The times. [volume] (Richmond, Va.) 1890-1903, 1902-06-04
PRICE CHANGES
WERE FRACTIONAL
Dealings on Stock Exchange of
Insignificant Volume.
UNDERGONE RATHER FIRM
New Developments Rather Favorable to
values-Higher Rates for Money
Chief Influence In Repress-
ing Speculation.
UNDERGONE RATHER FIRM
fRs Associated Press,

NEW YORK. June Sit would be use
less TO seek for anything but negative.
inference from the operations in to-day's
stock market. owing to the srnallness OF
the dealings and the ianSuid movement
OF prices. Variations OF as much as
point are rare and must be sought
amongst the obscure portions oil the list
An example Of the character OF the mar
kct is offered by St Paul usually an ac-
tive leader of the market. but IN which
there were only three transactions up 10
2 O'Clock to-day. 1t is necessary TO go
back nearly two years TO the period pre-
cedine the last Presidential election TO
find any such showing of stagnant specu-
latire interest. The nndertone was rather
firm. as the immediate news develop-
buying was entirely by small professional
traders and the market was SO narrow
that they were obliged to concede all the
advance in price caused by their biddir.
an order to close out contract. The
traders bought during the first hour in
the belief that the success of the anthra-
cite operators in keeping their mine pumps
going, in spite of the Strike, would pres
age an advance in the value of anthracite
stocks. Importance was also attributed
corn and the resultant decline in the corn
market. The immediate benefit OF in
creased traffic for the railroads of the
larger receipts was considered of much
less consequence than the obvious infer
ience that the freer offerings of corn were
due 10 the belief of planters that the com
ing crop would be abundant.
The higher rate for money was probably
the most influential factor in REFRESHING
speculation. Rates for money on call
ruled about last weeks maximum
week which resulted in the sl5.oooo00 loan
expansion by the banks, are liable to be
repeated in kind at almost any time, and
effect on the money market in the pres
lent narrow state of the surplus reserve
lis an objec: lesson against free specuia-
tive commitments. The question is be-
tginning to be canvassed whether the tax
lrdeuction. which goes into effect on July
list. will afford the expected relief to the
lmoney market by relaxing the Govern
ments surplus revenue requirement. The
fiscal operations for May show that. in
spite of falling off of over s4000,0G0 in
internal revenue collections. the Govern
ment's surplus for the month fully
equal. to that of the year before. The
most nofahfe factor in maintaining the
surplus of the Government is the cessa-
ton OF bond redemptions. which were
continuing source of relief to the money
market after July LIST Of last year. The
policy OF the new Secretary of the Treas
,nry has not vet provided for this relief.
'and his intentions in the matter are not
known to the public.
There was an active demand for Con-
tsolidated Tobacco As: otherwise the bond
market was dull and irregular Total
gales. par value, S3.4o50O0. United States
bonds all uncha nged on the last call.
The total sales of stocks for the day
were $4,000 shares.
MONEY AND EXcHANGE-Moncy on call
easier ut 36lf per cent: closed offered Mt 21s
per cent: prime mercantile paper. 46lS. per
cent, Sterling exchange firm with actual bust.
ct si.SIs@ 4.S4fs for sv'y days: posted rates.
fi.sah and SASS: commercial bills. S4S49
$50 Bar silver liver. 81; acxienn dollars, 10.
tive; railroad bonds. irregular
STOCK QUOTATIONS..