The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-07-13
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AssSl AL gt -iai4.44.l44l4 Il XII 81 Il 81 N
Spectators, Opposing Decline,
Declare the Market IS BE
.gs sS,,iS Dcfensclcss.
LONDON DEc LINE = L IN n COPPER 4
sThis, With June Report Oh 1rot,
Production, Has Dcpress.
s ISSsE ing Effect.
IlL u DEC LINE IN n coppEl
my. AAsoctated Press.l

3ss5 NEW, 70 nix, Jul VI II. -speculntots who
opposed q decline, IN prices rathet rue.
I fuiiy PRONOUNCED to.day's stock market
Ess.dsfenseiess.,' so far AZ II implied Sat,
SSsitire absence Of buying power the tern
SWas accurate. The only buying III EVIL
Y 1ksce was an occasional covering rnove..
/, is,Snt by the successful bear traders, who
Il were satisfied to take inviting profits on
4 1hO a decline In that way. what passed
4 Cor news about tho stock exchange IN
y explanation of the movement clearly wi1 .
A eintple conjecture for the most part by
EthS traders VINO wcrs foliowin the move
q tIteht without Knowing where the large
\ suppl y s. Of stocks came from that poured
into the market, * &. & &
asSSi ~ violent decline In the London price
4 Or copper and 4 response III New York,
4 ana n tiie further failing X 4 Il, the June
sjpfod,iction or Iron reported BY a leading
Y Authority, were cases az %eakf1ess. Az
"a matter Of fact, the movement OF the
market was trnceable largely to tech
4 MICA conditions. The decreasing demand
G for stocks on the recent rally served as
warning that no substantial buying was
coming mat tho prevailing level Of prices
q near 10 the low level OF q the oVement
touched last week. To-day those prices
4 were broken through In d large number
q OF stocks. although SO me OF the princi-
d pal market leaders are exceptions. The
effect was to encroncll on marVins and
uncover stop-loss orders which escaped
81 Il the previous decline. There Is no
present pressure on borrowers on stocks,
but Il &is suspected that loans on time
; to some OF tho stock market pools are
running to- their maturity and difficulty
8 Is found In 81 tisfactpry rene walHl M The
y money market was tranquil and the pres-
ence Of Secretary Shaw In the city was
y the occasion for an impression that the
proceeds Of bankers' SD Inscriptions TO the
Forthcoming Panama Canal bonds will
Il be left on deposit with the banks and
thus guard against an upset In the money
4 market as % consequence OF the BubBcrip-
ton In connection with the current With
ggdraWal OF $40, 900 90 Of government depos-
a its. 1ntima ton v OF u purchase by the
government OF silver bullion for mintag
+ were also calculated ID suggest a means
OF release OF government funds to the
4: market These suggestions Jof clearing
n conditions In the money situation were
given some credit for the late recovery
4 from extreme late declines. although the
taking OF the days profits on the short
side played an important part. The clos
\ ing was rather feyerish, but with most
\ OF The rally held. s8as 4 ii ~
Bonds were weak. Tota! h; sales, par
" United states q. advanced l-s per cent.
on call. sS b, "a u, s.
Total sales Of stocks to-day we're oss. 800
shares. " ai5 " s.s
MONEY AND EXCHANGE: CLOSE
Money on cali. steady, g l-4a3: ruling rate.
3s.4: last loan. 2 IL: closing BID Ia;
offered at n 81. Time loans. strong %
days, 4 1-4Q4 1-e per cent. |. 20 days, LOO
s; smonths. 1-2G5 80. I'LL
" Prime mercantile paper. SOS IL per
cent. Sterling exchange. easy, With &C
tual business In bankers bills at Hs4atg
1896 for demand. and&at S4.slSOasiSls
Tor sixty-day bills. Posted rates, y4.s7 l-s
Z and s4s5 10. Commercial bills. e4.n 6-S
Bar sIlyer,8e5 l-s cents. Mexican dollars.
81 so IA cents. ~ s s 3.s e 5ss
BALTIMORE STOCK MARKET. 818s
BALTIMORE. MD, July y. -sseaboard AZ
Line common ?1Sr,7lt. Seaboard AT Line pro.
aIeyred--Sothing doing. ANIL 5s MI j