The daily morning journal and courier., 1905-12-19
STOCK MARKET FEATURES
4 SLIGHT CHANGE COMES OYER
 THE SCENE.

After the Smash Prices Rally Again-A
 More Hopeful Feeling Ensues-Bulis
 lstu Couadent-The Bad Outlook in
 Russia.
 The market had real live sensation yesterday in the news of the smash of several important banking institutions in Chicago, which had deposits aggre- gating s26,OOO,O0O, and all controlled by one man. who had got in up to his neck in bog of bad loans, etc.
 The sudden drop of prices that oc- cured was reminder of the old time way stocks had of suddenly dropping.
 The market rallied again in quite lively fashion when it became known that the Chicago Clearing house would guarantee for the depositors.
 The shock, however, set people to thinking, especially as the market is and has been on an artificial basis for some time.
 The news of the Chicago failures was known to most stock exchange houses before breakfast from private advices. ewarned-forearmed
 The west and south, sections where speculation has been a great deal more reckless than in the east, sold out in great haste. and let go a good many stocks on which they had been count ing for much greater profits.
 Aside from the bank. developments in Chicago other news developments were Gnfavorable to further rise in stocks at this time. The Russian situation was considered in Wall street as very grave. Europe is selling as many se- curities as the market will absorb, with a view to being ready for trying times. American stocks have been dis posed of in large amounts, New York naturally having to stand most of this pressure.
 The western element were the worst hit, as they were long of the market, and had to buy more stocks than they wanted to stem the tide and support the market.
 7. The total of sales in the first hour, 555, 900 shares, was fully one-third of the days total transactions. .. .s London sold 6O,OO0 shares out of S0,- 900 dealt in, including most of the act i've issues The heaviest liquidation was probably in United States Steel, Union Pacific and Southern Pacific, mostly. IF '
 A 1-2 point break in Amalgamat- ed Copper and of 20 points in United Copper was, evidence of where the pub- " lie speculation has been. recently. In- verted pyramids in these stocks toppled abruptly. In Amalgamated there were twelve orders of 1000 shares each to execute at the market opening.
 Rock Island and Southern Pacific shares were damned down to the low est of the season.
 The violent bidding up of Tennessee Coal at the close, to price points above Saturday, after 5 point break from Saturdays prices, was accepted as evidence that the stock is practice ally cornered.
 The throwing over of speculative &C., counts was one of the principal fea- lures early in the day. The accounts appeared to originate from widely sep arated quarters. They were not all such as are actually executed, but thousands of them were carried in bucketshops on two-point margins.
 It is expected that the Chicago fail- ures will have a far-reaching effect, and will tend to curb the reckless and speculative spirit of the present day. A practical result will be to shift ex- change in favor of Chicago and So take from New York. the interior funds up- on which she has been depending for money ease in January.
 Some observers thought that the scare is the turning point in this long bull market.
 Amalagamated Copper after it's break rallied as we'll as anything on the list, showing the strength of the pool in it.
 In the smash the action of those who held stocks speculatively was either to increase their orders liberally or to file orders lat the market"