The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-23
BETTER TONE APPARENT
An improvement in Conditions on
the Stock Exchange.
The Market Opens Strong and Fnirly
Active-Advances Result From Sub
velops Later In Certain Quarters
and Several Losses Are Scored.

NEW YORK, juno 22-The stock mar
ket opened strong and fairly active, and
further advances resulted from the suisse
uuent dealings. There was an evident i'm
provement in sentiment manifest. and buy
ing of the same substantial character that
has been noted in the market for the past
two or three days was again evident.
This was particularly true in the instance
of the Reading shares. Jersey Central,
Pennsylvania, end New York Central. The
remainder of the market held fairly steady
in sympathy with the course of these
stocks during the first hour, after which
there was a radical change in the markets
general technical conditions. Heavy and
precipitate liquidation then developed, I'M
der which a general reaction took place,
and in number of instances the declines
were fairly sensational
Brooklyn Rapid Transit was the con-
spicuous feature OF the market, nut thefe
were noteworthy losses scored in Metro
politan Street Railway, Sugar Rennlne,
Missouri Pacific, Northern Pacific, and the
granger shares, St. Paul notably. The
sudden change in the character of the mar
ket was the subject Of general comment,
and much interest was expressed as IL
the return of the sudden outburst of iiqui-
dation Satisfactory explanations were not
obtainable, but it seemed TO be the COM
mon opinion that the liquidation repre-
scented the closing out of some heavy
speculative accounts. 1t was rumored that
the transactions were for the account OF
operators whose loans had been extended
six months from DEFENDERS disastrous
break in prices.
This explanation, however was offered
chiefly because Of the absence of anything
more tangible which would account for the
severe declines noted. Nothing definite, at
all events, came to light which would ex-
plain the sharp declines in Brooklyn Rapid
Transit and the others Of the more con-
spicuous movements in the market.
The particular weakness Of Northern Pa
cific common was simply a continuation OF
the course of that stock since the dividend
announcement. REINFORCED by todays fur
Their batch Of unfavorable spring wheat
crop advices. Wheat again advanced
sharply in the early dealings, but did not
retain its rise with the course of the bust
ress session.
The industrial quarter, aside from Sugar,
and with the further exception of Amer
lean Tobacco, was comparatively steady,
and. indeed, most of the stocks based upon
the iron industry were fairly well sup
ported The only definite information bear
ing on those stocks was furnished by the
May statement Of Coal and Iron, which
showed IN increase in net earnings of some
$50 per cent.
So far as could be ascertained, the do
nestic political situation played no par
ucular part in the days dealings, nor was
the news or the absence of it from China
an appreciate factor.
Other developments Of the day COM
prised further active demand for money
on time and decline in sterling exchange
Contrary to expectations, there were nc
additional engagements of gold for ex
port.