The times. [volume] (Richmond, Va.) 1890-1903, 1900-06-20
A RALLY IN The
PRICE OF STOCKS
Demand, However, DwindIed Away at
the Higher Level.
LIQUIDATION RECEIVED a CHECK
Market Fell Back Into Its Purely Pro
fessiona1 Character, and Driftcd
Rather AimiessIy, With
Slight Net Changes.
LIQUIDATION RECEIVED A CHECK

NEW YORK, June lathe liquidation
sf stocks was rather decisiveiy checked
Today. and, rs was TO be expected. after
The considerable decline of yesterday and
Saturday, there was sufficient demand
from outstanding shorts to accomplish a
rally in prices. There was no evidence
Of any buying outside this narrow pro-
fessionai circle. and the demand dwin-
aled away to practically nothing, as prices
rose an charging fraction over last
nights level.
side and attempted to bid up prices
against the shorts. but they met with
very slight success, and q late break IN
the New York traction stocks caused a
reaction all around and wiped out pretty
much all of the early gains
The selling through commission houses
which was the most striking evidence OF
weakness IN yesterdays market indicat-
ing as II did the letting go of stocks by
Tired investment holders. was on small
scale to-day. Selling orders OF this char
Hcter caused reaction after the opening
rise in sympathy with London and the
bears started to put out fresh short lines.
But they soon detected the cessation OF
liquidation. The large borrowing demand
for stocks last night had served as q
warning 10 the bears that the short IN
,erest was becoming rathN' unwieldly,
and they followed London's example and
started TO cover.
The market then fell back into its
purely professional character, and drifted
rather aimlessly, net changes being slight.
The steel group was inclined 10 weakness,
with the exception of Federal Steel. which
was firm on expectation of dividend action
on the common rnls evening. Union Bag,
both common and preferred. and Pacific
mail showed notable strength
The cessation of liquidation seems TO
have been caused by a revised estimation
of the motives of the strength in the
wheat market. Additional Importance
being given by the fears of foreign COM
plications over China and less apprehen-
Sin lntJl al Nay, 1n,a -tti ion
me fact that foreigners were selling some
wheat in this market To-Day did not seem
to effect this feeling. Growing attention
is being paid to the money market outlook
in view of the shipment of gold TO Ger
many to-day. and the intention to make
further shipments to france on Thurs
day. 1t is felt that this drain on New
ork's low level of reserves, Joined to
domestic conditions, must have an early
effect on the local money market. The
demand from Berlin is said to be for the
purpose of meeting the need for the semi
annual settlements on July LIST This
would leave short period for the con-
tinuance of the demand.
The Bank Of England lost gold TO Ger
many to-day. and a feature OF its dis
satisfaction was the rising of the price
of gold J. of a penny. Raising the cues
ton whether the British institution is to
Join in the demands being made on New
York for gold.
The Sub-Treasury is just now making
heavy disbursements on account OF pen
sons which have been sufficient since
Friday to effect the payments made by
the banks for the gold exported. But the
s.. 600 600 Government deposits called by
the Government are due on next Monday,
and no part of the instalment has yet
been paid by the banks. Meantime New
YorJ, exchange at Chicago fell from 30
to - premium. indicating Z decline OF the
flow Of currency from the interior TO New
The bond market was dull Total sales,
mar value. 81 20. 600 United States new
As declined 4 and old As and IS Is in
the bid price
30. 100 shares