The Montgomery advertiser., 1908-11-12
THE STOCK MARKET

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 New York. Nov, 11--Today's sequel to yesterdays market centered in the two Hartman Pacific stocks opened the eyes Of the more conservative eie- ment to the fact that the speculation was entering on a reckless and hazard ous stage
 There came a pause to take stock of the situation and a development of greater caution in the conduct of mar ket operations, which was shown by the evident Iessening Of speculative holdings and the decline in the rates or activity in the market. There was a belief prevalent in the financial dis- trtct that these results were caused to some extent by regulative measures amongst the large financial interests and banks, which saw in the headlong course of the speculation a threat Of peril and the seeds of harm to the course of Improvement and expansion. comparison Of the action of the Southern Pacific and Union Pacific directors in confining themselves 10 the declaration of dividends at the years with the brilllant-hued rumors which were kept in circulation in con nection with the volatile rise In those stocks was warning that proved sufficient as a check
 There are additional combinations. From ll2 l.2. at which Southern Pacific left off Monday night, It's rise to ll9 1-S with a closing price on Tuesday of l17 7-S was accomplished change of POI. .600 shares Sales recorded today numbered 1S3,S00 shares on which the price fell back to ll4 S-4, closing at 116. As the total Der only l.97s.4 49o the manipulative character of many of these transac- tions may be Inferred.
 The two days dealing in Union Pacific reach a total of 460, 200 shares with fnfni rapftnlfx0ffnn of f shares. It was reasoning from these facts that caused a hasty unloading of speculative holdings and invited professional attack which broke the market No unfavorable news of ar- fairs accompanied the break News from all quarters. on the contrary, continued uniformly favorable.
 There may have entered into the consideration the imposslbility of in- definite continuance of extreme ease of money with sustained revival in trade activity and in new requisitions Tor capital to provide extensions and improvements. The time money mar ket. in fact continues to harden and there Is reported a notable increase in the supplies of mercantile paper. reflecting the enlarged activities Of merchants. jobbers and manufacturers. A date was fixed today for sale on November 23 of sf7.500.000 of four per cent corporate stock of the city of New York. The governments Panama canal pond offering this month is ex- pected to amount to s50,000. poo and the effect on the money markets of the redemption Of the $14,000. 900 treasury certificates falling due on November 20, and the shifting of the security for the bank notes for which these cer- tificates were deposited offers some ground for conjecture. Requirements upon the money supplies of specula- ton itself conducted at such a pace as has been held . last week would make inevitable inroads on banking
 pplies. It was clear however that
 fe principal incentive to the selling sery large profits which have ac- crued in speculative holdings with the rapid rise in prices.
 When the instability of the market was perceived the Inducements to sell out was increased. A widespread gen. eral demand continued in evidence in helped to absorb the profit taking. Foreign markets were buyers here. relieved by the clearing of the inter- national outlook. Vigorous support measures were employed at all stages of the market. showing the continued control exercised by the organized forces for thu. speculation. The order ly precision with which the specula- tion was diverted into the low priced railroad stocks as a class was evidence of this. These stocks came up strong in the final rally on covering by the days short sellers and 1t is in that class that the day's gains are found. reaching to- substantial proportions S4,72S.000. United States bonds were unchanged on call.
 CLOSING STOCK THsr