Show PRICES E AGAIN CARRIED DOWN Disappointing Di Bank an Statement Stant t nt the Principal Reason SPECULATORS SPECULATORS FEEL SHAKY SUAK I i To DI OW o p UN e nr Ef i t New few York Yo Tune June JOi stock Kock mar DM market m ket made maie some ome headway war against early d nna io wJ ela th aam to t h b from rm London but the disappointing d bank hank statement carried to betow w last t nights nt ta level all 11 around The TM T trad tra l throughout was wa languid and satt the ue t BlO move ment eAt of prices very sluggish Very few transactions action were of ot an origin outside the board room Some So support to be accorded to the United r States State Stat Steel stocks stocke and the tho co The Mae of tato t schedule of prices price for tor steel products arid and the tho announcement of the tM tI placing ot t f tor large e orders oders or t rS for tot steel rails ralia helped tb the steel stocks and nd was wea an at factor fador for the whole market There These were some special points of weakness notably Smelters Its decline of 2 was w due to disappointment over the Whir failure of dividend action actton at the recent rece t directors ora nesting meeting The Tb weather Wether reports from the corn belt and the firmness of cereal markets market as well as ge the rally rail in cotton had an unsatisfactory effect on Oft stocks and the danger of a 8 passenger rate war in the was wu not DOt Weed liked Review w of the Week The renewed decline early in the week after last Jut weeks ship sharp recovery was wag viewed with some anxiety lest Jest it might indicate a renewal of the liquidation which would weid 14 tarry carry prices to a lower level than before and precipitate new burdens on the market merke But support de developed before beo prices es got KOt dew eri to too last IaK weeks low level and the uncovering of fresh stop toss loss orders and a new Dew wiping out oC of margins w were wre le thus avoided voI steh Mleh orders having hoot bees largely cleared on brokers books by the previous decline The professional operators in the mar t m ket pretty general y accepted accept this tut as a a demonstration that large and urgent liquidation should be completed for the time Ume but that an attempt to lift ria to a higher highet range gaas was likely to en Se encounter counter fresh pressure Sure pr to sell seU Bear tactics to depress prices on the theother theother other h hand seem to meet buying 1 orders of oC a nil character c which takes stocks out of ot the market for investment 1 and thus thug fortifies the market J This kind kindor of ot buying baying however shows itself lt el ex s in hi following any ny ad advance adan vance an in h I Mice The Tho natural rec is la the tile and waiting market which developed de devel ia the latter part t of the week Indigestion Theory eory Current Currant discussion in Wall Wait street st t con concerns concerns concerns cerns Itself elf as 88 much with the sources and anc motives ot of th the taM recent r t extensive selling oJ at o oI I tock stocks as with the prospects of ot the fu future J t tare ture That resources of wealthy wealth cap tall I ts overextended ia In new en enterprises has u been aa an important fac faG tor in the liquidation is h more and more morea I accepted a ta is view rew vie of developments ia 1 the financial world and in the th law courts Mr XI Morgans pronouncement that the in indigestion Inon digestion on of or new w securities would work itself elt fb out in tim with no harm hann result resulting resulting ing lug where the t undigested securities were inherently In sound oud has bas not availed to en entirely ly r sentiment in view vl w of die dis disclosures closures regarding some of or the recent corporation formations But that much has baa been b n achieved toward the process of or digestion dige as a result re of the liquidation JR ther t k lv So s if far ac ar acas aras as it ft has resulted re in tp the ent ot rr loe tj dt taking up by ownership of its securities the Ute process of or digestion ige may b be said to have been ff ted tM and the tM overeaten overextension sion slon of credits relieved So far as this process baa has been completed ed the problem of the must deal with the sound soundness ness of or the t tb securities or the industries witch the they v are a Intended fo to represent rep Peeling of Anxiety It must be allowed that a feelIng of ot anxiety on OIl this point deeply underlies un the depression in the stock market The re report port sert t te the Lb courts by Dy dissatisfied participant I pants pant in the be United States Shipbuilding reo and aDd the tile ant re recrimination crimination in that suit have reacted on the whole group of securities Sn So far tar excessive lve capitalization is the th more mo re ef effective effective on account of the current doubts over the industrial With the gen peal eyal unrest of labor and the certainty of o future demands for higher wages was with wU the political nt of or a national campaign in sight sf t the anxiety over the labor outlook remains ns a dominating fac factor facter tot tor in IR the e securities us market Te The T e week has bas not net been free r from rOm crop scares ses nor normal normal mal tb t the t season and the tIN feverish k tone of oC the speculation in markets for forthe forthe the Treat great agricultural staples lies has added d to the tia t e eC of at th tM these |