Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-12-19
AMI
COMMERCE
MaII Street.

Ncv York. Dee. 1S.-There was
further weakness in stocks today but
the market was not SO entirely with
out support as was the casc yesterday.
Last prices in fact were little an
changed. Efforts were plainly seen
curing the carly part of the day to
arrest the decline. The resistance
shown by American Smelling at 81
and by United States steel at SO was
an example. When the smelling stock
began to break to new low levels the
bears threw Off their timiditv and re-
uewed the attack on the general list.
The assumption is widespread that a
concerted professional attack is re-
stonsiblC for the decline in prices and
the quick rallies from time to time,
Indicating a hasty decline of shorts is
corroborativc Of this view, The subtle
ues of stock speculation. however, are
hevoud clear disCcrnment ana another
view of the matter attributes the
stmhlaucc of bear operations to the
masked purpose of Il party long on
stocks to dispose of the holdings, a
bear raid on prices tending to incite
support of prices by inside interests.
where known speculative liquidation
would be left to take its course. Much
attention was devoted to American
Smelling and to the published reports
Of a project to build rival smcltcrs
through the country and organize a
formidable rival to the present dom
- .4-,.a NArl,Ff,- tI,- fy,t,,,tf,y,. fl.
organize this competition was believed
to some extent, the present weakness
Of American Smelling shares was
ascribcd partly to their vulnerable pO-
sition by reason of over speculation
and an advance Of prices unWarranted
by the dividend return, the earnings
ana the prospects in the trade. The
close sympathy with it's weakness
shown by other stocks in the metal
GROUP even those supposed TO bencitt
from the new smelling project was
proof of this. The condition in the
copper market was responsible evil
IDENTIFY for the sharp decline in Anal
gamatcd copper ana reports of a COM
bination in process of formation to-
control the marketing of copper did
not offset the knowledge that produc-
ton was proceeding far in advance OF
consumption i'm that industry. The
larger differences drawn from threat
enrd smelling competition also hurt
the market. The hostile array of
financial groups WAS in unpleasant
contrast with the hopes recently
prevalent i'm the financial district Of
drawing together of all the great
forces of wealth into harmony and CO.
operation. Tho passenger fare war
opened up by the Wabash over bust
ness between Plttsburg and Chicago
had something of the same effect, with
increased influence on account of sup
position that r.. H. Hartman was a
new power i'm Wabash affairs. A moro
rational explanation of the pressure
of liquidation in the stock market wa
found in the outlook for tomorroW's
bank statement. The rise in money
rates during the week seems to have
attracted some funds from othel
points, the gain OF the local banks on
the balance i'm the interior movement
rising sharply over last week to over
two million dollars.
Discounts hardened in Paris and in
London and gold was marked up in
London today. The likelihood of a
resumption of gold exports from New
York was thus increased. CLOSING
stocks:
Amalgamatcd Copper ......... IS
American Car and Foundry .... 4G
do pfd .....l6f&
American Cotton oil ......... AK
American Hide Leath. pfd.. :1h
American Ice Securities ...... 24l5