The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-06-16
THE STOCK MARKET

-'t ---1
New York June 15.--An effective Ell :
ement of the professional operators in
stocks perfected suficient organisa-
ton and gathered SUFFICIENT courage
today to attack prices of stocks with
vtgor and determination and met With
success In precipitating sharp feil
No threatening development in af-
fairs was observable to account for
the apparent urgency with winch
stocks were pressed for sale, the
quite gen sraily 10 technical causes. II
has become suspected by reason OF
the deterioration In the quality OF the
securities picked for the leading oper-
ationA The rushing into prominence
Of q miscellaneous lot OF obscure spe-
ctalties is considered bad sign Of the
healthy character Of the speculation.
Even the assurance that powerful In
facilitate further Rotations OF new
bonds lost its force upon consideration
Of the artificial nature thus attributed
10 the rise in prices Moreover, prac-
yical tests seemed to demonstrate a
port. The outcome of these testing
operations was to encourage bear OPP
erations today. In which short selling
was extensive and Offering down OF
In uncoyering stop LOGS orders. As Ii
usual when prices turn definitely down.
ward there was withdrawal of buy
Ing orders previously placed at limits
slightly below the market price, with
the determination to take advantage
OF q possible reaction in what was sup
posed to be a strong market. With
the reaction in force this determination
Ii relinqufshed In many cases: no small
sentimental effect being produced on
today's market by the violent decline
In American Sugar. The steady divi-
dend record Of that stock of late years
n~vo fntA Ia xf r.xtA t
trading stocks to which speculators
have paid little attention. The market
for II has become a narrow one and II
took comparatively light sales today
to break the price points. The dis
closures in connection with the Penn
sylvania Sugar Company's suit, both
Of the methods of the American SUI
gar Refining Company and the heavy
litigation. were the causes of today's
violent decline.
The reports OF the activity into which
the Government authorities are being
as possible prelude to other actions
against corporations under the anti
trust laws. It was from this side that
the sentimental influence of the break
IN sugar was of m. most effect on the
speculative position has grown strong
err with the approach or the season at
which money comes into increasing de-
mana. Up 10 the present time any
considerable effect on money rates has
been obviated by resort to new sources
OF supply. especially by borrowing
abroad. The firmer tone developed in
the local money market has served to
bring out additional supplies also from
interior banking communities. The
constant expansion In the local loan
account. the additional requirements
ahead from further pond Issues and
the nearer approach of the crop NOV
ing period combine to suggest caution
In the over extension OF credits In
holding stocks at high price levels.
The reiterated reports of hitch in
the arrangementss for dealing In United
States Steel on the Paris Bourse have
aroused some distrust In spite of as
surances as often repeated from the
project was proceeding SUCCESSFULLY.
official intimation that the Chicago,
Milwaukee and st. Paul would act IN
an Independent way in the matter OF
rates on its Pacific Coast extension.
Some of the sellers of stocks protested
apprehension that the qualification Of
the report OF Governor Hughes COM
mission on the exchange would have
an unavorable effect on the market.
Liquidation was pushed up to the end
OF the day with prices OF from one to
over two points
Bonds were Irregular. Total sales,
par value. $6.322.00o.
United States bonds were unchanged
On call.
CTONTMG RT0CK YEAT