The Birmingham age-herald., 1908-05-24
TUMBLE IN STOCKS GESTURES MARKET Break Comes Without Warning
 and Is Severe POLITICAL GAME PLAYED Bull Leaders Are Believed to Have Ample Resources and May Get In Behind Market and Hold
 Prices to High Notch.
POLITICAL GAME PLAYED
BY THOMAS c. sHoTwELL.

tact that today was Saturday with but two hours of trading prevented panic in the stock market. In the two hours available for business stocks broke wildly, the lead CTS losing from to points each. The collapse was no surprise, although it came without warning. It had been expected for weeks and there is no evidence that the market is even yet within hailing dis tance of safety.
 Manipulation in the past month has been the most dangerous ever seen in America It has been based entirely upon the de- sire of the enemies of President Roosevelt to liquidate stocks before the republican convention. The plan has been to ad- vance the market up to the day of the convention and let 1t break soon after, but so violent was today's collapse that It Is probable the manipulators will find 1t diff fcult to establish higher range of prices than was seen this week or to sell any stocks to the public at any level until the nominations are made
 Political consideration has more to do with the market just now than any ques- ton of value. Todays violent break came shortly after 1t was announced that the number of idle freight cars had been re- duced. The violent advance of two weeks ago came when 1t was announced that the number of idle freight cars was the greatest on record
 Gold engaged for export today amount ed to about s1 100000 being announced be- fore the close of the market. This brings the total exports on this movement up to S35, ,000,0 900, but money is so plentiful that this cannot be considered market factor in any sense and it is mentioned simply that it may be eliminated.
 Perhaps the most deadly blow the stock market has received in the past week, aside from political features, was the an nouncement that the steel trust had de- cided to stand pat its new currency system of which steel rails at a ratio of 2s to l is the basis. The steel trust which enjoys the greatest protection under the federal laws, has thus placed itself as an obstacle in the way of return of pros perity. The effect of the stock market alone must ultimately be disastrous, and when combined with the political situation it means a real awakening of the most violent demands for tariff reform that the country has ever seen. This agitation E certain to give business a still further ss back and the effect on the prices of sti cannot help but be very bad.
 So desperate are the people in charge of the market, however. and so great are their financial resources that 1t is quite probable they may get under it again and stop the decline The public should re- member, however, that they are not act ing in good faith and that the underpin- ming will be knocked away within a few weeks at the latest. The opportunity now presented for taking profits on investment purchases made during the panic Is one that tine ordinary citizen seldom meets.
 The total number of shares of stocks sold today was 755, ,432, against 2S,S97 the same day last year.
 The total par value of bonds sold today was s1, i26,OOv, against s760,0O0 the same day last year.
 Directors of the Calumet and Hecla com pany today declared quartely dividend of $5. This Is the first quarterly dividend in a year that has not shown a reduc- ton from the previous payment. Three months ago the dividend was $5, year ago s20.
 The average loss of all stocks dealt ill today was s1.23 reducing the gain since December 3l to s1634.
 One of the heaviest sufferers was St. Paul. concerning which rumors were spread which dealt with Standard Oil- Hartman plans now held to be shelved on account of developments from Washing ton. Naturally discussion does not over look the points that have been made all along concerning St. Pauls increase Tn capital and the heavy increase in amounts required for dividends.
 The point is made that MT. Rogers Vir- ginia railroad, in order to earn its charges, would have to carry about as much coal as either the Norfolk and Western or the Chesapeake and Ohio. How 1t Is going to get this away from the established roads while they are looking is question. How it is to live without doing so Is an- other, unless by some miracle the new road can create a demand for new ton nage.
 Money on Call.
 New York, May 23.-Money on call nominal; SC days, 2h to 2%; 90 days, 3; six months, 3@31z.