The Montgomery advertiser., 1908-08-15
THE STOCK MARKET

!. New York. Aug, I4--There was neaVy break In prices of stocks today and the volume of the market at the givings which have been gathered force Tor several days over the evidence of the excess in the movement for the advance undermined speculative evil dence and made 1t easier for the bears to topple over prices. The bear ele- ment was active and aggressive and was connected with lnflIenrill eader- ship of a kind of which mas been en- listed exclusively on the lonB side of the market up to very recently. There was no positive news dev ,'opment to account for the reaction bat tncrC was finances of constituents members of the Rock Island System. Yesterdays violent outbreak in the Rock Island col laterial lives which are secured by St. Louis and San Francisco common stock which was followed today by slump in the St. Louis and San Francisco re- funding fours and by wholesale unload ing fours and by wholesale unloading was announced yesterday that the un- paid portion of $37 100000 now maturing had been extended for six months and the $7.000.000 note of the St. Louis and San Francisco next due does not mature until December next
 the direct cause of the decentralization of the securities was not clear. The
 inference was clear. however. of dis
 satisfaction with the outlook on the
 part of influential holders of the
 securities. There was some dlsposi-
 tion to assume, also that the break
 in these securities signalized a new leadership for a bear campaign In me stock market. The collapse of the Boston speculators' program was an
 unsettiing influence in the whole list
 ously heralded in advance of the ad- vertising campaign were unloaded with unconcealed precipitation. It became
 market had led to honey-combIng 1t
 with stop-loss orders and this had the
 effect of increasing the velocity or the
 fall when 1t had once set in decisiveIy. Imperative orders to sell very large
 amounts of stocks. when 1t had once set in decisively. Imperative orders to sell very large amounts Of stock when the price should reach a certain point on the decline made a position very
 vulnerable for bear attacks. the buy
 ing orders being greatly deficient To
 meet selling orders uncovered .n this
 manner.
 Supporting orders which have been
 determinedly followed up for some time
 past as a part of the program of pro tecting the market were withdrawn ana prices were allowed to take their own course. While there was no striking new development in the news, growing attention was given to some phases or the situation which have come into
 notice during the week: The opinion gains force that the rate of improve
 ment in the iron and steel trade has been over-estimated. The price of cop per was marked down at the New York metal exchange again today and copper warrants in London also declined. This caused an apprehension that specula- 1 tive manipulation has played part Tn the recent rise in the metal as we'll as in the securities companies concerned in the industry. Silver also dropped
 back to new low record for an inter
 val of five years, bars light quoted at
 51 IA cents in New York. The chorus of opposition to proposed advances Tn freight rates and expressions from rail- road officials indicating a compliance with these protests indicates that hopes of relief by that means from the shrunken railroad revnues will not be forthcoming. It would be difficult to estimate how much speculative con fidence has been built on the belief in such an increase In freight rates be- ing accepted. Estimates of the current movement show that New York is still gaining on balance from the interior and the sub-treasury operations are adding a copious stream to New York bank holdings of cash. There was an increase in the selling pressure every time prices rallied and they were forced down to the lowest of the day at the
 week closing.
 Bonds were unchanged. Total sales par value S2,472,080.
 United States bonds were unchanged
 on call.
 CLOSING STOCK HIST.