The Montgomery advertiser., 1909-06-22
THE STOCK MARKET


 New York. June 2i.---It took several hours of waiting tactics on the part of the professional operators amongst the operations in stocks % demonstrate today their satisfaction that the sharp fall In prices last week had not att tracted demand sufficient to form q basis for a renewed upturn in prices The smash which followed was more severe than on last Thursday; Sell the early part of the day as was buy ing with the result of duliness and listlessness such as have not been seen Tor weeks in the trading. Attempts were perceptIble in one or two quar- ters to tnaugurate a rise in prices, but the handfull of stocks selected were almost alone in the movement which was feeble and ineffective. Heavy in-- dividuai selling orders then appeared in one stock and then in another. The source of this liquidation was such as to suggest the closing out of some accounts that have figured conspicu- ously in the prolonged campaign for the rise and this suggestion made strong sentimental effect on the tone or speculation and encouraged the pro- fessional bear element to renew their aggressive operations by short selling and offering down of prices. The bears still found effective material for in- huential Continent in the fears of bad effects to follow the failure to secure admission for the U. S Steel stocks to the Paris Bourse. The direct opposf- ton between the reports said to be received by the private bankers re- gardins the stand~of the plan and the assertions of the banking interests con cerned did not prevent the reports of the failure of the project from hurt ing values Selling of U. S Steel also carried the impression of liquidation or some ainportant Individual accounts. The sarna appearance in the waba sh securities served to throw suspicion on the active advance which has been erected in those stocks on vague in- tlmations of important developments said to be impending but which have entirely failed of authentic conirma- ton. Tho mystery surrounding the Wabash movement has been a source speculative followers of the movement nous blocks were sold today by houses which were most active in accommodating the stock while the ad- vance was in progress, it was argued mat an unfortunate turn must have occurred in the progress Of the move inent, proYed snntaIy amtaigamated Copper also reactionary tendency there stiIl in Iorce. The progress of the decline brought out added efforts on the part tactics and by the circulation of une founded rumors. One of these was to the effect that E. H. Hartman had suhVlSu suuuen ana IatAl seizure in vienna. This rumor was put out late In the discussion of the stock mark ct and was not traceable to an authori- tative source but 1t proved extremely enectiye, notwithstanding the prompt discredit thrown upon 1t by Union Pa cinc officials. who would expect to believe imm ediate advice of any hap Pening to the head of the system, ow- ing tn the frequency of cable cornmu- nications from the traveller with his business assistants. The sharp rallies which followed the successive drops were evidence of the part played by short selling in the weakness This rule did not apply. however. to the final break, in which the Hartman stocks played the principal part, the selling movement being still In active progress when the trading ended. Care full observers of the market were much inclined to lay stress on the Influence of last weeks break in prices In prompting demands for a broadening of margins and even, prob ably, an absolute reduction of loans outstanding on stock holdings. For eign exchange rose strongly to within a few points of the highest point of the season and experts computed 8 good profit on exports of gold coin to London at the prevailing level.
 Bonds were irregular. Total sales, par value, S4,354O00.
 United States 2s, the 3c coupon and the As registered declined 1-4 and the As coupon Ia per cent on call
 CLOSING STOCK LIST.