New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-23
BANK STOCKS ON STOCK EXCHANGE
FINANCIAL MARKETS
Selling by Traders Effective in
Lowering Stock Prices.

Buying on SCaledOWn was repoTItN
for the account Of commission house op-
orators Of means in Yesterdays decline
In the stock market. and conservative
brokers advised purchases on all further
reactions. Active professional selling
pressure based upon the decision against
the so-called Powder Trust. the fear of
radical tariff changes and the investiga-
ton of the United States Steel Corpora
tion by local federal courts brought out
= certain amount Of long stock and car
ried early prices for the leading issues 10
levels point or more under the closing
Of the preceding day. but the factors
named were not effective in dislodging
investment holdings From the point of
view of many spectators Washington
DEVELOPMENTS We're distinctly unfavor-
able While a combination OF Democrats
and insurgent Republicans in the Senate
of course. could do all sorts Of things on
paper 10 the tariff. any bin not in line
with the platform Of the last Republican
National Convention naturally would re-
ceive the Presidents veto. and The Dem
oc~atic predictions of drastic tariff re-
vision should not. therefore. become an
unsettling influence in the business com
munity II is SO long, however. since OPP
orators for the decline in the stock mar
ket have had anything upon which 70
work that If quite logically is pushing
the tariff argument as q good reason for
sales Of stocks at prevailing prices.
There is. nevertheless. nothing in the po-
litical situation that warrants the liqui-
dalton of investment accounts or Of well
protected speculative accounts ar loss.
Nor is there any reason in the expected
prosecution Of the United States Steel
Corporation for alleged rebating for un-
4asiness on the part OF spectators and
I investors.
After the heavy selling Of the first TWO
hours the market quoted down. with no
indication IN the sentiment expressed m
most commission houses Of a resumption
of the selling movement TODAY. In pro
norton 10 the efforts expended By the
hears declines were small while the gem
era1 character Of the dealings did not
/ suggest any change in the attitude Of the
/ substantial interests toward the market.
/ No small amount of the forenoon selling
was attributed 70 p wei known specula
tor vino it was thought. had decided 10
reduce his lines preparatory 70 an eX-
tended vacation Many traders would
/ welcome further declines In order 10 ac-
emulate stocks ~ hold for higher
prices but az the moment there appears
little chance Of securing stocks at bar
/ gain figures. Reading. Union Pacific and
/ United states Steel supplied the heaviest
| dealings. Reading showing a maximum
loss of 15s. Union Pacific one of . and
/ United states Steel one If IA. the last
named receiving good support in the
neicbborhood OF ia. which was =
above the low point Of the day. The
Western crop killers" sent in their
usual doIeful advices regarding the
procress Of spring wheat and corn. but
reports from trustworthy sources. in-
Gliding those from officers Of Western
railroads we're not at all discouraging.
Wall Street farmers wear long faces
I as a consequence Of their sollcitude over
the welfare Of the toiiers in the agri-
/ cultural sections Of the country, but the
latter are reported with most beaming
and cheerful countenances. Money rates
were easy. and sterling exchange eX-
hibited a slightly hrmer tendency owing
largely 10 inquiries for bills incident to
the July interest and dividend disburse-
ments on American securities held