$50 O0G. 600.
MARGINS ARE WIPED OUT.
Other sensational declines were 5I
IN Union Pacific. is in Southern Pa
cific, 3-s in American Sugar, 31l in
American Tobacco preferred, ia in
Brooklyn Transit, rs in St Paul
ia in Colorado Fuel, IL in Michigan
Central, 5lz in Missouri Pacific and 81,
III Tennessee Coal and Iron. Values
throughout the entire list were cut
down with great rapidity, weekly mar
gined accounts were wiped out and for
nearly two hours the decentralization
was complete. During this period the
transactions amounted TO about goo. 900
shares
The frightened throwing over of
stocks almost without regard to prices
was checked about noon, and there fol-
lowed period Of irregularity. Heavy
buying orders appeared, quotations
started upward, and before l o'clock
many Of the active stocks had regained
considerable of their losses. The tone
Of the trading remained feverish, but
the rally was we'll held and the close
was. comparatively speaking, severely
quiet. The total sales of all stocks to-
day were 2,905, 400 shares.
Many causes for the days selling
were suggested, but the general opin-
ion seemed TO be that the bull market
had brought in many buyers on small
margins, and when the signs Of an i'm
pending break were seen yesterday the
holders were forced to sell out their
speculative purchases at whatever
prices were obtainable.
BROKERS ON WARPATH.
NEW YORK, Dec. st is likely