Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-26
ONE TO THREE POINT DROP
Flood of Selling Orders for Liquidation
Poured In.
STOCKS RECOVERED LATER
Uneasiness Excited by the Aggressive
Attitude of the Authorities in
Corporation Prosecutions.
Special Dispatch TO The Star.

Special Dispatch to The Star
NEW YORK. June 26-It would not be
employing terms OF exaggeration to say
that stock market conditions during the
Hrst hour of business today verged closely
toward generalization. During that time
nearly 100000 shares Of stock changed
hands, and the dealings resulted In de-
clines which In number of cases extended
from one to three points. flood of SELL
ing orders of various descriptions poured into
the market, and there could be no doubt
that much OF this selling represented genu-
Inc liquidation.
There was little support disclosed at any
time save that arising from the occasional
covering OF short contracts. but with the
course of the day there was some abate-
ment IN the selling pressure, and In the
early afternoon many stocks had recovered
the whole or the greater part of the losses
they had suffered earlier In spite OF the
rallies the trading continued highly fever
ish and unsettled
1t was observed that upon each rally In
the market trading fell away in activity,
and throughout the business session there
were recurrent outbursts OF selling rep
resenting both liquidation by commission
houses and liquidation by speculative pools
There was nothing at all in the news over
night or IN the days developments that was
IN any way novel to be cited in connection
with the occurrences In the stock market.
The London market was again depressed
on continuing anxiety with regard to the
state OF affairs In Russia, and a feature OF
the dealings there was the rather marked
weakness in consols. American stocks were
exceptionally firm in London, and very lit
tie was done here for foreign account
Money market conditions were unaltered
and little change appeared in the rates for
sterling exchange. Today's advices re-
specting the progress of the crops were
varying as is usual at this season of the
year.
Broadly speaking the very marked de-
preston in speculative sentiment was plain
ly referable to the uneasiness which has
been excited by the aggressive attitude Of
the federal authorities In the prosecution
OF railway and other corporations. Little
else, in fact, was talked about in financial
circles. and. of course much stress was
laid upon the extreme prominence In stock
market affairs of a large number of the
individuals against whom the activities of
the federal authorities are directed.
Washington advtces indicating the proba-
bility OF an early adjournment OF Congress
We're read with satisfaction, although their
influence was distinctly modified by the re-
Election that while the national lawmakers
might soon depart for their homes, the ad-
ministration and the federal authorities
would not In consequence cease from The
prosecuting procedures now under way In
so many directions.
The dealings in one stock or another
varied little more than IN respect of relative
activity and extent of fluctuations. The
most conspicuous features of the marker
were Amalgamated Copper, Union Pacific,
United States Steel. Reading and st. Paul
The traction shares moved In common
with the remainder OF the market Fur
Their weakness in Copper Metal might per-
haps be named In connection with the par
ticuar course of Amalgamated Copper. but
for the most part there was little news
interesting gossip In connection with the
movement IN one stock or another.