Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-07-11
Rea ctionary Tendencies
Marked Today's Dealings.
ATTEMPT TO LIQUIDATE
REGARDED NOTEWORTHY THAT
DECLINES WERE LIMITED.
Money Market Was Extremely Easy
Foreign Selling Did Not Aggre-
gate Much-Dividend Talk.
Special Dsspatch to The Star.

Special Dlzpstch to The Star.
NEW YORK, July 1.-THE pronouncedly
reactionary tendencies that prevailed IN the
stock market today were no more definitely
accounted for. except upon certain lines,
than were last weeks continuous advances.
In it's s. trch for explicit reasons. however.
the Wall street community hit upon this
mornings publication regarding Equitable
Life affairs. and IN addition forecasts of
this afternoons government crop repor.
were literally distributed, with all of them
predicting a very poor showing.
What actually took place In the market,
according to the views of experienced Oh
servers. was little more than an attempt
to lquidate speculative commitments by
several large operators who are shortly TO
take vacation trips abroad and to interior
points. Their support being withdrawn
and furthermore converted into actual
pressure a declining market was inevitable.
In all the circumstances of the case VI
might be said Indeed that 1t was some
what noteworthy that the declines did not
run 10 more extensive limits than were
reached. although these were, to be sure.
Of considerable proportions.
Fundamental Features.
Fundamental features OF the situation
showed little alteration. The money mar
profYered from time to time on call at z
per cent. The market for sterling was dull
and virtually unchanged. Rather keen In
terest was taken In this afternoons govern
ment report upon the condition of the grain
crop. particularly as the weekly weather
bulletin made a generally favorable show
Ing. The grain market. however. was hrnl.
while there was an early sharp reaction IN
cotton. not apparently attributable TO any
hing apart from speculative circumstances.
The fortnghtly settlement upon the Lon
don stock exchange progressed with rather
less than the expected difficulties. but the
stock market there was generally heavy
Foreign selling In this market did not ag-
the bulk of the liquidation being In Union
Pacific. That stock was at all times promi-
rent in the days dealings and was easily
the leader in respect of activity.
A Revision of Views.
As was the case yesterday. It's excep-
tional weakness led to revision of the
views with regard to the rate OF dividend
likely to be declared upon the stock. to-
days opinions being TO the effect that IL
there were any departure from the usual
per cent semi-annual rate 1t would be
In the nature OF an extra distribution OF
profits rather than of a permanent ad
vance Some countenance was given to this
motion by the corresponding weakness of
Southern Pacific. ar-
The railway list in general showed a
number of declines ranging from one to
two points. and there were few exceptions
OF any Significance to the common drift.
In the early part of the day Baltimore
and Ohio showed exceptional strength. but
even in that instance the reactionary
course was followed later on.
The local traction shares moved down.
ward with the railway list, as did the in
dustrial and miscellaneous stocks Even
the United States Steel shares which were
proof against the reactionary tendencies
prevailing yesterday, showed losses cor
responding to those appearing elsewhere.
The newly introduced central lea ther is
sues were quite actively dealt in. but par
ticipated IN the common tendencies of the
market