The times., 1901-06-27
LOWER STOCK PRICES RULE
Many Causes Add to the General
Downward Tendency.
Uneasiuess i'm Banking Circles and
TfgbtueSs i'm the Moncy Market
Reflected on the EXchnnge-Sugar
Refining and L. :. Steel Firm.

Reflected on the Exchnnge-Sugar
Refining and L. :. steel Firm.
NEW YORK. June 26.-The decline in
prices, which set in at the opening and
continued with only trifiing occasional raj
lies during the business session. could
readily be attributed to a number of
causes. In the first place, there was a
most disagreeable Impression created by
yesterdays incident in banking circles
with all of its various aspects. Rarely
or never does it fail to happen that,
whenever any trouble involving the credit
Of bank occurs. there is a consequent
and material disturbance of confidence.
The uneasiness growing out Of the Incl
dent in question was increased through
some Of the revelations in connection with
it and, in fact. the matter was the chief
subject of discussion throughout the day
In addition to this factor the money
market contracted rather sharply, not
unnatural development in view Of the low
rate Of the banks reserves at this par
ticular period of the year
Furthermore. London sent in a much
lower range OF prices for our stocks and
was a seller in this market, although to
q moderate extent only.
The advices from the growing crops to
be sure, continue exceedingly favorable
and the days returns of railway traffic
were gratifying exhibits. There was, in
addition, a material reaction in sterling
exchange on free offerings of grain bills
for future delivery, but scant attention
was paid to any of these circumstances,
or. at any rate, none OF them could be
cited as a factor of any influence in the
days dealings. The declines scored in
the general market were fairly uniform
which was not unnatural inasmuch as the
days dealings were determined by COM
mon impulses.
Although the dealings We're not in large
volume, interest was fairly well diversi-
fed. In the local traction stocks a rather
firm tone prevailed in the early part of
the day, but that group soon participated
in the weakness of the general market.
The firEnnoss OF Brooklyn Rapid Transit
was apparently based upon the declara-
tion of the initial dividends on several of
Its controlled lines, and the early strength
of Manhattan was attended by the revival
of the reports recently current, that new
interests in the property would soon OBJ
tain representation in its mana cement.
Nothing Of special interest happened
among the so-calied specialties. Consoli-
dated Gas was weak. Notwithstanding the
which, ii was reported. were for the ac-
count of certain parties connected with
yesterdays incident IN banking circles;
Tennessee Coal and Iron, Amalgamated
Copper, and Peoples Gas followed in
line with the general market. but with no
special gossip attending their course
The features of the industrial quarter
were Sugar Refining and the United
States Steel issues. The first named was
comparatively steady on q recovery in
the selling prices for the refined article
ana the steel stocks were relatively firm
in advance of action on the dividends.
he railway list showed few exceptions
to the general drift of prices. Al one
time the Chicago and Alton issues and the
Chicago Terminals were firm, but the
advance in neither case was sustained.
Union Pacific, while weak, also showed
g railying power