Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1904-12-12
Amalgamated Copper Again Start
ed The Trouble on the
Market
U. S. STEEL MAKES BIC DROP.
Generalization Was Not Nearly so
Bad as on Thursday still
Much Alarm

New York Dec. l2-Thare was another
opening smash OF prices on the stock ex-
change today the trouble again center
ing 600 Amalgomated Copper Heavy un-
loading Of that stock carried II down ~,
and 2D0O shares Of United States steel
sold down an cxtpemo ~ on running
sales st. Paul dropped 2 points ON two
successive sales and there were opening
losses AN the way from I TO 10, IN the
leading Pachcs Wangers Coalcrs, trunk
lines and specialtlos The market fuctu-
ated uncyouly after the opening and then
went lower The London price Tor Amcrl-
cans before the opening here were gener-
ally higher and gave no hint OF the storm
hanging over this market Though moth
ing like last Thursdays Generalization
followed nevertheless the feeling was one
of vague alarm Traders seemed Of the
opinion that last weeks liquidation had
not yet exhausted Itself and IL was clear
that a great number of accounts were be-
ing closed London W,s reported 10 have
sold 1000 shares, including a great deal
OF steel common and preferred Wire
houses also sold aud representatives Of
prominent local brokerage firms were
openly hcarish. Brokers operating for
Boston were said to have sold Copper ami
other stocks extensively. There were some
vigorous efforts made to support the mar
ket, but by II o'clock there was another
bad break Amalgamated slumped ca
from Saturdays closing Sugar fell W.,
Tennessee Coal and Brooklyn Transit D,
Colorado Fuel a. S. Paul "a, United
States Steel preferred T. Reading 3N,
Union Pacific e. United states Steel pre-
ferred "a, Southern Pacific and Baltimore
a Ohio "a. Leather preferred pa and
Erie the first preferred, Louisville x
Nashville, Rock Island. Leather Missouri
Pacific and New York Central 2a Tho
extreme weakness Of the market came as
q general surprise "a all osservers IN me
financial district The vigorous rally OF
the latter part OF the past week oncour-
aged the idea that the Generalization was
over FOR the present and the effective adj
VanCes I'm London this morning further led
this view II was not expected that there
would Doe great rise IN stocks today, and
II was even anticipated that there might
De duh. sagglng movement according to
the usual prcCcdents I'm such cases. There
was no news To account for the renewed
fright but the movement Of prices was
convincing evidence Of the tlmldity felt hy
security holders The renewal Of sensa-
tlOnal prOClamatOns through advertising
mediums from the same source that pre-
coded the successful raid Of last week had
a notable effect on sentiment The selling
was general from all sources. Tho Oiter-
ings Of money at 3h per cent on call
showed that no strngencY IN that depart
meut was responsible Tor the liquidation.
An enormous amount Of selling orders
came into the market at the opening and
later when II was seen that the list was
without support the selling orders incre9s-
.4I HUs
known commission houses reported sales
ot $4,000 shares Of the active issues In
the first half hour The western houses.
those with Pittshurg, Cleveland and chi
CagO connections, were among the largest
sellers of Steel For obvious reasons a
great deal OF the unloading In Amaga-
mated Copper came from New England
MANY brokers professed surprise at the
extent OF todays break They were loath
to believe that any individual manipula-
tor could be responsible for the decline
The absence Of support In most Of the
high class stocks In the first hour was
largely responsible for the sharp declines.
Nevertheless there was quiet buying on
small scale, This was particularly true OF
Ohio anC the Pacihcs. Call money opened
at 90 gi II was freely offered before
noon nc per cent
There was a lively bound IN prices of
stocks after the liquidation had spent It's
force, A score Of stocks recovered from
1 10 l2, points from the lowest Sugars
rally was 3d. United states Steel pre-
fcrred ~ and Brooklyn Transit Colorado
Fuel, Tennessee Coal, Amagamated Cop
per Norfolk & Western and Reading from
i9, 10 over points The buying demand
showed no inclination to follow prices 10
the higher level and the market was
comparatively quiet by noon. but the tone
contnued fevensh.