The times. [volume] (Richmond, Va.) 1890-1903, 1900-06-19
STOCK MARKET
WAS NOT STRONG
Yet a Large Volume of Liquidation
Was Digested at Small Loss.
PRICES ROSE AT THE OPENING
And There Was Substantial Rally in
the Late Dealings on Covering
OF Shorts by the Profess
sional Bears.
NEW YORK, June 1s.-The stock mar
- ,;a.,,a IL ;o,,

NEW YORK, June 1S.-The stock mar
ket digested large volume Of liquidation
to-day at what seems slight expense OF
values. considering. the appearance Oh OK
tTene weakness manifested by the mar
ket at times. This result was due 10 the
fact that prices were lifted in the cary
dealings 70 a level somewhat above sat
Urday's close. and that there was a SUD
staatiaI rally in the late dealings on Gov
eriDg by the professional bears. who had
taken advantage Of the softness OF the
market TO put out extensive snort lines
But the inherent weakness OF the market
was none the less evident The buying
demand throughout the day came largely
from the short interest and from inside
interests with the purpose OF supporting
prices IN their own stocks. Preparations
for this had been made on an elaborate
scale in the expectation Of acute depres-
sion On foreign exchanges as a result OF
Saturdays developments in China, but the
depression in foreign markets was not as
extreme as feared, partly because the fTst
alarming rumors of the destruction OF the
foreign legation and the death of the Ger
nan Minister We're somewhat dlScredlteQ
In speculative circles.
Prices of American stocks advanced in
London before the opening here, and Lon
don bought stocks here al the opening
while selling others This attitude of
London gave color to recent reports that
most OF the important operators of the
New York Exchange now abroad have
been operating on the English side of the
water.
The character of the buying was suffi-
GENTLY manifest from the dizziness into
which the market quickly sank when it
rose to or above Saturdays closing level
Notwithstanding the sharp losses of Sat
urday the only buying demand of any
considerable volume came into the mar
ket when prices were blow that level.
The bear traders Were active during the
Gay, seeking TO uncover stop-loss orders,
and they had considerable success all
through the railway list, in which the de-
rjinaS at time aVpr3rpI from I a a.
points. Minneapolis and St. Louis fell
abruptly 9 points, with a rally OF > points
debentures, Chicago Terminal preferred
Hooking Valley preferred and Denver
and Rio Grande preferred lost from . to
24a, Northwestern preferred 81, and Lack
The final rally lessened all these losses
and entirely wiped out some of the
smaller ones. National Steel declined 2$4,
and Pressed Steel and American Hoop,
Tennessee Coal and Republic Steel pre-
ferred about about points each. On the
other hand. Federal Steel, Steel and Wire
and Colorado Fuel We're rather firm. The
final tons was steady and the ajority OF
the changes were loss.
The announcement OF 1900. 600 gold
exports TO Germany was not without its
effect on the weakness of the market,
more SO as further engagements are
looked for later in the week by the French
steamer. The Sub-Trcasury has con-
tributed nearly $1,000 600 TO the banks
since Friday, and New York exchange
rose further to 30c. premium. But the
Governments call for deposits to the
amount Of Si5,0Q0,00n must be met by the
banks by next week The results in the
money market are subject of much
surmise
The bond market was dull by COMPARE
son with stocks, and losses were not so
pronounced. Total sales, 81 900, G0o United
States old As and as declined Is in the
bid price.
: The total sales of stocks were 4so, 600
shares.
MONEY AMI. EyCHANGE.-Mone on
call easy at 1l24134 per cent; last loan
at ia per cent; prime mercantile paper,
51aEI41a per cent Sterling exchange easy,
with actual business in bankers bills at
S4-S7d4SIM for demand and SISt64 SIS:
for sixty days; posted rates, SASH and
s4.SSi2; commercial bills, 81. S3240l4 81
Silver certificates, 60d61; bar silver, Goa
l. LII.