Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-03
Unsettled Conditions Marked
the Dealings Today.
GENERAL MARKET WEAK
Many Rumors of Insolvency Had Dis
quieting Effect.
SOME BAD RAILWAY FIGURES
London Was Heavy in All Depart
ments-Renewed Liquidation
in General.
ONE BAD RAILWAY FIGURES

Special Dispatch to The Star.
NEW YORK, June 3.-Today's stock mar
ket was in a condition of grave unsettle-
ment during the larger part OF the business
session a state of things which has peeh
in evidence upon several occasions on Mon
day morning during recent weeks Nhether
this represents an accumulation Oh selhfs
orders over Sunday, or whether 1t mas peen
caused by specific influences. 1t would be
difficult to say. AS a matter or fact there
was practically nothing at all Of novelty in
the occurrences over Sunday calculated TO
shape speculative sentiment In one direc-
ton or another.
Ii might have been supposed, indeed. that
the Washington advices reporting some
hesItancy on the part of the administration
in instituting proceedings against T. H.
Hartman might have had helpful effect
upon the securities concerned, and for that
matter the market at large. On the con-
trary both Union and Southern PACING
were weak. in common with the general
market.
With the course Of the morning, very DELI
mite and persistent rumors attained cur
renCy that the insolvency OF several I'M
portant houses would be announced nefore
the business day was over. THESE runorS
naturally had most disquieting effect, as
IL always the case.
Additional factors in the course of prices
were the 1uTtDer engagements VI Soio toA
export amounting to S2.OOO,OOO and the dis
coura ging statements of earnings made Dy
a number OF railroads, including that or the
Pennsylvania.
Ii is scarcely necessary to say that the
most striking feature of the Pennsylvania
statement was the enormous increase IN
operating expenses. which almost obiiter-
ated the very satisfactory gain In gross
earnings.
This same comment might however. be
applied to each successive statement or
railway traffic is now coming to hand Win
this condition of things in mind the atti-
tude of the state and federal authorities
toward railway corporations naturally
takes on increased emphasis, to the con-
sternation of investors Yet another factor
In the weakness of the stock market was
the unusually heavy selling which was con-
Quoted here for foreign account. these sales
reaching an aggregate of $4,000 or $4,000
shares. an exceptional amount in view or
the recent scale OF European operations.
London Market Heavy.
The London stock market was heavy in
all departments. with noteworthy weakness
In the copper stocks, due to still another
decline in copper metal. Because of this
the encouraging annual report of the
Amalgamated Copper Company fell quite
fiat so far as that particular stock was
concerned. There was no special explana-
ton of the weakness of the London stock
market today, and, in fact. there was some
discussion in London of the possibility of a
reduction in the discount rate of the Bank
of England at this weeks meeting of the
directors of that institution.
Money market conditions gave little re-
Election to the outflow of gold. Comment
upon the movements in individual stocks
would hardly seem to be necessary, and
would at all events not prove especially
edifylng. Out of the days considerable
total, disproportionate quota was fur
nished by the transactions in Amalgamated
Copper United States Steel common, Amer
lean Smelling. Union Pacific and Reading.
Renewed liquidation was evident in all
departments of the market and 1t was the
common report that the execution of stop
loss orders upon an unusually large scale
was a very decided influence in many of
the more extreme declines which were
scored.