New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-06-29

=. legitimate reason for a slump In prices.
va Tho market went down merely because the
anu u" wanted 1t dowr. They made especial
psal % spread all sorts Of "frightful' rumors.
enJ they caused at one time considerable alarm
an J anxiety among the holders Of irst-class
a,,rities who feared that their operations
'nh, Affect the sound and hgh-priced proper
n , Tho market was put to a good test by
u ro onsrators for the decline and the stability
~ sound investment properties was well proved.
Ths Industrial list. which always furnishes such
- assv operng for attack was hammered with
a.. ring severity and the outside public. which
Sas been induced by the alluring provisions OF
na nroits in these speculative ventures.
,Hrnod to-day one " the lessons which expert
ance Is constantly teaching in Wall Street, and
hIcb are apparently so soon forgotten. There was
~o,hing IN the foreign exchange conditions to-
a.. m warrant the report that engagements
o. cold exports had beef made. yet II was circu-
;;o,sd industriously and helped 10 frighten light
IL margined holders. report was put out that
- well-known operator who has gone under
..reral times was about 10 repeat his expert
ennes: but this was denied and various other
rumors helped the downward course Of prices.
Heavy liquidation by large holders Of Industrial
s,ocks who are not satisfied with the conditions
If the companies gave the bears an opportunity
70 depress the market end well-worked reports
aided them
Chicago Gas American Sugar Refining. United
states Rubber. American Tobacco and pistilling
and Cattle Feeding were the chief stocks OF the
Jndus,rial list which were hammered down. and
Transactions In them amounted to more than one
half of the total sales. Chicago Gas broke from
The opening at 65 to 62 and closed net loss Of
iss per cent Sugar Refining broke per cent
+ron the opening rallied In the afternoon and
closed AZ a loss of ia per cent. American Tobac
20 broke points but recovered part Of Its loss:
Rubber went down per cent. and closed at net
loss of Ia per cent and Distilling and Cattle
Ireeding lost per cent. In regard to the United
States Rubber Company. the Stock Exchange
took commendabe action to-day In ordering the
company to send In a statement of its condition. or
have its shares dropped from the list II would
be we'll If the American Sugar Refining Company
could be compelled to make public Its statements
for the last two years. but being an unlisted
stock. it does not come under the same rules as
United States Rubber. which is a listed security.
American Sugar Refining has monopolized the at
tenon and the largest part OF the business on the
stock Exchange for tho last two years. yet II en-
joys the privilege OF being almost independent OF
Stock Exchange management. The bear raid to-
day was engineered by a wel-known operator who
had plenty OF assistants. but their success was
only pronounced in the IpdustrIa's and
few other stocks, such New-England and
some miscellaneous shares. The influence OF
the break in the Industrials was felt In the
greater part Of the list. but the majority OF
stocks outside OF the bear specialties made only
slight concessions. The Granger shares were
strong in the early trading. and closed fraction
ally lower the anthracite coal group was well sus-
tained on the satisfactory result Of the sales
agents meeting and Readingsgained fractionally.
The resolution Of the Trunk Line and Central
Traffic Association presidents to maintain rates
had a good effect railway shares, and the
early London buying was due TO this agreement
The active stocks which closed higher were chi
cago and Northwestern. Louisville and Nashville.
Missouri. Kansas and Texas. Manhattan Elevat-
ed Susauehanna and Western preferred, Reading.
and Lake Erie common and Tennessee
Coal and Iron. which gained 2% per cent. At the
close covering Of shorts caused rally In most
shares. Total transactions were 471.921 shares.
BONDS-THE FEDERAL TREASURY.
There were no sales Of Government bonds. Quo
tatons were as follows: