The times. [volume] (Richmond, Va.) 1890-1903, 1900-06-29

STOCK MARKET
CLOSED STRONG
Nth the Level of Prices Above That
ofPrevious Day.
TIE BEARS WERE BADLY ROUTED
nc Early Hours Were Dull, But the
Rally Sharp and Decisive-Bonds
! We're Not Active. But
Prices Were Firm.

I NEW YORK, June eS.-The stock mar
sket showed symptoms during the carly
hours OF the trading to-day of having
fallen back into the state of Iethargy and
s;agnant progress which marked the
trade last week. The market showed
Itself very sensitive to developments IN
the wheat market. With the continued
fall IN the price Of that cereal and re-
ports OF large quantities Of wheat thrown
upon the market TO liquidate, the courage
of the bears oozed out at the tips of their
fingers. and they scrambled TO cover their
short contracts in the late dealings with
considerable precipifancy. The result
was q strong closing at the top level,
with the rally still IN force, and at a
level Of prices from to points over
last night for many active stocks
The bears We're in full retreat all
through the list. oven Baltimore and Ohio
turning from its persistent downward
course with a rally of points from the
early decline. Sugar, Brooklyn Rapid
Transit, Peoples Gas and American To-
bacco all made notable upward move
nents, the latter apparently on a belated
appreciation OF yesterdays dividend
declaration.
While the break in the wheat market
was the dominant factor. there were other
sources Of strength which radiated
raiiying influence. The coalers advanced
on the rise in the price of anthracite
Southwestern stocks moved upward on
the more favorable prospects of the Texas
cotton crop compared with that in other
cotton States IN last years crop ana
hopes OF the corn crop. Estimates by the
Western Trade Journal that the winter
wheat crop reserves would make up the
deficiency in the spring wheat crop had
much TO do with the day s movement,
both in wheat and railway stocks. 1t
was made evident that prices of stocks
have not only kept pace with the dam
age to wheat, but have been discounting
continued deterioration. The rains in the
Northwest caused q sharp check 10 the
speculation on this basis
The iron and steel stocks showed de-
cided strength and q marked disregard
OF the rather pessimistic views expressed
Of the trade outlook by the Iron Age
The movement of prices in the steel group
gave q pretty clear intmation that In
ceased demand is being met on the de-
cline in prices. Opinions were heard that
any further reactions in prices will in
sure a violent rebound when the con-
sumers' needs begin to be felt and orders
are placed, and when the turn IN prices
has evidently been met. The course of the
steel stocks to-day was in singular dis
regard of the news of the fan in prices
and expected difficulties of wage ad-
justrnent.
The decline in exchange was checked
To-Day with the sharp advance in call
loans in the London market and the
marking up by Is penny by the Bank OF
England Of prices for gold. The decline
is said to have been caused by the COM
ing upon the market long bills which
have been held fer maturity, and are
now being sold as sight bills. As they
had figured meantime as collateral for
1oens their liquidation now involves the
laying off of leans, and may thus help
10 account for the current ease of the
honey market
The bond market was not active. but
prices firm. Total sales, 81, 900, 600. United
State bonds were unchanged in bid price.
Total sales Of stocks were 100000
shares.
MONEY AND ENCHANGE.-41oney- on
call easy at 132a2 per cent. last loan at
11z per cent: prime mercantile paper.
3I4G13Ia per cent. Sterling exchange firm
er with actual business in bankers bills
at 81 SGI2 for demand and at S4SS$4 for
sixty days; posted rates, 81. S415@i.S5 and
81. s7ls; commercial bills. 81 Ses4Q4.S 50. Bar
siuyer, 61ts; silver certificates, el1a62a3
Mexican dollars. 4Slk. Government bonds
steady: State bonds Inactive. railroad
bonds firDler. 80