The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1909-06-18
THE STOCK MARKET

3 .
nstioa which tsok on the symptoms Of
collapse was erected In the stock mar
Net today. The snddenness and vio-
ience OF the break came ~ a surprise.
in.-spite Of the expresstons Of distrust
lately OF the high level OF prices and
OF the extent to which borrowed money
was being used to carry stocks on
margin. The bear party In the spscu-
shs Snort as sae Ssssa On s.
has met In separabie Opposition so Of
ten in the shape OF powerful support
OF the market that the ability toshold
to be relied upon. The withdrawal Of
that support undoubtedly win be q
very important element in the weak
ness which swept over. the market to-
very much increased, but Il was not
opening selling. In fact. was well alb.
Srsss an. poh n ssF ss bss. 5ss s scms
again. partly from those Important In
tere.ts which bought yesterday to
check the threatened demoralization
then and which sought the earliest
and partly From the organised bears
who had strengthened their position
BY. large covering operations. AZ
prices erumoled away. margins were
1
cred. and soon after midday the mar
ket was demoralized. Probably no one
factor Of the several which were ais.
cussed, was responsible for the break.
passed ovsr IN Z speculative position
less vulnerable to attack. Develop
ments IN the copper trade in the last
few days have Impressed sentiment
cicn that spscaiativs forces aad been
at work In the market for the meta,
70 sustain the speculation in stocks.
A slump In the copper metal market In
cion. European copper trade statistics
snow now q large part OF recent and
current American exports are going
into warehouse stocks abroad, rather
had an effect on sentiment regarding
the steel trade. where the current act-
i've demand continues, but with the
possibility as in the "copper" trade Of
n m ,acfumu ,a Of stocks that may
stages Of the movement to secure adj
mission OF United States Steel to the
Paris Bourse have made bad impress
sion. IN spite Of the protestations OF
innate success of the plan.
DOUBTS have grown up on the sub
1ect and the tone OF the stock market
Is greatly prejudiced by those doubts.
ewing TO the heavy stress laid on the
project In its early stages as a war;
rant for INDEFINITE advancement OF
prices There was some comment on
ths ooineidsncs Of the appearance OF
the exchanges and the break In the
stock market Members Of the Stock
exchange however. were disposed
quite generally TO profess satisfaction
tices which have been under criticism,
such as short selling, restriction OF
distribution Of quotations and manip-
ulatton are distinctly defended or COM
Some OF the sellers of stocks pro.
fessed apprehension that President
Tafts special message regarding an
Income and corporation earning tax
itation against corporations. The par
agraph dealing with the incidental ad.
vantages of the increased powers Of
inquisition into affairs OF corporations
sarnnss seemed to be fsgsseded tax
sinister import to corporation man.
agement. The simple declaration OF
per cent. semi-annual dividend on
rumors which Induced the recent adj
vance In the stock to near $50, that
a realisation was awakened of the large
part played by pure speculation, help
60 ny manipulation inathe extension OF
alizauon; applied to the stock market
with the days heavy liquidation tran
any fresh incident in the news. The
process OF realizing bear profits re-
trieved a substantial part Of the en-
IRENE declines, which ran TO 3IS ana
nearly points for the stocks most
the market was unsettled again -
Bonds were irregular. total na,as
par value. s5,ofe, O0fp. SHES
United States bonds were unchanged
CLOSING sT1cw rKa~