Arizona republican., 1904-12-09
For Two Hours the Stock
 Market Was Chaos
ALL BIG LINES SUFFERED
There Appeared to Be all Sellers and No Buyers-Apparently Amalgated Copper and U. s. Steel Lost Mill lions-Order at Last Restored.

New York, Dec. S.-Amid scenes of uncontrolled excitement and frenzied haste to sell securities the New York stock exchange today witnessed the most sensational decline in prices that it has known since the historic Month ern Pacific panic of May g, 1901. Warn ed by signs of the coming storm made visible yesterday in the preponderanoe of orders to sell over those to buy. tIi-iders were on the floor of the ex- change. When the gong sounded for the opening of business. there came from the struggling groups of brokers on the crowded floor a roar of human voices so loud that it startled and thrilled all who heard it.
 At first it seemed that all were sel&- CTS and that none was left to buy. As shuieNing men surged around the trad ing posts the impending important developments" in this stock, the pos sible increase of dividend on another the coming agreement with its prin- cipal rivaf' of a third, or whatever were the bull arguments on which ad- Uances 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. The first
 
 Amalgamated Copper, against which a campaign by newspapers advertise ment has recently been conducted. ; Dropping some times a point at a time, ! it fell until 1t sold at 5S 1-2, a drop of ten points since last nights close and | p points from the highest of Tuesday. The 22 point recession represented a 1 decrease in the market value of the | comEany's capital stock of more than 3O,OOO.00O.
 | Next to Amalgamated Copper the leader in the excitement was United States Steel stock, common falling to 23 1-2 and preferred to S4, over last nights declines of IA points for com mon and 10 7-S for preferred. The de- cline from Tuesday represented about s45, ,OOO, 900 on common and S36,OO0,000 on preferred, an aggregate on the capital stock of more than $50, 900, 600.
 | Other sensational declines were 5 Is ! in Union Pacific, Is in Southern Pa cific, 3-S in American Sugar, 3 1-2 in American tobacco preferred. 3-4 in Brooklyn transit, 7-S in St. Paul, Il 3-4 in Colorado Fuel, Il in Michigan Central, 1-2 in Missouri Pacific and 9 If in the Tennessee Coal and Iron Values throughout the entire list were cut down with great rapidity and | weakly margined accounts were wiped cut, and for nearly two hours the de- moralization was complete. During this period transactions amounted to about 9OOO0 shares.
 The frightened throwing over of stock almost without regard to price was checked about noon, and there followed a period of irregularity. Heavy buying orders appeared, quota tions started upward, and before o'clock many of the active stocks had regained considerable of their losses. The tone of the trading remained fev- erish, but the rally was well held and the close was, comparatively speaking, T severely quiet. The total sales of all stock today was 2,905, 400 shares.
 Many causes for tOday's selling were suggested, but the general opinion seemed to be that the bull market had brought in many buyers on small mar gins and when the signs of an impend- ing break were seen yesterday the
 holders were forced to sell out theil speculative purchases at whatever
 prices were obtainable.