Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-28
Alterations of Decentralization
and Buoyancy.
FAIRLY STEADY AT FIRST
Violent Break Followed IN Which
Many Losses Were Scored.
FOREIGN GOLD LOOKED FOR
Advices Indicating Early Adjourn
ment of Congress Aid Rally
In Prices.
FOREIGN GOLD LOOKED FOR
Special Dispatch to The star.

Special Dispatch TO The Star.
NEW YORK. June 2S.-There were in
Guided within the course of the business
session upon the stock exchange todly pc
RODS of virtual decentralization. and other
and seemingly more significant periods of
actual buoyancy. a very nervous feeling
was apparent at the opening of business.
caused mainly by yesterdays violent de-
rangement of the market and the absence
of any satisfactory explanation OF its pre-
vaIling tendencies. At the same time, in
ttial prices showed irregular conditions in
comparison with yesterday afternoons clos
Ing figures, and during the first hour
fairly steady tone prevailed.
Later there took place a violent break in
which many losses ranging from one to -FOUR
points were scored. Previous to the noon
hour attention began to be directed TO the
very pronounced weakness in foreign ex-
change. and this led to suggestions that
early importations of gold from Europe
were probable.
These ideas were virtually verified at
prominent foreign banking houses, who
averred that with the rates for sterling pre-
vailing today, ii probable that all the
new gold arriving in the London market
next week would be taken for shipment 70
this country. and that the transaction couid
readily be carried out at proht without
the extension of any special facilities py
the Treasury Department. This intelligence
was the most direct explanation of the very
sudden and general rally in prices which
appeared shortly before MIDDAY ana WHICH
made further progress In the afternoon
The rally was furthered by Washington
advices indicating an early adjournment OF
Congress. although the dispatches from
that point were by no means UNIFORM III
their tenor.
The London stock market was generally
weak. with particular pressure in the CLOS
ing dealings there upon American stocks,
but the tone of the latter department was
reported and generally believed to reflect
aggressive bearish manipulation from this
side At all events. after selling few
thousand shares of stocks at the outset of
the market. foreign arbltrage houses con-
Quoted no further business
Throughout the day the speculative ele-
ment awaited with the keenest interest and
with no little apprehension the expected
Illumination from Boston. this being the
day. which. according to that citys re-
liable prophet, was to mark the end of all
things marketwise.
There was no particular news relating to
the progress of the crops, and the COM
modify markets moved irregularly. Earn
1ngs statements and dividend announce
ments, to which. however, little attention
was paid. furnished the only actual news
relating to particular stocks.
IAN was to be expected, money market
conditions occupied a large share of in
dening tendencies were observed there. the
latter could not be described anything
extending beyond normal and seasonable
proportions A very large volume. of BUSH
ness was transacted with the course OF the
day, and particularly during the forenoon.
after which activity was of more spas
modic character.
The trading at all times nervous and
Irregular, and csc tendencies were re-
ffected in many sudden alterations In the
markets superficial. tone The general
swings in prices were OF fairly uniform
character, and it did not appear that the
dealings in any particular stocks called for
special comment. Notwithstanding the
general disgust which was expressed with
regard TO the new ruling as to the opera
zion OF the tax on stock transfers there ap-
peared to be no diminution in the dealings
In the securities directly affected.