The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-06-28
SEVERE DECLINE IN
|, PRICES OF stool S
ORGANIZED Bear Party Makes
Concerted Attack
IALL SORTS OF RUMORS
~. p. Morgan's Death Is Reported, But
When He Appears in His Wall
Street Office Stocks
Fail to Recover
ALL SORTS OF 'RUMoRs

New York. June 27.-The stock market
Underwent a mood of depression again
to-day and prices were subjected to severe
shrinkage on a smallness of actual trans
factions out of all proportion to. the
LSnount of the declines. The crop news
Twas bad and it was necessary to turn to
3pther factors in the effort to fathom the
Explanation of weakness of the market.
There was a suspicion amongst other
|proferred explanations of a concerted at
tack by an organized bear party under
powerful auspices. The appearance early
| in the day of a rumor, often used by the
bears, that ] P Morgan had been
stricken suddenly with death, which was
followed shortly by Mr.. Morgans ap-
Ipearance at his office to give himself 10
business activities aroused this suspicion.
lever, revive the market
Mr.. Morgan's temperance in Wall
street was cited in another way, asahypo-
|thetical explanation of the markets weak
ness, as due to disappointed SPECTATORS
|swho had waited on his return from abroad
with the idea that 1t would foment an
active period of rising prices of stocks.
The grounds on which this supposition
had been formed were the reports that
The had enlisted large amounts of foreign
capital in the purchase of American
securities, that he had secured an agree
ment with foreign copper producers to
cooperate with. American producers in
shrtailment of output and that he had
assured the listing of United States Steel
|kn the Paris bourse. From these. reports
land from the diligence of his banking
house in getting assents of freight ship
|pers to the advances in rates asked by the
railroads, it had been inferred by party
In the speculation that the Morgan party
were looking to higher prices for stocks.
Out of this situation an advantage is
supposed to have been sought by a
bear" party to press an attack on the
market. The action o&the market today
had great influence in coloring the con-
lectures of the alignment of parties in the
sspeculation, the Standard Oil party being
|assigned naturally to the role of leader of
the onslaught upon the prices. Another
suppositious explanation of the weakness
of the market was that remnant of
liquidation of some large estate holdings
of important stocks was in progress and
THAT banking interests, having knowl-
edge of the fact, were disinclined to at
tempt support of prices while this was
in progress. -
Outside the realm of pure conjecture
'Shere was not much to throw light on
pressure of stocks for sale and the lack
L demand. Railroad traffic officials re-
prted a well sustained volume and a
Rpeful sentiment on account of conf
|dence that rate increases would be al
owed.
rThe call money market showed no dis
turbance from the approach of the July
settlements. Private discount rates were
easy in London and Berlin and the off,
cial discount rate OF the National Bank
of Belgium came down to 31s per cent.
Foreign exchange rates in New York,
however. turned upwards rather sharply.
The. extension of time allowed for pay
rtient of the corporation tax to July 10
relieved the money market of one require
ment for this week, although the sub
Treasury operations in New York show
signs of the turning over 'of some large
sums of money to the government.
The severity of the days decline gave
rise to the inevitable uneasiness, but
specific rumors even of financial Difficult
flies were not heard. Last prices were the
lowest of the day. Union Pacific and
Reading showing losses of over points,
Chesapeake and Ohio 31a, and the active
list generally from / to 3 points.
Bonds were weak. Total sales, par
value. $1.s5O,000. United States bonds were
unchanged on call.