The Montgomery advertiser., 1908-09-23
THE STOCK MARKET

New York, Sept. 22--The disorder of the transactions at the stock exchange today during the demoraIized break in prices was not greater than the ex- cessive confusion and contradiction of the collapse. That 1t was proof amounting to a demonstration of the fictitious and excessive nature of the previous advance was agreed to with out dispute. There has been general admission of this fact, however. for weeks past, and also general agree ment as to the responsibility of groups of powerful capitalists for the ad- vance.
 The sensational collapse which prices have undergone has not alter cd the conviction as to the source of the operations which advanced them prompted the abandonment of the pre- vious position offer a subject for the most divergent opinions.
 Nothing indicates urgent necessity for liquidation,. with surplus reserves of the banks still above s5o.00O.00O in spite of the inroads made uron them and with call loans easily procurable at one per cent or slightly above. This strength Is conviction that the lead- CTS of the recent speculation must have been entrenched with supplies of credits which would have protected them from pressure of lenders which ing on the market as is now seen. When 1t is considered that the purpose attributed to the movement to advance prices was to help restore confidence with view to stimulating business revival and further the intended float ation of new capital issues. the ques. uon arises whether that purpose has From the standpoint of the stock mar ket campaign considered wholly as suchs It's success m attracting any general public demand for securities a AsrA n aI Itnkr tE,s4t IL n-n n.-t. prices is doubted by all close observ- CTS of the market.
 On the contrary. the rise Tn prices had the growing effect of bringing to partly investment character. both from home and foreign sources. The neces- sity of accepting the offerings in order to maintain prices proved a growing of the market. It is not believed, how ever, that 1t had be come impractic- able with the resources credited to those supporters That the bitterness porations and the public resentment against the suppositfon of corporation influence in politics has proved a saSes saS sr6gn tS feeling of security which wealthy capitalists is an interpretation of the present market decline most heard, The prolonged rise in prices was accompanied. almost continually. by public expressions on the part of the prominent financiers that public sentiment towards corporations was changing and that the hostility had spent It's force.
 The recent tone of the political cam pafRn and the sensation created by the Archbold- Foraker correspondence, has shaken this confidence amongst capi- talists. In connection with this els- ment of the situation there was the openly expressed suspicion on the stock exchange floor that the disorder In the market was deliberate pur. pose of forces which had fostered the previous advance with the object of pointing a warning of the dangers to be apprehended from a revival of po- lfticaI activity against corporations and wealth.
 Sales of upwards of a hundred thous- and shares in today's market were ascribed to brokers who have had the largest share in executing the orders which carried forward the long ad- vance inprices. Blocks of stocks were hurled upon the market today from such sources time after time. when prices showed any disposition to ral- ly. With the market seemingly lack Ing all support. the bears operated very racklessly, and their buying to cover shorts towards the end eff the day was on an enormous scale
 The violent recovery thus caused left gains for the day in a not few in- stances and materially altered the whole appearance of earlier losses, The closing tone was feverish and excited with the shorts still covering heavily.
 Bonds were weak. Total sales mar value $4.142.000. United States bonds were unchanged on call.
 CLOSING STOCK LIST,