The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1904-12-08
1t Was Reached on New York
Stock Exchange Today.
/" "Amalgamated" Continued Its
Rapid Downward Course.
FOLLOWED BY OTHERS
Boston Sold $4,000 Copper
Shares at the Opening.
All Support Was Withdrawn
from the Market.

New York Dec S.-The stock market be-
came demoralized during the first hour
today after the weakness had been 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 the hour, however, support seemed to
be abandoned and prices slumped through
out. Amalgamated Copper fell by one
half point intervals 91s points, to SO. Ten
nessee Coal dropped 44 points, United
States Steel preferred 39s points, Colorado
Fuel 8 points and Missouri Pacific, Lou
isville and Nashville, Pressed Steel Car,
Steel Foundries preferred, Hide and U. S.
Leather preferred, Virginia Iron and other
stocks points or over. Chicago Great
Western preferred A dropped 8 points
Calling for additional margins by alarmed
brokers precipitated heavy liquidation in
all directions.
The Stock Exchange gallery was
crowded not so much with out of town
visitors as it was with people having
business in the district who had heard
of the markets Generalization and
were curious to witness the scene. The
greatest crowds on the floor were
around the Amalgamated Copper and
United States Steel trading posts. The
shouts of the brokers rose in a confused
DIN to the gallery. To this noise was
added the ringing of countless telephone
bells in the private booths of the bro
kers at the west end of the floor and
the Scurryingy in every direction of
of scores of messengers. It
was observed that many prominent
brokers who seldom appear on the floor,
were there this morning In the ex-
citement CT the occasion they evidently
deemed it advisable to handle their own
business instead Of distributing orders
as is often done. Sentiment was bear
ish fioIn the outset.
Before the opening it was known that
Boston had sent in heavy selling orders
in Amalgamated Copper; and also that
the leading wire or commission houses
were on the short side. From all ac-
counts the break in the first hour was
largely due to forced liquidation. There
is no doubt that many accounts were
thrown over without regard to prices.
$4,000 shares OF copper in the first few
minutes and the break caused by these
heavy offerings bI ought flood of sell
ing orders in this and other stocks,
chiefly industrial, to all parts of the
room.
All support was withdrawn from the
market. AS prices tumbled panic swept
the floor cf the Stock Exchange Stocks
were unloaded without heed to the
prices they would bring and the drop
between sales extended in many cases
from 1 to over 2 points Colorado Fuel
Steel preferred I3s- the common 61A, ST.
Pau! IN, Brooklyn Transit IA, Te1nes-
see Coal 9A, NissC uri Pacific: 511, Met
ropolitan Street Railway and Metal Sc
curities over points, Sugar 65s, Consol-
idated Gas as much. New Tobacco, pre-
tered, 51l, Chesapeake & Ohio 5s,Amer-
lean Car Az, Reading 4ss, Union Pacific,
Erie, Louisville & Nashville, Southern
Pacific and other active stocks points
or over. There were sudden and vio-