Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-06-22
FINANCE AND TRADE
Decided Bear Tone to the Stock Mar
kst Today.
PUBLIC HAS TAKEN THAT Side
Traction Shares and Pacific Issues
Principal Points of Attack.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, June 22.-The course of
prices in today's stock market was Il decd-
ed disappointment commission houses,
the oVersold condition of the railroad list
having been relied upon to force a higher
range of prices. Instead of covering trad
ers continued to test the market for weak
spots, uncovering here and there a few
vulnerable issues which served to unsettle
the entire market. The special objects of
attack Were Brooklyn Rapid Transit and
Peoples Gas. These properties were under
almost constant pressure and the effort to
resist the decline had little power behind
it.
Legal difficulties We're urged as an excuse
for the weakness. but In view of the char
acter of the buying little explanation was
necessary.
The Pacific stocks, particularly Northern
and Union Pacific, were under pressure
and the selling. unlike that noted at other
points, was made up of a considerable vo,-
ume of long stock. In some way recent diff
ficulties at Berlin We're thought to be re-
that center has usually been particularly
good for the stocks named
An argument which was generally credits
ed In explanation of the weakness else
where was that Consolidated Exchange
houses We're heavily short of the market
and were active in keeping the market
Under pressure. The fact is significant be-
cause There was no organized attempt to
tnwart the movement. In a similar way
chicago houses have been allowed to sell
stocks without encC uLtering the usual local
opposition.
Politics are not openly discussed, but each
day strengthens the belief in an active
campaign. which will have quite as many
scare periods as its recent predecessors.
The selling of the market IA few days
ago was due almost wholly to room traders
me, me PUBIC Is taking interest now in the
least desirable way, namely. is selling stocks
in imitation of the room. In commission
house circles there Is a tendency to snear
at this new attitude on the part of the pub
llc nut thus far the lack of leadership has
prevented any penalty attaching TO the
seller. This change of position is not un-
natural in at least few instances in whirn
apnormally high prices have been made
without the slightest actual Improvement in
the intrinsic value of the property
Inc public was given certain common
stocks as bonus few months ago and
now are selling them out and a few hun
ofed shares besides on the theory that the
stocks will again approach the gift stage.
The money market was easy again today.
pul the banks are not anxious to do an
extensive loan business at this time in
spite of the low rates.
On the contrary the gold movement is be-
ing encouraged by certain institutions in
the nope of forcing money rates to a more
pfolltable level. Liquidation decreased
during the final hour. but prices showed
little railying power. Advances brought
out new selling, and the street Is settling
uowh 10 the belief that all between conven-
ton rallies will be taken advantage OF to
put out short stock for early full profits.
The banks have lost money to the SUBJ
treasury. but have gained from the interior.
and present indications are that tomorrow's
bank statement will show a gain of 5. ;ln-
900 or more in lawful money