Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-06-17
Another Dull Day in New York
Stock Market.
LIQUIDATION In STEEL ISSUES
Bank Statement Shows Loss OF
100000 in Specie.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. June 17.-Today's short ses.
sion ended without material advantage "a
either buyer or seller. Professional trading
made up what there was of a market and
there vas apparently little concern as 20
Whether either bids OF offerings were &C
copied The believers In lower prices are
confronted with an absence of liquidation.
and the opponents of a higher market ex
haust their strength in argument rather
than in action. A large short interest Is
known to exist, and I'm the absence of more
legitimate incentive the price level might
| easily be advanced by forcing a general
| covering of outstanding contracts
The recognition of this fact IL general,
but the energy is lacking. Prices are al.
lowed TO move around idly with an oc-
casional scale demand coming TO the sur
race as stay to the dow inward tendency
Some accumulation OF stocks has been go-
ing on in the spectaities for several days
ana this. In due time, will be reflected in a
higher level.
The coming seml-annual disbursema nts
should, and in all probability will bring
lilo the market sufficient volume Of In
misunderstanding capital to encourage a
mere open and aggressive campaign on the
part OF the real friends of the better prop
critics.
The steel stocks were features Of today's
market because of lack OF support I'm
them. The Federal Steel dividend fell fiat
as a market influence and liquidation on
considerable scale has not ceased in Amer
lcan steel and Wire. The contention he
tween the eastern and western directors as
to the advisability of paying a dividend on
the common shares of this company shows
no signs of abatement. As the concern
was promoted in New York II is consid-
ered likely that the local representatives on
the board Will make a strong effort to have
their views prevail
ho rai fcfs
ings to consider a factor and as an or
set; in some measure the doubtful condi-
ton OF the crops is urged. The crop pros
pect is, perhaps, being urged deterrent.
If not a positively bad influence to a great.
er extent than circumstances warrant
Last year was distinctly an agricultural
revival. and need not have its records Inn
mediately duplicated in order to continue
prosperity. Manufacturing may very prop
eriy dispiace agriculture as basic factor
ana earnings of railroads and industrial cor
poratfons will Jointly share in its prosperity
1hat trade reports are up TO their present
encouraging standard is due to the ira ffic
In manufactured products, which has or
set the decline in the grain movement Once
the crop situation becomes a definite factor
1t is likely that the bulk OF the subsequent
speculative material will come from the
handling of miscellaneous mercha ndIse
Facts that are now of common knowledge
are not pushed forward simply because the
certainty of the wheat condition will give
the crops would Immediately attract from
all optimistic centers an extended and
favorable commentary on the ability of our
manufactured products to offset the evils
of an adverse grain season.
There can be no doubt that several i'm
portant market transactions are pending
none of which has any direct concern with
atmospheric conditions in the west.
The bank statement reflects some unusu-
ally large changes. The decrease I'm law
full money is about 100000, all in specie.
The gold shipments and subtreasury oper-
atoms are responsible for this loss.
The loans have increased 500. 600. and
this item is the one of the most significance
at this time. Activity in the stock mar
ket has not been the occasion Of the in
creased borrowing demand, and this being
true the only other Interpretation must be
favorable The money must have gone
into commercial channels. or has been Dor
rowed by operators who contemplate an
extensive campaign in the stock market.
The deposits have been increased nearly
$4,000, 900, indicating the availability of the
money borrowed. The surplus is decreased
by the large deposits. reducing the total
surplus reserve holdings to $30.OO0.00o.