The times. [volume] (Richmond, Va.) 1890-1903, 1900-06-23
STOCK MARKET
WAS VERY WEAK
Although Prices Opened Above Level
of the Day Before,
ACUTE WEAKNESS DEVELOPED.
There Was is;tfuI and Feverish
Rally in the Late Dealings, Butihe
Close Was Unsettled and Near
the Low Level.
ACUTE WEAKNESS DEVELOPED.

NEW YORK. June 22-The stock mar
ket developed acute weakness before the
close to-day. offering q surprise 10 profeS-
sional traders who came down TO Wall
Street under the impression that the mar
ket had been oyersoId and was due Tor q
rally. This conviction was strengthened
10y The early course of the market, which
opened higher in sympathy with London
where there WAS a better feeling on &C
count OF the lack of confirmation OF some
Of the a4ar1nist .rurnors regarding condi-
lions in China.
The buying OF the Reading stocks and
Of New Jersey Central, which made such
an Impression yesterday, was still in evil
uence, and during the course OF the first
slour some of the railroads had advanced
night. The steel stocks had rallied from
IN opening depression and were bought
pm the more cheerful views for the out
look for the iron market, and the local
traction stocks rallied on covering oil
short contracts.
The decision of the international bank
ers not TO ship gold on to-norroWs
steamer, the tall in exchange rates hav-
Ing wiped out the profit on the operation,
was Il stimulating factor. During, the
course of the first hour, however, large
offerings began TO appear in Northern Pa.
riic, coupled with renewed reports OF dis
hstrous conditions in the spring wheat
region The coaiers and trunk lines made
some resistance 10 the declining tendency
OF the market. but they proved unavaii-
ing as sustaining force and weakness
spread through the Srain-carryinS roads
md the industrials %Aa
Stocks OF industrial corporations, and
especially of those controlling public
Utnties in cities all showed acute weak
hess The pressure against Rapid Transit
became severe as the day advanced, the
net decline being 5as. The unfriendly atu-
tude of the public towards this class OF
corporation was an influence in their
weakness, bur there was Haniaation from
some special source in Rapid Transit.
said to be by the banks, which had held
them as collateral Tor loans of a large
stock brokerage firm which recently
failed The professional bears We're also
active in Offering down prices, but they
met with great success in dislodging
Stop-loSS orders.
IeveriSh, and the market closed unsettled
and not much above the low level. The
estimates of the week s cash changes in
dictate gain by the banks of cOnsidera-
bly, over a million. The currency move
ment with the interior has continued
largely IN favor of New York. Part of
The purpose OF realizing funds TO divert
to wheat and cotton speculation
The bond market was dull and the
movement of prices was irregular. Total
sales, par value. 81, $4,000. United States
bonds unchanged in the bid price.
The total sales of stocks Were 392,6S3
shares. 5..Ess-5
MONEY AND EXCHANGE-MoRey on
call easy. at 1120l43 per cent: last loan
at IL per cent. prime mercantile paper.
;}Ial14Ia per cent. Sterling exchange easy.
with actual business in bankers bills at
s.. S61al4. Sos for demand and at 81 $40
4.S4Ja for sixty days; posted rates, Si.S9H
4 Sllh and Si.SS; commercial bills, 81. S3i4@
i Ss1s Silver certificates. 6pG6i; bar sill
Yer, Co.'S; Mexican dollars. 4Iti. Govern
ment bonds steady State bonds inactive;
railroad bonds irregular
BANK CLEARINGS.-The total bank
clcarinfs at the principal cities of the
United States for the week ended june
alst were SI,49S. 260,9Se, Il decrease of "a
per cent; outside OF New York, $625,2s226,-
e66, an increase OF lot per cent.