Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-11
Conflicting Emotions Marked
! the Dealings Today.
SHARP DECLINE IN GRAIN
Alarmist Stories Over the japanese
Controversy.
LONDON ADVICES CAUSE BREAK
Marked Irregularity in Prices.
Foreign Exchange Balanced.
Money Slightly Firmer.
LONDON ADvICEs CAUSE BREAK
s,.c,sl Dj,pstch to The Star.

Special Dispatch to The star
NEW YORK. June 11.-1f at any time 1t
could be said correctly of a speculative stu-
alton that II was torn by conflicting emo
tons such a description would surely be
spplicable to today's stock market. At
the opening OF business sentiment was
naturally disturbed by reason of this morn
ings announcement of the bankruptcy OF
AN active and important steel manufacture
ing concern, and later good deal or en-
couragement was derived from the very
sharp decline in the grain market, Whicn
was generally accepted as indicating the
convictions IN the trade as TO the hiiai ou'-
come of the cereal harvest.
Early cabled advices from London report
ed an irregular market for American stocks
and pronounced weakness IN Japanese
bonds number of the morning news
papers printed also alarmist dispatches
from japan setting forth the excited feel
ings of the people of that country with re-
gard to the several diplomatic controversies
, between Japan and the United States, ana
according TO some Washington adVlces this
government is already adopting precautlon-
AIRY mea in fastening large shipments
OF coal to the Pacific coast
In fact, the Japanese controversy came IN
for a good deal of desultory discussion I'M
til interest in the matter was Temporarily
swept aside by the announcement from AL
bany that Gov Hughes had vetoed the two
cent-fare bill This welcome intelligence
led to rapid and general rise In prices
but the movement was short lived
Market Broke Sharply.
Early in the afternoon the market broke
sharply upon the receipt of cabled advices
from London reporting that great uneasi-
ness existed upon the stock exchange there
as to the outcome of the Japanese-Ameri-
can dispute and also further decline in
the securities of both countries concerned.
In view of these gravely conflicting influ-
enCes IL was not remarkable that the mar
ket should have shown the great Irregular
ity which was display ed. London was only
a moderate seller in this market. although
the feelings of concern reported there as
to the outcome of the Japanese question
did not appear to take a pronounced form
until we'll toward the close Of the business
session there.
So far this mornings manufacturing
failure was concerned. it was the general
opinion in banking quarters that 1t was
more a matter of particular than general
significance. The concern appears to have
allowed itself to become unduly extended
and to have suffered from a sort of apa-
thetic prosperity. In different circum-
stances II could hardly be doubted that the
veto OF the two-cent fare bill would have
had a wholesome and far-reaching effect
upon the market for securities. With a two
cent fare law enacted in the adjacent state
of Pennsylvania, the veto OF the measure in
New York state cannot, of course, have
any great effect upon the operation of the
and hereafter ought TO be exceedingly i'm
portant and beneficial.
The foregoing circumstances were natur-
ally enough the engrossing themes of dis
cusSion throughout the day, and effectually
diverted interest from all other features Of
the situation.