Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-12-08
II Became Greatly DemoraIized.
Fluctuations Being Violent
And Frequent
BROKERS VERY MUCH ALARMED
Some Who Are Rarely Seen on the
Floor We're There This Morning to
Look After Their Own Affairs,

New York, Dec s-The stock market
became domoralized during the first hour
today after the weakness had N.en siren
uously contested by supporting orders
During these tactics the fluctuations were
violent and frequent. but many prominent
stocks were held at about last nights
level and Sugar above. Towards the end
Of tho hour however, support seemed to
be abandoned and prices sumpe1
throughout. Amalgamated Copper fell by
u point intervals 81 TO SO, Tennessee Coal
dropped "a, United States Steel preferred
49, Colorado Fuel ., and Missouri Pacific
Louisville q Nashville, Pressed steel Car
Steel Foundries preferred. Hide q Leath-
or preferred. Vlrginla-lrou and others
points or over Chicago Great Western
preferred "a dropped s. Calling for adj
dtlOnal margins by alarmed brokers pre-
clpltated heavy liquidation IN all direc-
tons
The stock exchange gallery was crowd
cd not so much with Out-0t-tOwn visitors
as 1t was with people having business In
the district who had heard OF the mar
kets Generalization and were curious 70
witness the scene. The greatest crowds
on the floor were around the Amalga.
mated Copper and United states Steel
rose in a confused din 10 the gallery To
this noise was added the ringing Of count
less telephone bells In The private booths
OF the brokers nc the west end of the
floor and the scurrylng IN every direction
of scores OF messengers, IL was observed
that many prominent brokers who seldom
appear on the moor were there this mOru-
Ing. In the excitcmept OF the occasion
they evidently deemed II advisable %
handle their own business Instead Of dis
trihutluC orders as Is often done.
Sentiment was bearlsb from the outset
Before ne opening Il was known that
Boston hod sent IN heavy selling orders
in Amalgamatld copper, also that the
leading wire, or commission houses were
On the short side. From all accounts the
break In the first hour was largely due
10 forced liquidation. There is no doubt
that many accounts were thrown over
without regard 20 prices. Boston was re-
norted 20 have sold over 800 shares ot
Amalgamated Copper In the FIRST few min
utts and the break caused by these heavy
offerings brought a food OF selling orders
in this and other stocks, chiefly Indus
trials. 90 all parts OF the room,
An support was Withdrawn from the
market As prices tumbled panic swept
the AOor 0f the stock exchange, Stocks
they would brlUg and the drop between
sales extended lu many cases from ] 60
over points colorado Fuel was carried
down ll4. United States steel preferred
"a. tho common 6h 81. Paul "a, Brooklyn
Transit 1s. Tennessee Coal Gl Missouri
Pacific Is Metropolitan Street Railway
and Metropolitan Securities over 5 points.
sugar Ca Consolidated Gas as much. New
,obacco preferred 81, Chesapeake Ohio
iN. American Car ps Reading lN Union
Pacific, Eric, Louisville Southern Pacihc
and other active stocks 4 points or over.
There were sudden ana violent rallies by
Intervals Of point or more United
States steel preferred and Amalgam0tcd
Copper recovered over points but liqui-
dalton was constantly renewed on the
rally and new prices were made
Tho panic was somewhat allayed during
the second hour of the market and the
room bears who had been selling heed
lCssly OH the break found II difficult to
secure stocks 90 cover their short COu-
tracts Violent rallies were the rule Unit
cd States Steel preferred recovered i4
colorado Fuel RI. 81 Paul 4, Sugar.
United states steel Missouri Pacific and
Tennessee Coal ga TO go and Erie tho
Metropolitan Railway stocks, Reading,
Union Pacific and Amalgamated Copper
ga 10 8 There were renewed breaks at
some points Union Pacific receding an eX-
IRENE 81, St Louis Southwestern pre-
ferred and Lake Erie q Western SA.
The fluctuations continued violent ana
eratlc. rallies being met by fresh Hqul-
dalton.
Reports from London before the opening
o. this stock market showed traces OF
support Tor prices VI American stocks, but