The times. [volume] (Richmond, Va.) 1890-1903, 1900-07-07

Efforts to Maintain Higher Level
Were UnayaiIing.
CONDITIONS BECAME sHAKY.
Fall in Prices Due TO Natural Eeaction
Attending Profit Taking on Adj
vance and Renewed Selling on
The Short Account.

NEN YORK, July 1.-THE professional
operators in stocks who have Peell aDie
10 manipulate prices for an advance, .ow-
9nS tos the small amount OF ttoarilS STOCK
in Lae market found their efforts 10
MAINTAIN the higher level uiI;tNaiiihS w.
cay There was nothing in the news Oh
me Gay that exerted any naafkea nii.u .
SLce on the market and The relapse mus
i1e attributed to the natural TeacIoh d
1en4lng Drotit-taitins on an advance, at.o
me renewed selling Tor short account az
1racted by the higher level OF prices ana
the palpably shaky condition OF the mar
het as the day progressed
Inc lower prices fDr- Americans IN Lon on
don had LITTLE, effect, as on previous days,
and the proff.ss iaraif hil fis@TeseIned the
tactics which were so successful yeslef-
Gay in lifting the level of prices. But II
became manifest early in the day t .ia
yesterdays sustaining influence IN ne
strength OF New Jersey Central and It's
SllI-eu stocks was lacking to-day. Never.
1heIess. a considerably higher leYe! OF
prices was obtained in the grangerSr Bal
Hnore and OHIO and Missouri Paclhc
Sugar, the local fractions and People 5
Gas were also strong.
Inc steel stocks suffered from realizing
on the published report that the steel
Interests were comforting to maintain
prices. The late selling WAS persisted in
later than usual. and had an effect in
combination with the break in steel
stocks The later efforts of the bears cen
tered on Louisville and Nashville, which.
after rising "a, was driven down Us. In
January the directors declared a : per
cent. dividend on this stock for the semi
annual period. which was called ~ per
cent regular and u per cent. extra. The
price Of the stock was afterwards rushed
up on the assertion that the coming semi
annual disbursement would be 21a per
cent. Now the traders are selling the
stock on the surmise that at Monday s
dividend meeting there viii he declared
per cent. and " per cent. extra as
was done in January.
Other stocks which have been profli-
nently mentioned for dividend per cents
We're most sharply affected in sylnpa thy
The whole nlarhet fell below last night s
level, and closed heavy at about the
lowest.
Tomorrow ban statement is expected
10 show gain in cash of upwards of
y, 600 900. This makes the Immediate fu-
lure tx the money market clear.
The bond market to-day was dull out
SIDE of sales of Reading general As, and
me market was irregular Total sales,
par value. 81. 020. 600 United States bonds
We're unchanged in bid prices.
The total sales of stocks today were
-34S, 500 shares.
MONEY AND ExCIIANGE.-Money on
call 1lL92 per cent; last loan at ~ per
cent; prime mercantile paper, 5$4G4l2
per cent. Sterling exchange firm, with
actual business in bankers bills at $4.S6s
Tor demand and at S4-S33sd4-S4 for sixty
days; posted rates, 81. 81 and Si.SS12; COM
1nercial bills, S+.S::ai. S334- Bar silver,
zl5s; Mexican dollars, IS; silver certifi-
Gates. 62a63. Government bonds steady;
State bonds weak; railroad bonds irreg-
1llar.