The Birmingham age-herald., 1908-11-21
PRICES TUMBLE
 IN STOCK MARKET Reactionary Forces Gain the Upper Hand In Trading BEAR LEADERS IN CONTROL Support of Market In Face of Heavy . Selling Is Absent Except In the
 Late Session, When Prices
 Rally From the Bottom.
BEAR LEADERS IN CONTROL

 New York, November 2O-The reaction ary forces which have been gathering strength in the stock market for sev- aTal days issued in a shafp fall in prices =i7day The decline gained such head cay as to lead to a strong upward re-
 aton in the latter part of the day on '5fe assumption that weak accounts had =Faen cleared away. There was no change
 E the favorable nature of the news from ssE hands of the progress of industry
 -ad business toward restriction. :
 rices crumbled in helpless fashion and .--lth increasing velocity after the inVar- Ibls manner Of incurson upon weak jpeculativO position. The fact that the
 ioating market supply of stocks has
 sen passing from stronger to yweaker
 nds for over two weeks past has
 Zen the subject of general observation.
 >e process of realizing profits was easy
 9 first with the substantial thrush of '" isw buying after the election uncer- tsihties were out of the way. It was helped at later stage by artificial sup Sporting measures, as has been pointed cut, such as the bidding upward of a lew selected individual stocks, with 'iDPealized rumors of important develop n fnents pending, which were to affect these special stocks The decreasing support Of the market was obvious yesterday and led A to the suspicion that speculative realiz- ing by the organized market leaders had been pretty well completed.
 !. Today the supporting trade tactics were almost entirely abandoned and the mar s,ket was left to take care of itself un- $til the fierce onslaught on the shorts Nat the last. The decline once in force, i, rthe existence of numerous weakly mar Einal accounts was disclosed, which were AAforced to sale by the fall in prices Stop loss orders were encountered also. The bear party in the speculation which has been quiescent for weeks plucked up cour- age in view of the manifest deteriora- tion in the position of the market and pushed their aggressive attack to find no supporting orders to oppose them Such 'a rallying power as the market had seemed to come from the demand from this sle- ment to cover shorts and take their 1' profits. Something was owing also to the existence of conditional buying orders placed at prices below the recent high level and waiting for opportunity to come in at greater advantage.
 For the most part, however, there has been a marked falling off in the volume Of outside buying orders for stocks since the advance in prices halted. It is the fact of the advancing tendency which
 tracts much of the buying of this class and a falling in prices brings in sellers ,lo ~ aged by the failure of profits to accrue .;en the holdings. While there was no 1 r,.lInfavorable news which could serve as A'~ an active factor in precipitating the sell s2ong the fact of the reaction in stocks directed attention to some circumstances Which were ignored during the advance Iohtbr instance, there was increased appre- hpnsion over the effects of the move- 'inent to revise the tariff. Advices of VI fB5tical developments were regarded as Indicating more drastic action in the di- ySction than has been supposed likely.
 Differences amongst tariff benehciaries Ilfnemselves over rates of duties were rJWelt on and the report that Andrew Car
 ege would advocate an abolition of
 uties on steel received consideration. .y ahe great attention excited by the cross l. Rxamina ton of John D. Rockefeller in the government suit was considered ominous v the force of the anti-corporation feel >Ysg and there were Wild runorS also or another important judicial decision pend ing affecting another industrial combi- nation. Some uneasness was expressed over the bad conditions reported for the winter wheat crop lately seeded. Time money was called soft in tone and the known movements of money promised a substantial cash gain for the banks on the week. Foreign exchange made sharp advance and the foreign political situation continued unsettled. The strong Asss tone at the close of the day was caused by the retreat of the shorts who feared that they had been led into a trap by the bull element, helping the appearance { of weakness In the market.
 Bonds were easy. Total sales, par value s44,444000
 United States bonds were unchanged on call.