The times. [volume] (Richmond, Va.) 1890-1903, 1900-06-08
STOCK MARKET
WAS STAGNANT
The Tone Firm as Compared With
Wednesday.
BULLS FAIL IN THEIR MOVE
Many Aiarmist Reports Current Re-
sardin: the Northwestern
Whea, Crop-Conservative
Bank Movement
BULLS FAIL IN THEIR MOVE

NEW YORK, June Absolute stagna-
ton characterized the stock market to-
Gay. BY comparison with yesterday, Inc
tone was firm, but that was only because
the bears somewhat oyerextended their
commitments on the short side yesterday
1t was evident that the late selling yes
tsrday was based. upon the expectation
that selling by London this morning
would offer an opportunity TO get back
stocks at a lower level London did. in
fact, Sell stocks here on a moderate scale,
but the demand from the shorts was suffi-
Gent to overcome the decline and to make
some show OF strength in the market
The bulls attempted to stimulate the
movement by bidding up the coalers on
vague talk of further comprehensive
traffic agreements. This manouvre proved
Ineffective, and the market reiansed to
about last nights level, and never got
far Away from it again in either direc-
ton. New York Air Brake was rushed
upward 212 points on talk of absorption
by the Westinghouse Company. 1t saved
d point net gain.
In Sugar there was a demand from an
uneasy short interest, which had been
overwhelmed during the decline Of the
last few days and the stock gained over
B point net. The loaning rates on stocks
disclosed the existence of quite a large
outstanding short interest well distributed
throughout the list. In the entire lack of
animation in speculative spirit the pro-
IeSSional traders are diSinclined to further
commitments on the short side.
There was no further evidence to-day
of the selling through commission-houses
which was called outside liquidation yes
terday. The incidents for the day, taken
In themselves, indicated declining values
for securities but these incidents had
been anticipated, and, therefore, the
movement of prices was discounted The
position that the cut in prices has
brought a step nearer the resumption Of
the expected buying demand.
Many alarmiSt reports We're current
ia n,
The continued heaviness of foreign stock
markets, on account of the complications
In China had a sympathetic effect here.
The selling Of stocks for London was
sufficient to cause a fractional advance
In cable transfers on London
The weekly statement of the foreign
Government banks disclosed a conserva-
I've movement still in force. The Bank
of England returns show only tG0000o in
loans repaid to the bank despite of dis
bursenent of Government deposit to the
amount of over IS. 600. 600, and a prevail
ing rate of discount. well below the bank
rate. The Bank of France has resumed
its policy of both note and loan contrac-
ton which was interrupted last week,
and in spite of a gain in gold of S2,2l2,-
o0n, it has decreased its note circulation
over So, 600, 900 and contracted its out
standing loans over S4S,op0,GOO- In Berlin
there were forced sales of mining shares
ana a reflection of the same policy OF re-
trenchment. In New York. on the con-
trary. money continues in very light de-
mand and increasing supply.
The bond market was quiet Total
sales, par value, $1.5So,o COO All United
States issues declined Is per cent. in bid
price, except the rs.
The total sales of stocks to-day were
195, 100 shares. -
MONEY. AND NEUTRALITY-SUSPICIOUS. on
call easy at l&46I2 per cent; last loan at
la per cent: prime mercantile paper
:i5G4 per cent Sterling exchange firm,
with actual business in bankers bills at
81 .S71s for demand and at SSH for sixty
DAYS: posted rates, S4.S5la and $4.SS12:
commercial bills. Si.SS12Gi4. S:i84. Silver
certificates G0461; bar silver, 60; Mexican
dollars. 49, Government bonds weak;
State bonds strong; railroad bonds
irregular.