The times. [volume] (Washington [D.C.]) 1897-1901, 1900-06-15
dull MARKET CONTINUES
Attempt to Take Quick Prafi,s IL
duceS FlatnesS.
No Indications of a Fresh Outbreaks
of Outside Liquidation and Deaf
inEs Limited to the Walls OF the
Exchange London's influence
Proves Favorable to the Long Side.

NEW YORK. June 14.-Yesterday' ad-
vance in the market was perhaps SUI
ficient explanation of its reactionary tend
ency today That is to say. such improve
ment as was shown in the dealings then
reflected little more than the covering of
short contracts, with some attendant pro-
fessional buying in connection with it. The
demand from the short account having
been decreased through yesterdays deal
ings. the market flattened out today when
the buyers of yesterday attempted TO take
profits. The dealings furnished no indi-
cations of a fresh outbreak of outside
liquidation, and, in short, the market ap-
peared to be more wholly limited to the
walls of the Stock Exchange than it has
been at any time throughout the pro-
tracted dullness.
London's influence in the market, such
as 1t was. again favored the long side.
Somewhat higher prices for American
stocks were shown in the early cables
end On balance foreign houses bought
small amount of stocks here. Such degree
of steadiness as appeared in the London
market was seemingly owing to the reduc-
tion in the Bank of England's minimum
rate of discount of / 1-2 to 3 per cent. The
weekly statement of the bank, accompany
ing this action, was strong one. Appar-
entity neither the complications in China
nor the Developments in South Africa
were effective in the London dealings.
The local situation was almost wholly
bare of developments of any Importance.
Rather gloomy views regarding the future
Of iron and its allied industries were set
forth in the weekly trade publications,
while the agricultural situation was no
more clearly defined than it had been
previously. The wheat market after ad-
vancing sharply at the opening Of business,
became decidedly weak but the newly
excited and heavy speculation in the
cereals renders the fluctuations in it of
less significance than they would other
wise possess.
There were few important statements OF
earnings reported and seemingly little or
no attention was paid to the approaching
meeting of the Republican Convention.
At one time the market was unsettled
through the dissemination of rumors.
which were apparently wholly without
foundation. of the impending Bankruptcy
of large commercial concern, but small
improvement in market conditions fol-
lowed the subsequently clearer compre-
hension of the matter in question.
The reports upon the state Of the iron
trade were reflected in sharp declines in
Tennessee Coal and Iron and the steel in
dustrials. Elsewhere in the industrial
quarter the Tobacco stocks were under
pressure, and wide fluctuations appeared
in the transaction in Sugar Refining. A
further advance of 10 cents per 100 pounds
was announced today in the price of re-
fined sugar by the American Company.
The local traction group was comparative
ly neglected and il moved in line with the
irregular fluctuations in the general mar
ket. Declines were common in the rail-
way list and were most extensive in Mis-
scuri Pacific. Atchison preferred. Northern
Pacific and the granger shares. The Lake
Erie and Western issues were exception
ally firm, with reports current of the
eventual retirement of the preferred
stock. Aside from this instance there was
virtually nothing new in the way of facts
or rumors bearing upon particular stocks.