Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-12-04
AND
COMMERCE


New York, Dec. .5.-Prices were put
through a remarkable series of fluc-
tuations today at the stock exchange,
without any perceptible explanation
for the changes i'm the current Of the
news or events. The movement, in
fact. was rather obviously manipula-
tive and professional. The trading fell
into extreme dizziness after a time OF
this experience. which was somewhat
b~ewildering in its effect on the minds
OF the room traders, who were LETT IN
a condition Of WEAKNESS accurately
reflected IN the languid movement Of
The market in its intervals Of repose.
The feverish whipping up Of the mar
ket and the excessive ir~regularity OF
the fluctuations were regarded as de-
vices to conceal the trend of the specu-
lative operations going and to facili-
tate the accomplishment OF the ENDS
sought by giving the market an APP
pearance of great breadth and anima-
ton. The aggressive bidding up Of
one or two stocks was believed to be
directed against important outstanding
short interests in these stocks. n'
whose position their opponents scented
To have accurate knowledge. Reading
and American smelling were co'si .
uous in this class. and the purse of
NItEt Two EAbh M ffN
market for "a time. Tn later quiet
ness suggested the meeting Of large
selling orders to realize with large
buyfng orders to cover shorts during
the period of activity. resulting In a
material reduction Of the speculative
position on both sides. The publica-
ton of the presidents message was
made the signal for the closing up Of
speculative commitments, MS the Vari-
Gus forecasts of the message had been
made the basis for such dealings In
the last few days. The actual perusal
Of the message disclosed little mate
rial to prompt the adoption OF "A new
market position. There was a rem
eral agreement amongst financial au-
thoritics that the Improvement in the
banking position had not proceeded
far enough yet TO warrant any inpOr-
tant extension Of credits for use in
stock market operations. The recoV-
cry In the premium on the currency.
which approached two per cent today.
emphasized thi view. Various re-
quircments were reported to explain
the higher currency premium. The
meeting Of payrolls, the needs Of Inn
porters 10 making cash payments Of
customs and. especially the persistence
Of demand from some Of the western
anu EWMNANEA NNNNME ~ Aa"aAH 81 Wv
I'm evidence. The immediate future Of
the United states treasury finances H.
also coming IN for some serious dis
cussiOn. 1t is generally understood
that the treasury has net the extra
ordinary drain OF IL available cash
holdings IN the building up OF deposits
with the national banks by every
bookkeeping %expedient IN the transfer
Of the disbursing officers and other
a. we'll ss by defcrring outlay
on applications wherever possible. But
the postponemcnt Of such expendi-
lures Aoes not evade them. and their
payment will necessitate the replen-
ishment Of the %treasury's cash balance.
To draw on the deposits with the
banks just at this time. or. iu fact.
before the turn 81 the year. would in
conditions that would be viewed
with some anxiety. The tone Of pub
lie address published this morning by
financial leaders OF recognized infor-
and accepted authority. espc-
cially on the possible extent n over
extension Of enterprise yet % be rect-
fled. had a chilling effect on some 81
the purely speculative enthusiasm
had been stirred up in the
stock exchange nelghbOrhood in the
feN DAYS. London continued 10
sell stocks in this market notwith-
standing the large influx uf gold hold
into the Bank ~ England and
the decline in the open market dis
rate The discount rate a. Ber-
lin also receded.