The Montgomery advertiser., 1907-08-08
THE STOCK MARKET

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 New York. Aug. 7.-The squall which broke over the stock market today has been brewing for several days and there are not wanting observers to contend that the seeds of trouble were sold In the il-advised market movement to advance prices which was embarked on under flamboyant auspices late in June. The market commitments now holding over from that period, besides the endorsements of the money and cap ital agitation which were then perfectly well foreseen have been overtaken by the bad effect on sentiment of the renewed out break of hostility against corporations. The stock market was disposed to view with mild disouiet the news of the enormous fines levied on the Standard oil Company by Judge Landis last Saturday.
 Every day since then, however, the daily news has consumed large space with the an- nouncement of new measures plans in pursuit of the railroads or other corpra- tions. The iteration has got on the nerves of Wall Street and the disposition to sell has increased and the decline in prices has gained cumulative velocity. as Is the way with falling bodies the outcome being the 5 spasmodic HCuidation of today. No one questions that there was large and import attn liquidation in progress played by the bears In frcing prices liver anc in pre- clpitating the liquidation was obvious The bear element has grown cautious after the considerable decline that has occurred this week and especially after the small disturb- ance of the early London cables
 The onslaught of the bears thereupon was fierce and the slump in prices smewhet alarming. The market proved to be hop- cycombed with stop loss orders, refuting the tion. Gossip of several days past was re- vived in full force on the sealing down of closing out of speculative accounts following recent return from Europe.
 The stocks most acutely affected by the weakness were thus identified in popular estimation with the stock market activities in the interests ponted to in this gossip. notably Union Pacific and Reading.
 The copper group was also violently de- pressed. The subject most talked of was the probable further course to be taken by measures likely to be next promulgated against them. Stocks of companies supposed to be vulnerable to such proceedings is- sued in the $2s.ooo.oOO fine against the Standard oil Company were conspicuously weak
 The industrials as a group were greater sufferers than the railroads. The copper group sugar and some of the railway equip ment stocks, including General Electric sold at low prices for the year In the railroad list this was true only of the SoutherS preached the level of the March panic. Re- ports of conference of state district att torneys of the Mississippi valley to concert further measures against corporations, the Alabama indictment against the Southern Railway Company and reports of confer- ences among corporation advisers to devise protective measures the chief cause for ap- prehension.
 The late rise in call money to 6 per cent
 reflected increasing pressure in resources there and time loans were strong and the demand active. Discounts were also highes both in London and Paris and sterling ex' change at Paris declined, the movemen' tending towards the point of attraction for gold for New York.
 Great Northern subscribers to new stocks had an insta1lment of $S.O00,00O to pay to- day. On Friday there falls due $15. 0O0,O OO0 on Union Pacific convertible bonds and OF Thursday oS next week $15.000,0O0 for Southern Pacific preferred stock subscrip- tions The obligations thus accruing ne' | cessitate resources in band to meet then and this cause may Have figured in thd days liquidation in stocks.
 The fall in New York exchange at Chica' | go to fifty cents discount was the indeS I of another source of pressure on New Yorh money resources Copper was again weak in London ane 1 helped to upset the securities market. Las' prices reported rallies on short covering o' | one to three points and the fact that sucb I net declines remain at 5A in Union Paclfic A in American Smelling, & in Amalga. | mated Copper, 3 # in Sugar and between | and points in Reading, St. Paul and ths Hill stocks is evidence of the violence o' 1 the days declines. The closing tone wal | unsettled and irregular, with not all the rai- | ly held.
 Bonds were easy. Total sales par valu' | $116s.O .O0o. United States fours declined b | per cent. on call.
 NEW YORK CLOSING STOCK HIST.