The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-26
4 DAY OF FLUCTUATIONS
Early Dealings Border on a State
of Decentralization.
Buying Orders Fail 10 Check the
Trend of the Market-A More Set
Few Recoveries Arc Scored-NOth-
ing to Account for the Tendency.

NEW YORK, June 25.-Notwithstandine
the thoroughly unsettled state o. the stocl
market during the forenoon today it was
impossible to ascribe anything that was
novel and definite in connection with Its
course aside from those matters which
engaged attention last week. In Other
words, throughout the forenoon session
the liquidation Of exhausted speculative
accounts proceeded apace and it was at
tended by further aggressive if somewhat
belated selling for the short account.
On the buying side Of the market there
could be noted also some covering of shor
contracts. together with a moderate bu
confident absorption of stocks upon the
declines. 1t was not, however, until the
middle Of the day that this buying became
at all effective in checking what was
earlier virtual speculative decentralization.
In a number Of the eo-calfed standard Is
sues the early losses were well in excess
Of / per cent. and much more severe
losses were scored in the more fancy
grades of securities. The dealings were
in large volume and well distributed, and
throughout the day there was considerable
uniformity OF movement.
While the conditions in China were
commonly recognized as being exceedingly
grave they were scarcely more alarming
than they were at the close Of the week
The dispatches from the spring wheat
sections were nothing more than conhrma-
tory of those already at hand. The wheat
market, indeed. of itself was decidedly re-
dictionary and ii was upon the decline in
that staple that the stock market showed
its first tendency toward recovery.
The general London market, as well as
the Continental markets. were reported
unsettled, chiefly on account OF the I'M
easiness entertained In regard to the up
shot Of the Chinese situation. Still the
changes noted in American stocks were
slight and irregular and foreign houses
had very few orders in this market.
Notwithstanding a slightly hardening
tendency in the London money market,
sterling exchange was weaker here. and
the local money market itself was rot
perceptibly changed in any of its quar-
tiers. Few important statements Of rail-
way traffic were submitted with the course
of the day.
As noted, the transactions in today's
market were very well diversified and all
quarters of the market were actively dealt
in, with the bulk of interest chiefly in the
railway lis+ The most pronounced de-
clines in that quarter upon the opening
were In the granger stocks. New York
Central. Missouri Pacific. and notably
Baltimore and Ohio common. Subsequent
recoveries in these stocks obliterated the
greater part of the earlier losses except
in the instance OF Baltimore and Ohio.
The same was true OF the stocks of the
class Of the Atchsons and the Pacific
shares.
Brooklyn Rapid Transit continued the
centre OF interest OF the local traction
group. and the stock broke very severely
in the forenoon. but it likewise enjoyed
a subsequent sharp recovery. There was
again an absence of anything definite to
account for the violent movements in the
stock
As was to be expected, there were many
violent movements In the industrial quar-
ter. although the dealings there. apart
from Sugar Refining and the Tobacco
stocks, were not particularly active.
Among the epecialties, there was par
ticularly sharp decline in COnsolid4 led
Gas, based on the announcement of the
proposed Issue of new stock in connection
with recent acquisition Of competing con-
Germs. For the most part the occurrences
in the days market resulted wholly from
simple technical trading conditions ard
hence were not susceptible of extended
comment. Notwithstanding the noted
liquidation the loan market for stocks
disclosed the existence of an unusually
extended short account