Evening star., 1909-06-17
PRICES TAKE A SLUMP
SELLING Pressure Starts Violent
Downward Movement.
HEAVY DECLINES RECORDED
Reading and Wabash Stocks Led
Railway Losses.
AMERICANS WEAK IN LONDON
Foreign Houses Continued to Sell
Here on a Liberal Scale-Heavy
Stop Loss Orders.
AMERICANS WEAK IN LONDON
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK. June 17.-During the
greater part of todays business session
the stock market was under selling pres
sure OF various descriptions, which car
ried prices downward in a fairly violent
fashion Declines of from one to four
points and over We're recorded In the
various quarters of the market. and upon
occasions the dealings presented thor
oughly unsettled appearance.
Adequate explanations OF the course OF
the market were scarcely contained IN
the days general situation. unless merely
technical causes should be accepted as
satisfactory. great deal of stress was
laid upon the Presidents recommends
ton that a tax should be levied upon the
net earnings of corporations and the
severe break in copper metal in LONDON
which was accompanied by violent de-
cline in the shares of the copper COM
panies there. came In for much comment.
The recent revelations bearing upon
the affairs of the American Sugar Henn-
ing Company were doubtless responsible
for the further severe decline IN INA.
stock but on the other hand. the United
States Steel issues were decidedly weak
Notwithstanding the reassuring aspects
in which this mornings advlces piaceo
the matter OF the llStlnE or tnose SeCuii-
ties upon the Paris bourse.
So far as the general market was con-
cerned however II Is necessary to re-
peat that little beyond technical expiana-
tions could be advanced to account for
the serious declines which were recorded
Extensive Losses.
In the railway list extensive losses were
scored by Reading. the Wabash stocks
St Paul. New York Central. Northern
Pacific and, indeed, in most of the stocks
which have been especially prominent OF
late
The local traction shares declined in
common with the other departments OF
the market. The report of the legislative
investigating committee upon the deal
ings on the various security and COM
modify exchanges was regarded as fav-
orable rather than otherwise and carried
no influence in the days transactions
American shares were weak in the Lon
don stock market also. and foreign houses
continued to sell here on liberal scale.
chiefly Of the copper stocks and the
United States Steel shares.
Commission houses commonly reported
the execution of stop loss orders in con-
siderable volume, a fact of some sig
nificance, and one attesting at least to
the character of the recent speculation in
the stock market.
Money Market Conditions.
What are usually designated as funda-
mental circumstances. including money
market and foreign exchange conditions,
and those relating TO progress OF the
crops. show little alteration.
The Bank of England's rate Of diseoun,
was left unchanged at 2h per cent. and
the banks weekly statement was very
favorable showing. In professional specu-
lative circles a number Of superficial ex-
plantations were Croffered in connection
with the course of the market. including
the possibility of a rupture between Eng
land and Russia on account of the naval
incident reported this morning, but none
vanced could be regarded as adequately
accounting for one of the most severe and
general declines in prices that has been
witnessed in many weeks.