The San Francisco call., 1906-06-28
New York stoek Mnrket.

NEW YORK, June 27.-Tbere were no spe-
eial hew developments in conditions today to
account 1or the rather violent break in prices
he influences which are responsible for the
uHloading OF stocks Aeve been gathering force
Tor some time past TOday's break was due as
the failHre OF the market 10 respond 10 any
His had the eSa ~ rine o1,Dson 3ss III
vantage Of 70 sell stocks This resulted In re-
assuring the uncovered bear interest. which
lad begun to manifest some misgiFings over
It's position owing to the extent to which the
decline has already extended and the proper
tions 70 which the short interest is reported 70
have grown With the demand from the bears
70 cover shorts redRced there effective
Dlslng rom any quarter % absorb tne heaYy
LIQUIDATION Nhich came upon the market To-
sdy again Some persistent efforts were made
curing nc morning 10 support prices TO drive
me s1orts 70 cover his had the eject Tor
8 while ~ ihtim ia ting the bears and any
considerable decline they showed disposition
20 take their proots and te buy With the
progress of the day the pressure of long stock
on any advantageous opportunity became clearly
mlnieSt, and ehorfs At support were almost
wholly abandoned An example OF the action
ef the market in face Of good news was fur
Violently on realizing yesterdays dividend IN
crease before tbe general market began to
weaken Its depression was communicated TO
lated during the day Of intended dividend In
creseas and lie actual raising OF the rate of
Sisf,,-Ss,se~t oS Optsrio and Western tbare-
fore was without effect Inducing any buying
Of stocks. The earlier example Of the weak
Baltimore and Ohio dividend was also kept IN
mind end helped 10 convince sentiment that
important liquidation was stfll IN progress when
any favorable opportunity offered The money
market TODAY offered evidence Of any urgent
demand for funds call. although the tone was
sOmeUhat trmer. But the lnnpence OF ieauers
Of money in inducing the liquidation OF stock
VI believed. nevertheless. 10 be a prepondef-
arlna influence A large reduction OF commit
menfs on the pert of the stock market pools
fhe form IN some cases Of seyerer scrutiny or
collateral n loans Many reports were current
. of discrimination against some OF the Industrial
stocks as collateral on loans, ana while the
hanks were not inclined TO admit these reports
the special weakness in the stock market OF
q condition OF dsfaVor Of these securities as
their present level OF values. Calling OF loans
proceeded 70 some extent in preparati ton Tor me
fufr settlement. Fears that a hurry might occur
had something do with the pressure TO sell.
Srerlfna exchange continued 10 decline Win
Increased prospects Of gold being secured 1oG I'M
mort In Is now believed that the Sl0,OoO,0Oo OF
l.oreruuaent deposits will be withdrawn from
rhe national banks on July 10, in accordance
.he redeDostt OF Government funds IN san fran-
cisco banks which IS intended meetng ot
81 Paul directors without taking any actaSh on
ri,e eyDected plan for financing tne fAeihc
coast extension added to the speculative Ieeilne
~ disappointment aud increased tbe Meakness
~ fbe stock market. which was most acute IA
ffe last hour. with closing prices near tue low,
81 General net losses run from 70 over z
ofrts and the leading speculative laFotites ~
from 3 % points and upward on the Gay
so1ss we're irregular Total sales tpar yalue)'
fDite6 States bonds were all unchanged on
call.