The times. [volume] (Richmond, Va.) 1890-1903, 1900-06-05
STOCK MARKET
WAS REAC:TIONARY
And Characterized by Apathy and
Hesitation.
THE BOND MARKET WAS DULL
There Was Some Speculation in Sugar
During the Day on the Expccta-
ton of ID vidcnd Being.
d Jared.

NEW YORK, June 4.-The stock mar
ket reIapsed into the reactionary condi-
uon, showing The same apathy and hest
taton which characterized for some time
previous to the slight flip which gave
an appearance of some animation and
strength last week. There We're times
to-day when stocks were offered quite
freely and II considerable variety, ana
the entire absence of demand made prices
vulnerable to the efforts by professional
bears To get them TO a lower level.
The actual news OF the day offers little
TO account for the weakness in the mar
kei. Probably the correct explanation is
the conviction, now become general IN
Wall Street. that last weeks buying was
due to the closing up of some extensive
short accounts by one or two operators
on a large scale. While that demand
found very scanty offerings OF stocks, it
failed entirely TO attract any additional
demand Conanissio n-house business
continued at a very low ebb. There was
some speculation in Sugar during the
DAY, based on the dividend prospects; 1t
was expected that the quarterly dividend
would be declared to-day, but it was
announced that during the trading that
action would be deferred until to-mor-
ever, that the Executive Committee had
already determined upon a ~ per cent
dividend for the quarter, maintaining
the same rate as the last dividend. The
price was run up to 1l9si by this rumor,
but later fell back below Saturday
price, closing shade off on the day
Inc W IlISUDuGG MONDAY ana
on the Continent left the market with
out any index OF foreign conditions
Some sentimental depression was caused,
however, by the delay in The occupation
Of Pretoria and by suggestions OF money
market difficulties in Berlin. The bears
professed some uneaSiness, also. over
possible complications in the far East.
The closing OF the Illinois Steel Com
pany's mills in South Chicago made the
steel stocks especially weak early IN the
day, but the tone of the group became
steadier in the late weakness of the mar
ket- a rise of ) points in New Jersey
caused q temporary hardening Of the
coalers, but it did not hold
The heavy loan expansion by the banks
disclosed by Saturdays bank statement,
bringing the loan item to the largest
figure in the history Of the Clearing
ttiouse. was unexplained by news of any
Especial transaction In this connection
discussion was caused by the dispatch
from Berlin to the Associated Press, re-
Eporting a project by German hnanciers
10 introduce the imperial ) per cent.
Ebonds upon the money market on &C
count of the great abundance of capital
in the United States. The Treasury De-
jpartments estimation OF the amount OF
,Inoney in circulation June lst shows AN
increase Of S14. 162, 40S for the United
States for the month. in spite of gold
exports of over S10,o00,O0o and the TAX
ing UP of the Treasury surplus OF nearly
50 ouo 600 The prospects OF an early re-
sumption of gold receipts from the
Transvaa!, the expectation that ship
ments will soon be received from SaHe
Nome and the kiondille, and the high
rate of production reported by American ,;
mines arouses the discussion as 10 the
future effect on prices of this large sup
ply of money metal The small broker
age failure announced during the Gay
was without effect on the market
The bond market was dull and irreSu-
lar. Total sales, par value, 81. 10000
United States old As coupon declined 4
and do. registered IS Is per cent; the
rs advanced Is per cent.
The total sales of stocks to-day We're
2I3, 100 shares.
MONEY AND ENCHANGE.-Money on
call steady at 1a40I2 per cent; last loan
at per cent: prime mercantile paper,
31suyaA per cent Sterling exchange
easier, with actual business in bankers
bills at s4STG4.SI14 for demand and at
81 SAL. for sixty days: posted rates.
81. S51pa4 SS1a; commercial bills. i.o5iaatp
Silver .neriiticatnS. GNiGtil. bar