Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-06-08
REVIEW OF MARKETS
FINANCIAL And COMMERCIAL
Stocks, Money, Exchange, Bonds, Grain,
Cotton, Provisions, Etc.
These Are Closing Sales
Each Day.

New York June 7.-Absolutc stagnation
characterized the stock market to-day.
BY comparison with yesterday the tone
was firm, but that was only because ,lle
bears somewhat over-cxtendcd their com
mitmcnts on the short side yesterday
1t was evident that the late sclilnE yes
tcrday was based upon the expectation
that selling by London this morning
would offer an opportunity to get back
stocks at Il lower level. London did. IN
fact, sell stocks here on a mouerate scale
but the demand from the shorts was suiii-
cient to overcome the decline and to make
some show of strength in the market
movement by bidding. up the Coalers on
vague talk of further comprehensive
traffic agreements. This manoeuyre
proved ineffective and the market re-
iapsed to about last nights level. and
never got far away from 1t again In
either direction. New York Air Brake
absorption by the Westinghouse Com
papy. 1t saved II point net gain. In
Sugar there was Il demand from an I'M
easy short interest which had been over
extended during the decline of the last
few days, and the stock gained over a
point not. The loaning rates on stocks
disclosed the existence of quite large
outstanding short interest well distributed
through the list.
In the entire lack of animation In
speculative spirit, the professional traders
are dsinclincd TO further commitments
the short side There was no further
evidence to-day of the selling through
side liquidation yesterday. The incidents
of the day, taken I'm themselves. indicated
declining values for securities, but these
incidents had been anticipated and, there
fore. the movement of prices was dis
counted The iron stocks were rather
firm on the supposition that the cut In
prices has brought Il step nearer the re-
sumption of the expected buying demand
Many alarmist reports were current
concerning the Northwestern wheat crop.
The continued heavincss of foreign stock
markets. OIL account of the complications
In China, had n sympathetic effect here.
The selling of stocks for London was
eu1ilcient to cause fractional advance I'm
cable transfers on London. The weekly
statements. OF the foreign government
IN force. The Bank of England returns
show only 100000 in loans repaid to the
bank. in spite Of the disbursement of gov
ernment deposits to the amount of over
SSeO,OOO and Il prevailing private rate of
discount well below the bank rate AS
the governors rcfrained from reducing the
rate OF discount. The Bank of Crance
mas resumed It's policy OF both note and
ionn contraction which was intcrruptN
last week, and in spite OF n gain in gold
OF 81, 10000. II has decreased it's note cir
culation over SIS. zoo. 000 and contracted If c
outstanding loans over SIS. 100000 In Ber-
I'm there Were forced sales of mfninp
shares and reflection of the same pollcv
or retrenchment. N'
oo In New York. on tho contrary. money
continues In very light demand and SIM
ply. The bond market was quiet ami
irregular Total sales. par value. 81. $50 000
All united States issues declined l., nor.
cent; In the bid price except the 2's. rhr
Iotai sales OF stocks to-day were 1a5 lo0
New York. June 7.-Standard Oil. 5.isl1