Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-08-12
AND
COMMERCE
Wall Street.

New York, Aug. 1.-THE stock
market today had a more distinct re-
action than has occurred for many
days. The ceent rise in the market,
starting early in July has been re-
markablo for its freedom from the
usual backsets and pauses which
usually characterize a speculative
movement. Digestion OF profits at in
tervals and a reaction over part of
the upward course of prices is CON
sidered necessary to preserve the
health and undertone of the market.
The conviction that such a reaction
was overdue had more to do with to-
days reaction han any news of con
dition. The selling which carried
prices downward was as concentrated
as much of the buying which has pre-
ceded it and which caused the sup
position of the largely professional
character of the recent market. Sales
of a single stock by one house of as
much as %. 900 shares were reached.
Selling of this kind looked as though
two heavy operators recently leaders
of the advance We're the ones that
were taking their profits,
Notwithstanding the sentimental in
fluence of this seeming fact the alb
sorptive powers of the market was
good and the downward movement
gave every indication of being in good
condition, Buying and bidding up of
separate stocks was employed to sus-
tain the list and to act as a drag on
the decline. Northern Pacific was the
conspicuous instance of this Kind and
showed marked strength even when
the general market was the weakest.
The sensational point at which the
campaign for the rise has reached
and the advertising devices used to
foster it were the cause of some un-
casinesS and aroused suspicion of the
artificial nature Of the strength Of
stocks of latos The fact that the re-
action was specially sharp in stocks
most exploited in the advertising
pointed to the fact that attempts were
being made to dispose of such stocks
as had been attracted by the tumult,
There was the same informal discus
sion of the speech of acceptance by
tho democratic nominee for the presi-
dency as was the case of his oppOn-
ent's speech and the same weighing
of it's possible effect on the speeula-
tive position. Some of the selling
Of stocks was ascribed to this cause.
one of the features of the more re
cent speculation from which excess
and bad consequences is feared is the
number of obscure and low grade
stocks which have come into activity
This is especially true of operations
in the outside market whore the
scene on recent days has come to re-
scmbIe the period of sensational
speculative episodes i'm the past.
Money markets offered no new fea-
lures except for a recession in the dis
count rate at Berlin in response to the
stronger position Of the Imperial
bank. Crop advices were mixed but
in the main were favorable. Bar sill
yer today receded to 51i&c, the price
touched in April. 1903, and not since
then. The closing prices were at the
lowest of the day. Closing stocks:
Amalgamated Copper ........ S0h
American Car and Foundry 81 u
Amer. Hide md Leather, pfd. u Y
American Locomotive ........ 56M
do pfd
Amer. Smelling and Refining 99$s
do pfd 1851 Y
Amer. Sugar Refining ........135 e
Amer. Tobacco, pfd ......... SO
American WOODEN ............ 26h
Anaconda Mining Co. ........ 4S%
Atchison $50. ............. SSA
90 ptd ~ p
Atlantic Coast Line ......... 81
Baltimore and Ohio ....... 94h |
Brooklyn Rapid Transit ...... SIS Z /
,rA4I I'll H~nI ~ I