The Montgomery advertiser., 1909-06-19
THE STOCK MARKET

~0.
tween opposing forces In the stock
market today. was quite lively while
It lasted. but II was over In -the course
OF the nrst hour Of trading. The
ther fan estabiishsd control In that
time; but having done 50 seemed dis
posed to. discontinue operations. The
midday dealings were almost negifgi.
30 narrow the, fluctuations in price
which they caused The prevailing
sentiment amongst the professional ell
ement Of the traders was bearish. bas-
I'D on the unsatisfactory action Of the
market when II rallied yesterday. The
sentiment was intimidated from at
lacking prices by the resistance en-.
nountsred In the first hours selling, but
treme duiiness of the trading on rat
lies. The disinclination to follow the
advance with buying, which was in
ferred from this action but did not
snccessive departures from the imam
cial district of persons of influence In
that world is taken as part explains
ton of the diminished activity of tbs
market. II is surmised that some Of
the heavy selling this week has been
In preparation of such departures BY
closing UP of outstanding speculative
accounts in stocks. The opposition TO-
the tactics Of the bears which was as
serted at the outset today reflected tho
determination of banking interests to
protect the market against raiding and
impaired confidence to holders of
stocks in some degree as was SHOWN
by the cessation of pressure Of 1iqui-
dalton. News bearing on values was
not important There was . good
deal OF discussion amongst fnanciers
and their legal advisers OF possible
scope Of the suggestions contained in
President Taft's special message OF
the opportunity to. extend the Govern
ments power to- investigate corpora
tion accounts and under the provisions
OF the proposed law to tax net earn
fngs of corporations. The project IL
generally considered Of far-reaching
Importance and some observers assert
that large amount OF selling OF stocks
has been induced since the message APP
peared. The Paris listing project for
United States Steel has by no means
passed out Of the discussion ana the
is regarded as having broad signifi-
canoe as wei as financial import The
British request for the withdrawal Of
the united states Governments request
Tor participation by American bankers
In the Chinese loan is in line with a
superstition that the protest against
the United States Steel project is IN
tne nature OF retaliation against
ter.
The opposition OF the French indus
try 70 some Of the schedules OF the
pShuAh5 taFih OIL IS alleged TO be q
motive also. London markets, accord
ing to reports. are INDUCING in con-
lectures over what is to become OF
the United States Steel stock accumu-
lated late by French bankers in prepare
prediction Is made that the reseIline
OF that stock would involve a renewal
OF shipments of gold from New York
to Paris. Foreign exchange rates show
a hardening tendency in spite of the
saslng OF the tsscounts abroad. The
interior continues TO snip large aims
to New York and another considerable
addition to banking cash this week is
ndicated by the estimates Several
large syndicate transactions Of the
week nave involved the use OF BANK
ing credits, but heavy borrowtnr
abroad has extended. Another reducs
tion IN the London price Of copper ana
the reported renewal of the war On
incidents of the day. "ie
BONDS were irregular Total saIes
par value. $3,20l, 900. 'os'
United States bonds were ,unchanred
on call.