The times. [volume] (Richmond, Va.) 1890-1903, 1900-07-13
THE EARLY GAINS
WERE WIPED OUT
The Market Fell into a State of
stagnation in the Late Hours,
CLOSING WAS AT The LOWEST.
Strength TO Resist tho Decline.
ghe Money Market Lirclcss
and Bonds Dull.
CLOSING WAS AT THE LOWEST.

NEW YORK. July 1.-THE phrase Pc
tered out best expresses what happened
70 the upward movement of prices TO-DAY
Inc action OF the stock market was en-
1irs!y aside from any news of the Gay,
as WITH The case with yesterday 5 s!!alP
rise in fact, the news OF the Gay was
1oE the most part favorable 10 hishea
prices. 1he reaction must thefeIoie' Ne J
attributed 10 purely technical causes. ~
seems 10 demonstrate that yesterday >
Jump in prices, which was primarily 81
rected against the short interest, mas re-
suited in eliminating the weak portlon OF
Gle uncovered shorts.
Yesterdays considerable rise invited
heavy prolt-taking this morning, pu'
alter prices had fallen consIdefabiE Pr
sure from that source relaxed. An eiioil
was then made to renew the butl dehloit-
stration OF yesterday. When Union "a
enc got up to .r6 it became manifest thal
the orders 10 sell at that level were larger
tAan The present bull managers were pre-,
pared TO absorb That stock then fell
back, and its heaYiness was practically
Unrelieved for the remainder of the day.
The efforts of the bulls were then SHIFT
ed TO Baltimore and Ohio, which, as a
consequence, was rushed up 2!s from the
low point This Inanoeuvre proved un-
ayailing 10 hold the market, and the lat
ter part of the day showed almost unre-
lieYed stagnation. About ali the earlier
gains were wiped out, the prices generally
Iailing below last night.
The market ignored completely the crop
prospects as reflected in the grain. The
active liquidation in wheat induced by
the sanguin4 expectations OF some of
the trade journals failed entirely. st.
Paul dropped the best part OF another
point from its price, and fractional losses
were felt throughout the railroad list.
Bituminous coal and other coal-carrying
roads gave some early indication of
strength, but theEr gains We're lost in the
late reaction. The steel stocks were dull
The market was entirely without any
point of strength on which to fix a re-
SiStance to decline. The closing was dull
and heavy at about the lowest.
The weekly statement of the Bank of
England occasions renewed questioning
not soon be renewed. That Institutions
loss of gold for the week exceeds S.. G0a,-
600, which has largely gone TO France,
and 4 reaction in sterling exchange at
Paris to-day 10 the recent low level shows
the demand for gold there still insatia BILE.
practically lifeess, SO that any extra in
tiucement would probably draw gold from
the New York banks.
Bonds continued dull. Total sales
81, 100 600, par value. United States As,
when issued, and new as advanced u and
the o's Is In the bid price.
Total sales Of stocks were 19S,9o0
shares.
MONEY AND EXCHANGE .-Money on
call steady at 1l2G1&. per cent; last loan.
IL per cent: prime mercantile paper
3st td4la per cent. Sterling exchange firm,
with actual business in bankers bills at
81 $685. for demand and at 4.S6 for sixty
days; posted rates, 81 50 and S4.s7I2;
certificates. 612.G62lA; bar silver, 61as;
Mexican dollars. 4Si4. Government bonds
strong; State bonds inactive; railroad
bonds Irregular