The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-12-08
PRICES NO OBJECT
IN WALL STREET
PANIC SWEEPS OVER THE MAR
KET, KNOCKING VALUES.
Amalgamated Copper Suffers Fright
fully-steel Also One Of the Victims
Of the Slaughter Colorado Fuel,
Union Pacific, Missouri Pacific and
Many Others Hard Hit.

New York. Dec. e.-Reports from London be-
fore the opening OF the stock market today
showed traces Of support for prices Of American
stocks, but the opening here was weak and there
was heavy unloading at various points in the list.
Six thousand shares of Amalgamated Copper sold
at the opening at es and 81, compared with 81. ss1a
last night, and the price quickly ran off to 66A.
There was very free selling Of the United States
Steel stocks the common losing n and the pre-
ferred point. Southern Pacific fell IN. Sugar
opened up an extreme LIS on running Sales but
almost Immediately lost greater part of the
gain. The market was extremely feverish and
unsettled after the opening.
Prices broke violently after futile efforts to
support the market by bidding up Sugar and lift
ing Ontario & Western 1M over last night. The
Pennsylvania group, Union Pacific, Rock Island,
St. Paul and Louisville & Nashville were sup
ported at about last nights level but the weight
of liquidation caused by the wipng OUT OF
margins broke thru the support and there was a
violent slump all around toward Il o'clock;
Amalgamated Copper broke 91a, Colorado Fuel
6A. United States Steel Az, Tennessee Coal
AZ, Sugar 37a, Chicago Great Western pre-
ferred 4 s, and an extended list of the princi-
pal speculative leaders points or over There
were some sudden rallies just before II O'Clock
on hasty covering of shorts, but the market con-
| tinued extremely unsettled. ---,.. 49,. y
| In the panic which swept over the market in
the second hour, stocks were sold without regard
to prices and the resulting breaks reached in
Colorado Fuel. 11A, A,nalgamated Copper 9h,
! Tennessee Coal on. Lake Erie & Western SA
ST. Paul 7h Brooklyn Transit IA, United States
/ Steel 6B, the preferred ~, Union Pacific 5A,
/ Missouri Pacific 536, St. Louis Southwestern pre-.
| ferred Z, Sugar 6as. Metropolitan Street Railway
5% and an extended list Of all the principal
active stocks between and 4 points. When the
shorts nquida ted to there were some violent
rallies extending to Al in United States Steel
6 in Colorado Fuel, In st. Paul and IN to 3E
in many other Of the principal sufferers on the
break. Fluctuations continued extremely cratic
unde: the influence of renewed liquidation on the
rally, s. q E H. ~
Bonds were weak at noon. --..r
| The recovery became more systematic and IN
elusive as the most urgent liquidation seer
to be concluded Apparently large orders fol
Investment were executed. The wide gaps IL
prices caused by the wild selling of the morning
were largely filed up and in some cases only
fractional losses remained. This was true gen
orally OF Pacifcs, trunk lines, Illinois Central
Southern Railway and some Of the industrials
Smelling rose "a over last night and Ontario
& Western, Norfolk & Western and Sugar
fraction. Colorado Fuel rallied 8, Tennessee Goa
6h, Amalgamated Copper and st.. Paul tx
and the United States Steel stocks s. The raj
lies were not perfectly held and there wer
some sharp recessions again before / O'Clock.
The selling rally carried prices back quite gen
orally a point Or more and st. Paul. Missouri Pa
cifc. Amalgamated Copper, the United State
reacted 2 to 2% Michigan Central sold at
decline of IL points. Pressure to sell wa
restrained and there were substantial recoverie
again before o'clock.
The reaction was more than recovered agai
and additional stocks were lifted slightly owe
} 70, United States Leather ~, and the pre-
ferred IN. Prices were not fully maintaine
to the last altho this seems due more to slack
ening of demand than to any renewal Of sellin
Stock quotations reported for The journal b
Watson y Co.. brokers' Chamber Of Commerce
! Minneapolis. Closing figures are bid.