Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-07-24
AND
COMMERCE
Wall Street.

New York. July 23.-There was a
manifest growth of general partici-
patton in the transactions in stocks
today, commission houses reporting
increased orders from a scattered
outside clientage. The market broad
ened perceptibly and embraced an in
creasing number of securities not Of
ten traded in. The long period of
dormacy of some of these while an
inward movement had been going on
in the general market makes them
susceptible to a spashledic readJust-
ment To the new order of values
which tffers startling Contrasts in the
prices made with those prevailing
when dealings last occurred i'm them.
Such changes were in evidence today
in many instances. At the same time
active profit taking was going on IN
the favorite trading stocks and the
price movement had a very irregular
~appearance m consequence. This was
one of the lessened arti-
fcality of the market. Movements
lacked the machine like precision
characteristic of the early stages of
the speculative campaign. when OPP
praIlOnS were diliOEl NiloAiS ~ pE
hands of a few Leaders acting in con
cert and depending on devises OF
manipulation to achieve their efforts
Such growth of outside demand as IS
now being seen in the stock market
IN the object sought by the carrier
professional operations n when 1t
is secured there Is usually no time
lost in taking advantore of it to trans
fer speculative holdings and secure
the profit accrued. This profit tax
ing while perfectly evident from the
action of the market today, was con
Quoted with caution and the control
of the movement was not abandoned
at any time.
The professional element among
the room traders, however, was dis
posed to read in this the probability
of a turn in the movement and they
were keenly alert to detect signs that
the top had been reached. Expert
mental short sales were made from
time to time in the effort to feel FOR
the ton. Concentrated selling of vari-
Gus stocks, a large part of the selling
coming from a single house kept
alive a suspicion that the important
financial interests credited with fos-
tering the late rise i'm stocks were re-
ducing their holdings and taking their
profits.
There was a supposition that .
large accumulation of holdings had
been affected in anticipation of a de-
cision reversing the S29.0 100000 fine
imposed on the Standard Oil com
"a. .xan ouyrpan1 that the
handing down of that decision would
prompt some selling out of these ac-
cumulations. That decision continues
the subject of active discussion In the
financial district with general agree
ment on it's probable effect in reVlV-
ing demand for corporation securl-
ties. This effect is especially in re-
viving emand for corporation securi-
ties. This effect is especially expect
ed to be marked abroad where the
~1evying of the FINE last year was the
cause of widespread distrust OF the
ability of American corporations 10
escape encroachments even to the eX-
tent of confiscation. on the other
hand there was some difference or
opinion over the possible effect of the
upsetting of the governments case
against the Standard Oil company
and the reflected consequences to be
unprecedented in financial affairs. NO
assistance was received from abroad
in sustaining prices of stocks. The
price OF copper was again advanced
both in New York and London and
news of this country's crops continued
favorable, such strength as was shown
in the grain markets being attributed
TO foreign demand. Closing stocks;
Amalgamated Copper ex div. ~
Amer. Car and Foundry ....... 39h
do pfd ......... ....'''''lV
Amer. Hide and Leather pfd -. 2Oss
Amer. Locomotive 49,. ... % y
do pfd ......... .........1O5 70
Amer. Smelt. and Refng ..... Sc
Amer. Sugar Refng ....... ...132
Amer. Tobacco pfd ......... 95
Amer. Wooden ...... .....,. "a
Anaconda Mining Co ......... 4512
Atchison -. ...... ......,. SfA
do pfd -. 92A
Atlantic Coast Line ........... 94h
Baltimore and Ohio .....,.,.. 9Sh
do pfd 1890. ........S3@ SO
Brooklyn Rapid Transit ...... SIS
Canadian Pacific ...... .....l68%
Cent. of n. J .........l95 200
Chesapeake and Ohio ......... 43%
Chicago Great Western ....... "A
Chicago and Northwestern .....157