The San Francisco call., 1910-06-28
AND MARKET NEWS SPECIALLY REPORTED FOR THE CALL
DEPRESSION IN
STOCK MARKET

NEW YORK, June 27.-The
stock market underwent a mood
OF depression again today and
prices We're subjected to a severe
shrinkage on a smallness of ac-
tual transactions out of all pro-
portion to the amount of the de-
clines.
The crop news was not bad and
it was necessary to turn to other
factors in the effort to fathom
the object Of the weakness of the
market There was suspicion of
a concerted attack by an organ
lied bear party under powerful
auspices.
The appearance early in the
day of a rumor that j. P. Morgan
had died suddenly, which was fol-
lowed shortly by Morgan's ap-
pearance at his office TO give him
self to business activities, aroused
this suspicion. The disproof of
the rumor did not. however, re-
vive the market.
Morgan's appearance in Wall
street was cited, in another way.
as an explanation of the markets
weakness. al due to disappointed
spectators who had waited on
his return from abroad with the
idea that it would foment an act
i've period of rising prices of
stocks. The grounds on which
this supposition had been formed
were the reports that he had en-
listed large amounts of foreign
capital in the purchase of the
American securities, that he had
secured an agreement with for
eign copper producers to cooper
ate with American producers in
curtailment of output, and that
he had assured the listing of
United States steel on the Paris
bourse. From these reports and
from the diligence of his banking
house in getting assents of freight
shippers to the advances in rates
asked for by the railroads, it had
been inferred by some spectators
that the Morgan party was look
ing to higher prices for stocks.
out Of this situation an adj
vantage is supposed to have been
sought by bear party" to press
an attack on the market
Another explanation put for
ward as a reason for the weakness
of the market was that a remnant
of liquidation of some large estate
holdings of important stocks was
in progress and that banking in
terests were disinclined to attempt
a support of prices while this was
in progress.
Outside pure conjecture there
was not much TO throw light on
the pressure of stocks for sale
and the lack of demand Rail-
road traffic officers reported well
sustained volume of business and
a hopeful sentiment on account of
confidence that rate increases
would be allowed.
The call money market showed
no disturbance from the approach
Of the July settlements. Private
discount rates were easy in London
and Berlin and the official discount
rate OF the National Bank of Bel
gium came down to 31z per cent
Foreign exchange rates in New
York. however, turned upward
rather sharply. The extension of
time allowed for payment of the
corporation tax to July 10 relieved
the money market of one require
ment for this week
The severity of the days decline
gave rise TO the invisible un-
easiness, but specific rumors even
Of financial difficulties were not
heard. The stocks of railroads
in the group controlled by the
interest most active in recent
deals, and the readjustments of
relations were watched with some
special attention. Last prices were
the lowest of the day, Union Pa
cific and Reading showing losses
of over 4 points, Chesapeake and
Ohio 3i9 and the active list gem
orally from 1 TO points.
Bonds were weak Total sales
(par value), $1,s5O, 600
United States bonds were un-
changed on call.