The Montgomery advertiser., 1908-05-21
THE STOCK MARKET

New York. May 2O-The violent and feyerish action of today's stock mar ket served to confuse greatly the
 views of the speculative element and in conseauence served to fntimfdate the less powerful class of operators
 who saw prices moving in mercurial
 fashion apparently at the will CT hid-
 den forces whose action could not be
 followed and whose motives could not
 be fathomed. That operators Of
 powerful resources were using violent
 manipulative measures to effect the
 wide and sudden fluctuations in prices
 was patent even to superficial obser- vations. The constant contrast in these
 movements might leave open hy-
 pothesis of artificial support for the
 purpose of selling to realize profits or
 of sudden withdrawals of support and
 forcing back of prices to shake off thr
 weak following which has trailed on
 to the speculative movement of the
 more powerful bull party. With the
 growing interest of the outside specu-
 lative element made up of individuals
 of smaller resources than those who
 inaugurate speculative campaign. the
 bull position has grown increasingly
 invulnerable. The number of buyers
 on margin unable to hold through any
 considerable decline has grown. More
 over. the extent of the advance has be-
 gotten spirit of caution which makes
 the holder of stocks on margin quick
 ly retreat and throw over hts holdings
 on any sign of weakness. As safe-
 guard of their. position specuiators
 have been placing stop loss orders to
 sell at a certain price slight
 ly below the market With the
 market honeycombed with such
 orders, such sudden relapses as
 those late yesterday and midway of
 today's session become likely. The
 to iaborious repair process of the
 inroads on prices effected yesterday
 and early today. The sensational ad-
 vance in Missouri Pacific and the, re-
 Gould group was the effective medium
 for supporting prices during this at
 tempt toward 8 rally. Mysterious all
 lusions to new alliances for the Gould cial support from the wealthiest in dividual American capitalist made up the motive power of this movement. Efforts to secure authentic confirTf1a- ton or denial of these rumors were sion and they were left in the realm of conjecture. The news to account for the break in prices was of a similarly shadowy kind
 The particular weakness of Ameri- can Smelling was due to implied doubts of the maintenance of the dividend on this stock. While prices were break ing, sentiment showed some sensitive ness to reports of another cut in cot l ton goods prices by western nnerean- tile interests who have moved aggres- sively towards concessions from man. | ufacturers ever since the business re- action set in. Additional engagements of gold for export indicate the unimpaired force | of the demand for the metal The New York banks also are preparing to meet | the call for repayment of $25, ,000, ,0o0 of I government deposits, which falls due | on Saturday. The money market was l not perceptibly affected by these de- velopments and nothing in that depart ment explained the uneasy and unset | tied stock movement. Last prices were l generally below those of last night, | but the closing tone was strong and I at substantial recoveries from the | lowest prices of the day. -A.,s., l Bonds were easy. Total sales par l value. s3,440,000. United States bonds 1 were unchanged on call.
 CLOSING STOCK LIST.