Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-06-29
SELLING OF U. S. STEEL
CORPORATIONS BIG EARNINGS

Special Dispatch TO The Star.
NEW YORK, June 29.-Except for the
continued activity in the money market,
which not. indeed, particularly empha-
sized in view OF the close of the mouth and
the practical ending of the fiscal year. there
was nothing that was tangible In today's
general situation which could be adduced
in connection with the renewed weakness
in the stock market. 1t was not plain why
the United States Steel stocks should have
been singled out for bearish attack, or why
there should have been any urgent liqui-
dalton in that direction. The more recent
reports upon steel trade conditions have
certainly been satisfactory enough. ana
cording to current reports the corporation
will show net earnings for the quarter end
ed tomorrow in the neighborhood of $4,000
The weakness In the United States Steel
shares was duplicated, although on smaller
transactions, elsewhere in the miscellaneous
issues. There were round declines in Sugar
Refining, Amalgamated Copper, Colorado
Fuel and Iron, American Smelling and
Pacific Mail. which broke sharply ON small
transactions.
AS is often the case Consolidated Gas
moved against the course of the general
market
The local traction shares were generally
heavy, with particularly sharp break in
1nterborough-Metropo common, large
part of which was subsequently recovered
In the railway list the most striking
movements were the extensive declines
scored in Northern Pacific and Great North
ern preferred, although losses of one to two
points were common in that quarter of the
market. The most active features were
Union Pacific. Reading, Pennsylvania,
Atchison, st. Paul and Baltimore and Ohio.
There was a large falling off in activity In
comparison with yesterdays aggregate
transactions but little change otherwise in
the general character of the market. Scat
Hnl Ia ami IA i've caffi
by the pools in various stocks and fairly
aggressive operations for the short account
explained sufficiently the irregular and gen.
orally unsettled appearance of the market
As Is usually the case in similar -circum-
stances, little or nothing could be heard
with regard to the character of the buying
or the identity of the largest buyers.
The London market was dull. but gener-
ally steady with little done here for for
eign account. Gable dispatches reported
that the Paris market closed quite demon
allied in advance of the settlement which
begins the bourse tomorrow
& Money call early advanced to per
cent. but by far the greater part of the
DAY s borrowing was arranged below that
figure. and the course of prices in the
stock market could not correctly be re-
ferred to monetary conditions The prelirni-
nary estimates of the principal movements
OF currency during the week ind Gated a
gain in cash by the banks of about, 81, 100
coo. but the consequent prospects regarding
tomorrow's bank statement came in for
little attention.
After a firm opening the rates for ster-
ling exchange reacted, and about 100000
gold was engaged in London for shipment
to New York. This encouraging circum-
stance was during the greater part OF the
day similarly ignored, as were Washington
advices indicating the final adjournment Of
Congress by tomorrow night.
The days statements OF earnings were the
only actual news relating to Individual
stocks. and in accord with the prevailing
at "a In f,rN sy,4
appointing showing OF the Reading system
was the only one to receive any comment.