The Montgomery advertiser., 1904-12-13


 NEW YORK. Dec. 12.-speculative de-
 mand for stocks seemed to be completely
 paralyzed today and confidence entirely de- parted from all of those who were such eager buyers up to a week ago at prices far
 above those prevailing today
 The feeling of doubt spread more and more to holders of stocks during the course of today's market and the pressure to sell leading stocks steadily increased. The only buyers in evidence were those who at first sold, mostly bear operators who went short of the market and then bought to cover at
 the inviting profits accrued the subse
 quent declines. Buying of this character caused occasional feversh rallies from the violent declines. But the selling was con | stantly renewed on rallies and the fall touched new levels at each renewal. The that in last Thursdays quick break, but there was far less resistance to the market Prices hardly got as low today as the low prices touched on Thursday, but owing to the violent recoveries on that day and the weak closing of today at the lowest prices l the range of values is substantially lower tonight than 1t was on last Thursday night The most striking fact in today's mar
 ket was the utter lack of resisting power | Tn the market. It only needed a slight in- crease in the rate of activity to start prices precipitately downwards. Changes in the conditions of the properties affected in the general conditions of finance, commerce and industry were not suggested by any of | the heailong sellers.
 Money on call loaned down to per cent | in the late market and pressure for funds did not seem to be the motive for selling any stocks. Last weeks quick recovery aroused dstrust in view of the demonstrated | instability of prices at the height to which they have been lifted by the injudlcious | speculation which preceded the break. To | attempt an immediate restoration of this | level was regarded as indiscreet specula- | tive enthusiasm and this had much influ- ence in cutting short the buying for fur | ther rise. There expectation again | that the Northern Securities decision was notwithstanding the effective that has been made of 1t on other occasions to boom | the market. There was revived discussion also of the unsettlement of values threat ened by the effort to establish Federal con trol of railroad rates The heavy fall in value of November exports of agricultural products reaching $17.727.696 for all prod | ucts was minor cause of depression and especially with a renewed advance in the question of a further export of gold. The wintry weather suggested railroad blockades, but weekly traffic reports from officials were in the recently prevailing cheerful tone, and a decided expansion in | the belated movement of corn to market
 was reported Prices on the curb were as violently disturbed as on the exchange, the | ket rvalling the break in Amalgamate ed | Copper the exchange. But the days losses in stocks after all classes, including | standard railroad and international proper 1 ties, runs ali the way from to over 6 points. The tone at the close weak l as at any time during the day.
 Bonds were weak in sympathy with l stocks. Total sales. par value $5,530.000
 United States bonds were unchanged on call