The times. [volume] (Richmond, Va.) 1890-1903, 1900-06-13
STOCK MARKET
WAS VERY DULL
Speculation is SWEATING Developments
in China.
STOCK PRICES OPENED HIGHER
On News OF Fir,ncr Tone III London
ani Paris, but Quickly Declined
When Iscalizin. BcSan-Bonds
Were Dull and Lower.

NEW YORK, June 12.-Thc small con-
tdngent OF professional room traders,
whose operations made up to-day stock
market. found difficulty IN causing any
ness was a characteristic of all the secur-
tiles markets OF the world. Speculation
waits on the developments in China ana
IN The money markets IN Berlin and Paris.
me firiner tone IN London and tarls on
early reports OF 4 British success in the
iransyaai caused prices TO open higher
here. but they quickly declined on reailz-
ing aiiC On short sales by the traders in
Glccd by the renewed strength IN wheat
on The continued drought in the North
west The outlook for the crops was q
dominating Influence in the market all
day.
The rally in the grangers and some Pa
ciiics reached point or over, but the
rise was not maintained. and the closing
was seHli-sLasnant and unsteady at con-
cessions. The prospect OF gold exports
on THURSDAY was a depressing influence
in the market. No actual engagements
Tor shipments had been competed but
exchange bankers generally admit that
profit is possible on the operation.
Sterling exchange held firm TO-DAY, IN
srIIe OF decline in London discount
rates. The French demand Tor gold is
attributed to the active need Tor money
in circulation incident to the Exposiuon-
B1t the policy of the Bank Of France in
reducing its note issue and in contracting
its loans is IN conflict with this view, and
indicates rather a desire TO fortify the
position of that institution. London adj
wees report uneasiness in the stock mar
ket there lest a crisis should develop in
France after the Exposition is ended
IniS helps TO account Tor the persistent
GuilneSs Of The European securities mar
ketS. The policy OF contraction Which
is being followed by the Government
banks of England, France and Germany
is in strong contrast to that followed in
his country Two weeks ago loans Of
banks rose 10 1igure above any previous
record. and last Saturdays loan item was
o.-,SSS. 700 in excess OF the previous nigh
record on july s. 1899. The aggregate OF
the loans OF national banks OF the United
States under the call OF April 10Th was
also shown to be larger than ever before.
4 he caiInneSs OF the money market IN
spite OF this large volume of credits out
STANDING, and unusually :ow proper
ton of cash reserves is testimony TO the
souudness OF c,eafidence in the financial
situation in this country.
Bonds were dull and lower. Total sales.
par value, 81 100000 United States new
As declined * in the bid price.
Tie total sales OF stocks to-day We're
2o5.124 shares. including Atchison pre-
Ierred. 5.3Io: Burlington, $50; Missouri
= aclnc .i.225: Northern Pacific, 24,96U; st.
Paul. 1870: Federal Steel. 12,125; Heo-
pies Gas. $500; Sugar, 1870.
MONEY AND ENCfiANGE.-Money on
call easy at .44:. per cent: last loan at
:, per cent: prime mercantile paper, 3l@tp
AZ per cent. Sterling exchange STEADY,
S.. S7J4G4.SI1a and S4.S45sGt4.SJ for sixty
days; posted rates. S4.SS14; commercial
bills. $4.S4lI4.S414. Silver certificates. 90
Itil: bar silver, GO; Mexican dollars, 4!3a.
Government bonds easy: State bonds III
active: railroad bonds weak