Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-06-20
FINANCE AND TRADE
Dizziness the Lea6ing Feature of the
Stock Market.
CONVENTION INACTION THE CAUSE
Gossip About CoaIers Consolida-
ton and Trust Stocks.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star. &c.
NEW YORK. June 2o.-Today's stock
market showed strong tendency toward
dizziness pending some definite news from
the convention. The absurd stories put into
circulation at the close of yesterdays mar
ket We're revived this morning and during
the noon hour began to make some impress
sion on prices. The market had held we'll
all morning. in spite of the narrowness. but
political contingencies served to invite re-
newed attacks later in the day
The foreign markets were better and
would have bought American stocks in
greater volume had the local market taken
the leadership. The short interest covered
from time TO time, and the belief in a rally
became more general In view of the fact
that opinion Is virtually unanimous in be-
lieving the market sale on any advance
1t would seem that the upturn would be of
short duration.
The coal stocks. under the leadership of
New Jersey Central, were a feature of the
market for time, being bought by strong
interests without regard for the gossip of
the room. The consolidation project which
had such beneficial influence on prices
earlier in the season, Is now getting some
attention in the matter of the anthracite
properties.
The lack of sympathy on the part of the
general market will discourage any ma
terial public interest in this project at this
season.
The trust stocks are the weak features of
the market for the double reason that the
pubic is still smarting from wounds re-
celved through them. and the fact that
political discussion will keep their weak
points continually upon the surface.
Fears of a strong antitrust plank made
an impression on Sugar and Tobacco today
III spite of the fact that both issues have
been immune from serious legislative harm
heretofore
The banks are not likely to encourage
new business IN the industrials during the
next half year, and If they can be persuaded
to continue present loans 1t will be bless
ing to more mertorious issues. Diserimi-
nation in the matter of collaterals Is likely
to be a feature OF this summers loan busi-
ness, The smooth sailing so unanimously
predicted earlier in the year is being made
Impossible by recent evidences of petty
strife upon political questions hitherto re-
gaTded as being settled.
The local traction shares were made weak
again by fears of the failure to get a gov
ernor who might aid in the repeal of the
franchise law and other legislative burdens
This argument would not hurt any property
not vulnerable in other respects. The trac-
ton stocks are selling down from the same
lack of business is being shown i'm de-
clines elsewhere Gold shipments amount
ing to something over 81 0auapO are an
nounced for tomorrow's steamers
This movement is likely to run to con-
siderable proportions before the foreign
demand Is satisfied, but traders pay little
attention to the loss, because the small
proht Is regarded as a sure indication Of
the artificial nature of the outgo.