Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-07-25
AND
COMMERCE
Wal Street.


liquidation On a large scale brOlS,
prices Of stocks baily today. The fal
was gradual and restrained in the
early stages. but became more pre-
cipitate as II progressed uncovering
stop loss orders. knowledge Of the
existence of sleh orders emboldens
the professional operator TO make
shor sales and to offer concessions
in prices in makint these sales thus
forcing declines. Speculative liquida-
ton and short selling have been in
evidence this week hut We're overcome
by the force of the luying demand. 1t
was in this respect tie market showed
a noticeable change today, the buy
ing orders, except al prices below the
opening level. showing a material
shrinkage. The ord,r from President
Roosevelt 10 push retrial of the
Standard OIL case was a professed mo
tive for much of h eselling especially
amongst those who lad bought stocks
largely on the gralnd of the de-
cision in favor ef tie Standard OIL
company.
The buying demanl prompted by
that decision was FED by realizing
sales yesterday and tn day before by
those who had bought stocks at a
lower level. The digestion Of profits
in hat way is supposed to have been
very large and to represent moreover
the passing of stocks rom the hands
of the powerful groups, which have
fostered the advance nto those OF
scattered holders, mudl less wealthy
and much less skilful and praeticed
in the conduct of speculative opera
lions, and the manipulaions of prices.
There was developed an element in
the speculation whose dealings had
been largely reduced at a handsome
profit, n which was thereby made
Indifferent to further maintenance or
advance of prices, and willing to see
a substantial reaction and an oppor-
tcnity TO get back stock at an adj
vantage. That such technical consid-
erations were largely responsible for
the turn in the price movement there
can be no doubt. The extent and dura-
ton of the advance, which had al
ready occurred emphasized this con-
dlt1on. The nature of the reports mi
in circulation to sustain thes inward
movement has pointed to the excess
into which it was running. Yester-
days reports for instance. that the
United States subsidiary off
eials We're meeting here to
concert measures for starting
up full capacity for the com
panies was not because formal state
ment of President Corey that the
present activity of the plants repre-
SCENTS 50 per cent of its CAPACITY.
There has been active speculation also
based on an assumption of the favor
able outcome Of litigation effecting
various corporate interests in a large
way, such as the suits under the COM
modities clause of the Hepburn act.
and against fixing rates fCe gas. The
influence or the success of the Stand
ard oil appeal against the fines levied
upon II was seen in the iump in
prices of some of the stocks affected
most by this speculation and i'm which
realizing sales, in consequence have
been unusually heavy. The DAYS news
offered little change in general condi-
lions. The weeks currency move
ment indicated another huge conses-
sion to the cash holdings of the local
banks, the treasury operations and
the movement on balance from the in
terror indicating an increase of about
10000. 600 for the market. The stock
market was quiet in the latter part
of the day. hut showed no effective
recovery. the days losses running
quite generally from one to three
points.
There was a pronounced contrac-
ton in the volume Of the bond mar
Ret. and the tone was easy. Closing