The Montgomery advertiser., 1908-11-21
THE STOCK MARKET

New York, Nov 2o.-The reactionary Lorces which have been gatherlns sss. n rssstss shs stpGh K ssp lGa fi
 The decline gained, such headway as 10 lead to q strong upward reaction in the latter part of the day on the as sumption that weak accounts had been cleared away. There was no change In the favorable nature of the news from all nands of the progress of tnduslry and business towards restoration Yet prices crnmbled in helpless fashion and with Increasing velocity after the in- weak speculative position.
 The fact that the floating market sup ply of stocks has been passing from weeks past has been the subject of general observation.
 The process of realizing profits was rush of. new buying after the election uncertainties were out of the way. It was helped at a later stage by arti- ficiai supporting measures, as has been wards of a few selected individual stocks. with .unrealized rumors of i'm portant dsyelopments pending, which
 The decreasing support of the mar ket was obvious yesterday and led to the suspicion that speculative realiz- h ad been pretty well completed. Today the supporting tactics were almost entirely abandoned and the until the fierce onslaught on the shorts at the last. The decline once in force, the existence of numerous weakly mar were forced to sale by the fan dn prices. Stop loss orders were encoun- tered also. placed as ,precantion be- low the market by those who have been
 The bear party in the speculation which has been quiescent for weeks, pincik,sd, psSi,sa, up courage in view % f,.the of the l of the market and pushed their aggres- sive attack, find no supporting orders | to oppose them.
 had. seemed to come from the demand from this. element to cover shorts and take their profits. Something was tional buying orders. placed at prices below the recent high level and waiting | for opportunity to come in at greater sSsT thssse b Tor ssS hs m1St Rss5t T off in the volume of outside buying orders for stocks since the advance
 It Is the fact of the advancing ten- dency which attracts much of the buying of this class, and a falling in prices brings in sellers from scattered sources who are discouraged by the failure of profits to accrue on the hold
 While there was no unfavorable news | In precipitatihg the selling, the fact of the reaction in stocks directed att tentton to some circumstances which were ignored during the advance. For instance, there was increased appre- hension over the effects of the move ment to revise the tariff. were regarded as indicating more dras- tic action In the direction than has been supposed likely.
 Differences amongst tariff beneficia- ries themselves over rates of duties drew Carnegie would advocate an abo- lition of duties on steel received con sideration.
 The great attention excited by the cross examination of John D. Rockefel- Ter in the Government suit were con- anti-corporation feeling. and there were rumors also of another import ant judicial decision pending, affectinE another industrial combination.
 the bad conditions reported for the winter wheat crops lately seeded. Time money was called soft in tone and the known movement of money promised a substantial cash gain for the banks on the week. Poreign eY- oh ange made a sharp advance and the foreign political situation continued
 The strong tone at the close of the day was caused by the re6eat of the shorts who feared that they had been helping the appearance of weakness in the market. II"
 Bonds were easy. Total' Sales mar value $4,444,O00. United States bonds were unchanged on call.
 CLOSING STOCK LIST.