The Montgomery advertiser., 1908-08-12
THE STOCK MARKET


 New York. Aug. 1l.-The stock mar ket today had more distinct reaction than has occurred for many days. The recent rise in the market, starting early freedom from the usual backsets and pauses which usually characterize speculative movement. Digestion of profits at intertals and a reaction over part or the upward course of prices IS considered necessary to preserve the health and undertone of the market. The conviction that such reaction was overdue had more to do with today s reaction than any news of conditions.
 The selling which carried prices downwards was as concentrated as much Of the buying which has preced- ed It and which caused the suppositior of the largely professional character of the recent market. Sales of sim gle stock by one house of as much as 25,000 shares were reported. Selling of this kind looked as though the heavy vance wer1 the oIies that were taking their profits. Notwithstanding the sent imental influence of this seeming fact. the absorptive powers of the market was good and the downward movement gave every indication of being in good control.
 Buying and bidding up of separate stocks was employed to sustain the list Northern Pacific was, the conspicuous instance of this kind and showed marked strength even when the general market was the weakest.
 The sensational stage at which the campaign for the rise has arrived, and the advertising devices used to foster 1t were the cause of some uneaslness and aroused suspicion of the artificial nature of che strength of stocks or late. The fact that the reaction was especially sharp In some of the stocks most exploited in the advertising cam. pafgn was pointed to as evidence that al Faf hnf rraQ diGnnEG of holdings to meeteuch demand as is attracted by the tumult A contribut- ing factor to the weakness of some Of the most conspicuous of these was reaction in the price of copper war rants ID London, after successive ad. vances so many days.
 There was some informal discussion 1f the speech Of acceptanes prenideInS oy ssS as was the case with his opponents speech. Some of the selling of stocks was ascribed to this cause. One of the Of the more recent nsG quences is feared, Is the number of obscure and low grade stocks which have come into activity. This is espe- cially true of operations fin the outside market where the scene in recent days has come to resemble the period of sensational speculative episodes in the past The frequency with which such episodes have marked the continuation
 
 lent collapse. give them force as warning to the more experienced and wary class of speCulators.
 The reactionary tendency was found in that department of the market today as well as in the prominent listed stocks. London Joined in the selling, the amount sold on balance by the ar- bitage brokers comprising a material influence on the movement of the day.
 Money markets offered no new fea- ture, except for recession in the dis- count rate at Berlin in response to the stronger position of the imperial banks. Crop advices were mixed, but in the main were favorable. Bar silver today receded to- 51 5-s, the price touched in 1903 and not since then. Speculative liquidation was pushed up to the close of the days session and closing prices were at the lowest of the day.
 Bonds were irregular. Total sales par value, $4,162.000. U. S. bonds were unchanged on call.
 CLOSING STOCK LIST.