The Birmingham age-herald., 1908-08-08
STOCKS GO HIGHER ON BULL MOVEMENT Some Excitement Attends the
 General Advance SETBACK FOR THE BUYERS Prices Advance a Little Too Rapidly and Reaction Causes Sharp De-
 cline From the Highest
 Point of the Day.
SETBACK FOR THE BUYERS

New York, August 7.-It was a day of speculative excitement in the stock mar lset and of violent cratic price fuctua- lions. The bull movement started on It's way prosperously and reached a new high stage of prices for the year with great animation in the dealings. At the accel- erated price of the advance, the move ment overran itself to some extent and paid the penalty in sharp setback. me market was the largest in volume or the present year, the number of shares which changed hands rising to million shares before o'clock. Extensive covering by shorts has been recognized factor in the latter stages of the rise. The distress. of the short interest in American Smelling and National Lead became so acute in the course of the day and the disposition to punish them seemed so ruthless that the speculative temper became discom- posed and heavy unloading of speculative accounts was precipitated. The bears saw a chance to regain an advantage and raid ed prices downward in a quest for stop loss orders. The two Guggenheim stocks were conspicuous features in the outset by the reason of the late bulge.
 When 714 points had been added to yes xerday's 61a-point gain in American Smelt- ing and jumps of a full point between sales were made the market took alarm. Prices made in that manner are not &C., cepted as safe measure of substantial value, and the movement was suggestive of a fictitious element in prices at other points. Prices made by imperative neces- oI He1,r ut If a squeeze offer conditions for violent relapse. Considerable disorder resulted from this episode in the market. The in creased volume of the transactions repre- Bented a subtle broadening of the partict- patton, although the concentrated buying from a few houses which has been a fea- ture throughout the movement was still in evidence. This was made to appear like accumulation for account of some of the country's powerful capitalists, and was of a corresponding influence on speculatiH sentiment There was notable increase in the attendance on the floor of the stock exchange. many brokers having returned from vacation absences to share in the dealings.
 The news was largely of a routine char acter. The almost daily advance in the price of copper has come to be almost routine, and was repeated today. Reports of the placing of some large steel orders gave fillip to the iron and steel indus trials, this being the department of that trade which has been most tardy to re- , vlve. There were runors also of less sub tie character of a sudden jump in the freight traffic movement in some of the Eastern trunk lines.
 Forecasts of the weeks currency move ment pointed to another heavy accreton to the cash holdings of the banks. The subtreasury has supplied over $5,000,000 during the week, the continuing govern ment deficit requiring heavy disburse- ments by that institution. The movement of currency from the interior, although on a diminished scale, is still sufficient to add between $1 100000 and $2,O00,000 to the gain of the banks. The decline in the condition of spring wheat during July shown by the government crop report represented de- gree of deterioration that disappoints ex- pectation as shaped by other expert esti- mates, especially as additional decline in condition is to be allowed for in the week elapsed since the date of the govern ment's estimate. The firmness of wheat prices after the publication in spite of the active speculation that has preceded it was regarded as significant. The relapse in prices of stocks was sufficiently violent to leave room for some rebound after the publication of the crop report. The days price changes are small when the width of the days extreme fluctuations is con- sidered.
 Bonds were firm; total sales, par value, s5,394,0
 United States bonds were unchanged on rall.