Show BOOM IN PRICES GETS A Speculators in Wall Street De Determined to Get Out From Under IS DiSCOURAGING JG CAUSE FOR ABRUPT CHANGE u UNKNOWN N KNOWN New York June JUlie A pronounced de determination de determination termination to get out of speculative hold holdings holdIngs ings in stocks developed In the stock mar market market ket toda today The small regard shown for prices In effecting this purpose argued a precipitancy which whick had a very er r discouraging ing and depressing effect on speculative sentiment The cause for the mutations in speculative sentiment are not easily discoverable and there was noth nothing nothing ing on the surface of the days events which would account at an all for the abrupt transition from the confidence manifested In yesterdays buying of stocks to the endless throwing over ot of holdings characterized market The na an nature tare ture ana the volume of the selling In fn view of this lack of explanation ot of events In itself proved formidable to the maintenance maintenance nance of confidence and gave rise to a feeling of anxiety of causes lying beneath the surface which might be the induce inducement ment for the large selling whIch was in evidence In the market The Impressive selling was especially conspicuous in Pennsylvania and in the United States Steel stocks and the sympathetic effect of this upon the whole market was Ver very bud bad Some of the events of oC the week which are regarded as most important from a financial standpoint are recognIzed as cal calculated to be of special benefit in Penn Pennsylvania Pennsylvania sylvania in its standing and it is assumed that the benefIt thus afford afforded ed to the stock was a motive in bringing about these events Yesterdays actio by the directors of the BaltImore all an Ohio in advancing the dividend from per cent to a 6 per cent basis was such an event So was the statement given out b by the president of the Pennsylvania in connection with the flotation of the Paris loan which was a review of the finances ot of the company evidently intended to re reassure reassure assure public opinion on the subject That there should be such urgent pressure to sell the stock and such an Important vol 01 time ume of liquidation offered for the purpose In lace face of these measures to sustain the stock in the market gave rise to uneasiness on the part of the speculative speculative holders looking to a rise In the thc price The persistent selling of United States Steel was of a Similar et effect on general speculative sentiment The reported cut cutin cutin in prices of southern foundry iron was con largely largel responsible for the weak weakness ness in United States Steel although the supposed intention to issue bonds for the completion of the Indiana plant was also cited as ground for the selling The Tue sp spec speculative c cu u lUe influence of the cut in southern iron prices is enhanced by the fact that it a trade policy traceable to the same me sources as were responsible for forthe forthe the sudden cut in wire prices several eral years OO rs ago in the midst of proclamations of un unparalleled unparalleled paralleled prosperity In that trade and an active bull speculation in stocks led by bythe bythe the authority in the trade Aside from these somewhat sentimental considerations there were no important developments affecting the stock market markeL Mo Money ay on call was as easy the stock market liquidation having baving an influence in this direction Foreign exchange de declined dined further in response to the reduction tion In the Bank of official dis discount discount count rate but rates for time money con continued continued strong and only light supplies were offered Account is taken of the approach of the time for preparations for the Jul July 1st settlements which are expected to cause some pressure on money supplies The grain markets remained under the in influence licence fluence of scattered reports of crop dam damage damage age which were not calculated to help the stock market There was some rally on OI short covering during the last hour bour of the session but the closing tone and only onh a fraction above the lowest Bonds were easy Total sales par value n United States bonds were all unchanged on call |