The Montgomery advertiser., 1904-12-08
WALL STREET REVIEW
VIOLENT SLUMP SHATTERED SAN.
 GUINE SPECULATIVE ELEMENT.
Surprise Never Ia Lesscned by the Over running of Runaway Bull Mar kets When Airy Fabric
 Cruu,blea.

NEW YORK, Dec 7.-Todays vioien, slump In the stock market came In tho sanguine speculative element like . bol, from the blue sky. The fact that runaway bull markets always overrun themselves never avails to lessen the surprise of the speculators when the airy fabric crumbles The fabric could not. of course. be blown up to it's diaphonous dimensions if there were not enthusiastic buyers who continue to buy all stocks offered and to bid ur prices in unbounded confidence that the up ward course will never be interrupted Neither would 1t be interrupted if specula- tors were able to go on buying indefinitely But when the time comes that distrust ob- tains an entrance to their consciences and they attempt to sell their holdings 1t de. velops that the buoyant rise has been dus to their own buying and there Is nothing left to sustain prices when that ceases That is probably the true explanation ot the slump today, which took on fairly pan icky proportions at times. But the crumb- ling of prices led to the usual industrious efforts to assign a cause in some de- velopment in affairs that might be an in- of business and industry. There was no such pews forthcoming. There was rise in the, call loan rate late in the day to the highest of the season. but this seemed to be as much an effect as a cause for the fall in prices. It was not learned that there had been any calling of loans or re- striction of credits to precipitate the break. but the expectation of further gold engage ments for export was confirmed and there was remittance through the sub-treasury oi a million dollars to San Francisco and offer. ed s20M00o tb New Orleans.
 The drawing of the purse strings and tha increased action regarding collateral has toppieds over more than one bull market in the full tile of Its advance. but there han been no premonitory symptom in the present market of money stringency. Much more attention was paid to the flying rumors Of the attitude towards the market assumed be important financial powers. The sharp loss. es gave spirit to some of the assertions that combinations had been formed to raid the market and that some of the advertised attacks on special properties of the last few days really represented a deeply laid plot which had the backing of great capital ists4
 The easy manner in which AmaIgamated Copper succumbed to successive attacks was the general cause for the assertions. Much importance was attached by the hurt specn- road capitalists which took place here last night and which they supposed adopted alarming conclusions over the prospects for the railroads afforded by the Presidents recommendation to allow the Interstate Commerce Commission power to fix freight rates. :,
 The closing was weak and not far from the lowest under the influence of renewed breaks ia Amalgamated Copper and Sugar. The few points of strength in the morning session were swept into the downward move ment
 Bonds yielded in sympathy with stocks. Total sales. par value. $7.820.000. United States bonds were unchanged on call
 NEW YORK STOCK LIST.