The Montgomery advertiser., 1908-08-08
THE SHOCK MARKET


 New York. Aug. 7.--It was a day of spec ulatlve excitement in the stock market and ot violent, cratic price fluctuations The ously and reached a new high stage of prices for the year with great animation in the dealings At the accelerated price of the aoVance. the movement over-ran ttsep to some extent and paid the penalty tn a sharp setback. The market was the larg- number of shares which chan changed hands rising to q million shares before 1 o'clock. Extensive covering by shorts has been a rseognized factor in the. latter stages of the rise
 The distress of the short interest in American Smelling and in National Lead became so acute tn the course of the day and the disposition to punish them seemed so ruthless that the speculative temper be- of speculative accounts was precipitated The bears saw chance to regain an ad- vantage and aided prices downwards in a quest for stop loss orders The two Gug- in the outset by reason of the late bulge. When k points had been added to yes terday's sIs point gain in American Smelt- ing and jumps of full point between sales were made The market took alarm Prices made in that manner are not accept ed as a safe measure of substantial value and the movement was suggestive of fie-
 Rrs.s sas bs n at uncovered shorts under stress Of squeeze offer conditions for violent relapse Con in the market The Increased volume of transaction represented a subtle broaden ing of the participation although the con centrated buying from a few houses which has been a feature throughout the move ment was still in evidence. This was made to appear like accumulation for account of some of the countries powerful capitalists and was of corresponding influence on speculative sentiment There was a nota- of the stock exchange, many brokers having returned from vacation absence to share in the dealings.
 The naw syaa aF ter The almost daily advance in the price Of copper has come to be almost routine the placing of some large steel orders gave fillip to the Iron and steel industrials, this being the department of that trade were rumors also of less subtle character of a sudden jump in the freight traffic movement in some of the eastern trunk Forecasts of the weeks currency move ment pointed to another accretion to the treasury has supplied ever S50o0, 900 during the week, the continuing government deficit requiring heavy disbursements by that in- stitution. The movement of currency from the interior although on a diminished scale Is stili sufficient to add between one and banks. The decline in the condition of spring wheat during July shown by the government crop report represented a de- pectation shaped by other expert esti- mates, especially as additional declines in condition is to be allowed for in the week elapsed since the date of the governments estimate. The firmness of the wheat prices after the publication in spite of the active speculation that has preceded 1t was prices of stocks was sufficiently violent to leave room for some rebound after the publication of the crop report. The days price changes when the widths of the days extreme fluctuations is considered.
 Bonds were firm. Total sales par value s5,3sA000, United States bonds were un- changed on call.
 CLOSING STOCK LIST.