The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-12-09
NERVES THE CAUSE
OF SHARP LOSSES
WALL ST. AT ToDAY'S OPENING
FELT YESTERDAY STORM
Amalgamated Copper Ran OFF 2h-
Other Stocks Followed, but Losses
Were Lighter Fifteen Min
utes of Depression, Rally Began
and Carried Prices Well Up.

New York, Dec. 9-The nervousness caused by
yesterdays storm In the stock market resulted i'll
altho vigorous support induced good gains In a
few stocks Alnalgamated Copper ran on "a
within the first few minutes OF trading. COLO,
RADIO Fuel dropped and United States Steel
preferred l Is Losses ran to i "a IN Atcnlson,
Reading and Baltimore g. Ohio and to point
or more in Union Pacific, Southern Pacific Brook
Ign Transit, Rock Island, Pacific Mail, Metro
politan Street Railway and ather Eight thou
sand shares of United States Steel sold simulta-
neously at % and p, compared with Is last
night, and the price subsequently rallied to ~ Is
Ontario II Western and Metropolitan Securities
opened up about point and Chesapeake 4 Ohio
The pressure of offerings continued for only the
first fifteen minutes of business. but in the In
terval additional losses of 1 to points were
made. These included the principal grangers,
Paciics, SUuthwesterns, cOalers and speclaltes.
Efforts to regain stocks by the room shorts and
the execution Of large orders for the long account
started prices upwards at a lively rate, and by
II O'Clock the usual leaders were ruling at a
parity with last nights closing or above. Anal
gamated Copper rallied to 6SA, placing 1t ~
over yesterdays closing, and Sugar also showed
e gain Of IL. Amongst the railroads Missouri
Pacific rose a point and ST.. Paul, Baltimore &
Ohio, Louisville & Nashville, New York Central
and Ontario western displaying conspicuous
figures. Steel Foundries preferred improved 2h.
Rubber Goods preferred 8 and nternattonal Pa
per- Railway Steel Spring. Wheeling Lake
Erie first preferred and Allis Chalmers 1 to ~.
stocks that showed overnight gains of between
/ and points before the market sank back on
realizing. About the, only leading stocks that
failed to advance appreciably were Union Pacific,
Rock Island Read ding and Atch1son. Business
became quiet when the market shaded, but the
reactions wer small.
| The rise carried Sugar to 103 and New York
Central, Mexican Central, Colorado Fuel and Chi
cago Terminal ga ined point each. Buying oil
I ninished on the advance, but selling was not
pursued down to the previous level and prices
o6i o6 md "a ma yof
The reaction carried Amalgamated Copper back
| to 66A and ran to Il point Or over in St. Paul
Missouri Pacific, Baltimore & Ohio, Reading, LII
nois Central. Brooklyn Transit, Colorado Fue
and Sugar. The rise of II In Leather and "a Ii
Leather preferred lifted the market at noon.
| Bonds were irregular at noon.
| Speculative confidence measurab1y re-
stored by the idence Of supporting orders ane
the apparent dmption Of pool operations. Buy
! ing of the standard railroad stocks was on
large scale and there; was an enormous demand
for Amalgamated Copper, the United States Stee
and the Leather stocks. Amalgamated Copper
rose to SO and United States Steel to 20. The
Pennsylvania and Pacific groups were strong.
| The later demand shifted to the United State!
Steel stocks and st Paul and other stocks go
only slightly higher than before. st. Paul, ILL
Western, st. Louis Southwestern preferred, Unit
ed States Steel preferred. Tennessee Coal, Colo
RADIO Fuel Pipe preferred, Sugar and Leather go
2 to 2% over last night. Reading gained 1 ant
United States Steel IN.
There were concessions from best prices, thu
reaction reaching a poitns in Amalgamated Cop
per, Louisville & Nashville and Leather. Hook
| ing Valley lost 1B. The closing was moderated.
| active and rather easy. ,.--.-
| Stock quotations as reported for The Journa
! hy Watson & Co.. brokers' Chamber or Com
| merce, Minneapolis.
| Closing figures are bid.