The times. [volume] (Richmond, Va.) 1890-1903, 1900-06-24
MARKET EXCITED
AND FEYERlSH
Stocks Thrown on he Market in
Large Volume,
The WEAKNESS NOT GENERAL.
The Trunk Lines Holding Compare
lively E'irm-Eonds Moved 1rreS
ularly Toward a Lower
Plane OF Prices.

NEW YORK. June 23.-The SATURDAY
short session of the exchange was a ~; -
criSh and exciting one under the ootii't =
7son OF much the same influences a a. 49, 10
some DAVIS past The holiday in LONDON
left The New York stock market Wili:o l
It's accustomed guide TO the specui i ~, :
sentiment of the outside world, with ule
usual result that professional room bf. az
ers were at sea for time aiIer t L
opening The sentiment oosctVaole Ia
some time past among the piolss95o To- :,
that the market was overSoid ana was
due Tor q rally, was in eHlGehce dt tue
opening, aud vas reinforced by some OF
vlous nervousnesS on the 'aTt u t!ie
shorts
The latter clement covered freely IN
Northern Pacific, and was .nere va q
firm tendency in Sugar, the lfuilh h.iiJS
and the Reading first preterfeo, "hlS'i
served as points of resistance 20 Neah r.
ness. But the continued demorallzat ., AZ
Rapid TransIa upset teh commence OF uic
bull element. and stocks began 10 coi i
on IN market In large volume before the
end of the first hour Northern fac!ilc
was carried down over point lfo1lf IIie
high level at the opening. Extreme Weah-
ness did not become general, the IFu u, n
Lines holding comparatively nrIn' ahG
shorts covered in anticipation OF the pahk
state.
The excited advance in wheat here was
an influence on the break in stocks. Tue
market had become quiet when me pallh
statement appeared, and gave a sho esa,., ~
sentiment by the large decrease shoW4i
in cash reserves. Estimates based on 1lle
official reports OF sub-IreaSuI-y~ eratiotls
and statements of the movement 81 cur cur
rencyz Fly express to ana from the interior;
furnished 10y the banks themselves, nau
foreshsIdUwed gain in cash by the banks,
after allowing for the gold exported our
ing the week of a million dollars or over.
Wall Street is lnystitied as 10 the source
OF the drain which hasdepleted the cash
resources OF the clearinghouse inSutu-
tons: only plausible explanation rs that
the decrease represents some provision
made ny the banks to- meet. the require
ment Of the wlthdrawalsof 5,etoo4o OF COY
ernmelt deposits called for MONDAY Ine
demand for finle money during the week
Indicated some expansion Of credits 1he
shifting of loans caused In this way may
have had more to do than has been suS-
pected with the weakness in the stock
market.
The late break in the market on the
bank statement carried some prominent
railroad and Industrial stocks, from 1 TO
points below last nights level National
Steel lost 8, Northwestern 81, and RAPID
Transit g 3-S Except for q few rallies
on covering 10y room traders, the market
closed weak.
The bond market has moved irreEularly
towards a lower plane OF prices United
States new As have declined Il, and the
old SIS. and refunding IS, u in bid price.
Total sales Of stocks were 334,59o shares.
MONEY AND CONGRATULATIONS on
call nominal; prime mercantile paper, ~
G413 per cent Sterling exchange steady,
with actual business in bankers bills at
81 sGiadJ4. SOS for demand and at S&.S4Q
J. s414 for sixty daysI posted rates. &4.S5d
4.85E and sass; commercial bills, St.s3H
a. S55k SILVER certificates, GoGGl; silver
bars, 602s; Mexican dollars, 4I24-
WEEKLY BANK STATEMENT.-The
weekly bank statement shows the follow
Sur reserve. decrease. 81. 81 900
Loans. increase ....... 25,aO0
Snscie decrease .......... /. 99l 300
Te-ai tenders, decrease .... 1,17G 900
DEPOSITS. decrease -- 4, as. 600
Circulation, increase ......... 66500
The banks now hold $15,5SO $50 i'll eX-
cess of the requirements OF the 70 per
cent. rule