Show FORMED ABULL PARTY t Its Operations In the Ifew Stock Market Yesterday I BUT LITTLE ENTHUSIASM + UNFAVORABLE BANK STATEMENT STATE-MENT APFECTS PRICES + Decrease I Cash Owing to Engage ment of Gold For Export Short Week On Change Characterized By Dazzling Campaign and Quick Retreat By the Bears I New York June Yesterdays sharp upturn In prices had the effect of encouraging en-couraging the formation of a bull part in the stock market and they made it sufficiently obvious at the opening of the trading and even before that they had fixed upon the stocks of new steel commissions and a few other industrial industri-al specialties as the most promising field for operations Tips were disseminated dis-seminated through Inspired sources and by publication of coming dividend declarations de-clarations on several of these properties proper-ties and their prices were bid up in an unostentatious way at the opening There was not the expected enthusiasm expected asm however in support of prices either by the outside demand or by the professional traders The higher level of prices invited profittaking by some of the buyers of yesterday and the advance came to a standstill There was a hardening or prices on covering by shorts in expectation of a favorable bank statement But the statement was on the contrary unfavorable un-favorable and the gains which had been established by the bull clique were quickly marked out There was very little liquidation induced by the decline and the closing was quiet and somewhat irregular in tone and showed show-ed net losses in the majority of cases The holiday in London deprived the market of what has been a source of strength in the last few days Western West-ern Union Brooklyn Transit and Sugar showed evidences of rather acute weakness weak-ness and in the railroad list Northern Pacific and the Coalers were centers of depression Fractional gains were retaine in a few stocks early advances ad-vances Trot being entirely wiped out in the iron and steel group The bank statement was a surprise as it was expected that the liquidation in the stock market would have resulted in a contraction of loans and a decrease in deposit liabilities Instead of this there was a small increase in leans The decrease in cash was expected and was due to the engagement of gold for export and to losses to the banks by the subtreasury by reason of the small excess of revenue returns over government expenditures which is now the rule There was vsry little business busi-ness transacted in the bond Jar et and price changes were small The short week on the stock ex change has been characterized liy a dazzling campaign and quick retreat by the bears They found a number of conditions In their favor when they returned to the street on Wednesday after their threedays holiday and they I sold stocks with great confidence 1111 soon broke the market The exhaus 1 tion of margins on the decline brought out flood of long stok which enabled I en-abled the shorts to cover extensive lines at a good profit Probably the 1 most influential factor In determining the bear attack was the abandonment of the purpose to sustain i the prices I of the new Amalgamated Copper stock I at or above par The 575000000 of stocks of this organization was largely ovesubsribe at par and the payment pay-ment of subscriptions was completed aweek ago Monday The subscribers were understood to include some of the I most powerful financial Interests in the country and the new stock was supported at or above par all last week in fact of a very languid public demand de-mand When the price was allowed to slump to 85 on Wednesday and Thursday In the outside market it was internreted to mean that the powerful I i backers were not disposed to combat the reactionary tendency in prices for the present I Fortified I by acquiescence on the part otf i mb tr I of the element which had frustrated previous attempts to force dawn prices the powerful bear party proceeded to work their will with no Important opposition 11 op-position A large body of security owners had for some time been In the position of inertly holding Jn waiting for a further rise In prices When tne I I bears began to offer prices down by wide gaps and the owners saw the value of their holding bFng cut away from under them they became alarmed and threw over their holdings indiscriminately indis-criminately Among them were showings show-ings of reduced net earnings for April by the St Paul Burlington Nortl > yn cm nBl Pacific and Union Pacific systems lOr which subsequent plausible explanations explana-tions were nffsr1dint which were cu tons oI1r their face evidence of a decreasa in the sums available for distribution among the stockholders There was a hardening tendency in exchange foreshadowing an outward movement of gold which came in the announcement after banking hours on Thursday of a ongiKement of JJCOu 000 for shipment to Europe I The feet that this nqritjmunt was made after an easng of the rate for sterling EXchange EX-change lei some exchange bankers tc question whether the operation could yield a profit as an ordinary exvhanire transaction The fact lat I was made by the institution that financed the Amalgamated Copper mlll nand n-and also the payment of the Philippines Philip-pines Indemnity may serve as an explanation ex-planation The purpose was to provide pro-vide for the payment to pair so as to avoid the export of gold and a sufficient suf-ficient amount of foreign exchange was accumulated to cover the amount dUI I to Spain so that the gold or certificates I I certifi-cates of gold could he transferred from the subtreasjry in New york to the hanklntr Institution I was nhvlouslv I a corr ar nsttu the plan to set off foreign for-eign obligations to banks including presumably foreign subscriptions to the new copper company to make up the foreign credits tunrned over to the government But the operations seem to have induced a plethoric condition In the local money market and a hardening hard-ening tendency In the London money market which were not counted upon counte and which make the outward movement move-ment of gold necessary to restore the balance The relief to the London money market mar-ket gave strength to the stock market there which spread to Americans and was reflected back upon the New York stock market This with the fall in wheat the subsidence of the yellow fever scare and good prospects in the frs nl l dg I coal carriers led to good recoveries Prices recovered last weeks level or above all around Bonds sold off ins in-s with stocks but they were later in yielding and declines were much less marked United States 3s and old 45 reg advanced J and the i new 4s and the 5s 4 m the old price ar The dar coupon declined i The total sales of stocks today amounted t 289170 shares including American Steel Wire 25500 American Amer-ican Sugar 21000 American Tobacco 4000 Anaconda 2200 Atchison preferred pre-ferred 12700 Brooklyn Rapid Transit 25300 C B Q 12300 Federal Steel 23200 Federal Steel preferred 4400 Louisville Nashville 3500 Manhattan Manhat-tan 10700 Metropolitan Street Hal way 6800 M St P S S M S500 Missouri Pacific 6400 National Steel 330 New York Central 3500 Northern North-ern Pacific 6000 Ontario Western 3000 Pennsylvania 6100 Peoples Gap 4600 Reading firsts preferred 4000 St Paul 10000 Tennesse Coal Iron 000TJnIon Pacific 4700 Union Pacific preferred 2000 Rubber 2400 Western West-ern Union 4900 Bond Quotations US reg1 0 M KT4S555i I S 3s reg103 N Y C lslY U S 3scoupk109y N J C gen 5sl2 Us S n4s eegI30 Nor Pae1s112 U S n 4s cout > l3H < Npr Pac 3s 67 H 1 V S o 4s reffl2H Nar Pad 4s 106 U S o 4scoupll3 i N Y C St 1T S Ss refr1U2 Louis 19 107k U S 5 coupl2 N W con 4s 93 s D C3 6slS N W gen 63132 f Atch n 4al0lt O Nay 4shi2 Adjustment is 82V4 Ore Nay hi1l2 Can South 2shll O S 1 Ss13214 I C 6 4iS 9454 Consol 5 13 C O 5sallS14 Reading gn 49 S C N con 18Y 1 G W is300 Debenture 53122U st L Iron M b Chic Term 4s 102 consol lr 1UU J DRGlsof St L Sail F I 1OS general 6s v l2514 D R G 4S103 St Paul cooJ6S ET V G ls103 St PC vP JS124 Erie Gen 4s 721 St PC P 5s124 Ft W De So Railway 5I511014 I City is S3 Standard Rope G r lS S A te114 Si TGnOfdS7 Gen Elec 53 > ilW T fgV Is11544 G H S A 2sJU T P 2s 5 1 T C 5sI113 Union Pacs1014i Consol 6 111 S Is11714 la Cent isli314iVatash 3 9 1 K c G Is 668W t Shb 4s11414 L N U 4s SS14IWis Cef is 74 l K TTS 2s 553k Co1o So f4 S6 Stock Quotationst Atchison ITTiCt Paul 17 B O 1r Preferred 16914 Preferred CJHSt P < 34 Can Pacific 9 Preferred 170 rnYi < onthprn rfllt Rn Pacific uau 3n i Cent Pacific Sg S Railway lOs Ches Ohio 2414 Preferred 43 y Chic AltonICO Tex Pacific 1S t C B Ql95l Union Pacific 4014 C E 1 73 Preferred 74Vi Pfd ofd124 Wabash TJi C G W i37 sf 1referrcd 13 C I L 8HJW r B S Preferred 4l14t Preferred 23 C N W ISlVtAdams Express110 Preferred 1S2 Amn Express 135 C CC St L 52U U S Express 47 Preferred S6V WellsFargo Er123 Del HudsdnUSv Amn Cot Oil 34Y D L V166 t Preferred SOD SO-D R G 22UAmn Spirits I 9U Preferred 76f Preferred 2S Erie new 12 Amn Tobacco 95e 1st preferred 34 Preferred iw Ft Wayne 154 t Con Gas 171 Gt Nor pfdlal Com Cable Co179 Ills Central112 Cole F 1 44 lM koC E IWl 15l ic Preferred 103 Preferred 6 Gen Electric US Lake Shore 9314 Haw Com Co110 Louis Nash 9 > Ylaw T Co110 Manhattan L lOSVs Inter Paper3 Met St Ry2i4t4 i Preferred i Mich Central 113 LacledeGas 5 Minn St L r jLacee 20 1st preferred102 Preferred 110 Mo Pacific 4W Nat Lin Oil 3Y M 0 37 Pacific Mal 4H M K T 1H Peoples Gas 117U Preferred 3 Pullman Pal150 N J Central 1l514Siiver Certs 6 Centr1JjSlver N Y Central129 Standard Rope NYCStLi3 Twine 7i 1st preferred G II Sugar 145 2nd preferred 3 Preferred 117 Northwestern 91i Tenn C I 6 Nor Ama Co 1 U S Leather 5 Nor Pacific 461 Preferred C I Onto West 25U S Rubber 5m O R N pfd 2IU Preferred 1144 Pa C 1st pfd 83Westem Union 8771 2nd preferred 5 Federal Steel SS4 Pittsburg151 Preferred S Reading 20 A S W C C2i 1st preferred 57U Preferred 97 R Q W 3 Glucose 6 Preferred 7 Colo Southern 5U Rock Island 110 J 1st preferred 43 St 1 San F 10 i 2nd preferred 15 1st preferred f Pac Coast 33s 2nd preferred 3 N W pfd 6 t St L S W 1214 Coat Tobacco 4SU Preferred 3114 Preferred 8114 The Financial Situation New York Juno 3The Financier says The changes In tho statement of the associated asso-ciated banks of New York for the weekending week-ending June 3 are almost trivial compared com-pared with tho heavy fluctuations of the past few weeks I would seem that the culmination of a number of Important matters had at last been passed leaving the banks to report only routine operations opera-tions of a comparatively dull week The two holidays coupled with tho comnara tlve quietness In the stock exchange for I the remainder of the week are reflected 1 In the slight changes In the loan Item but the gain mal a it is possibly indicates I that the period of heaviest liquidation is over I this is true there is reason to believe that some use will b found for the accumulation of surplus funds at this center and that rates may be maintained at something like a reasonable figure although no advance of any significance Is anticipated The banks lost in cash during the week according to the statement 1134000 all acordin of which was in specie Operations with the treasury areknown to have resulted in a decrease about as stated but no account ac-count has been made of a much heavier gain from the interior and the real facts are that the reserve Is heavier than is to be inferred from the statement Deposits remain almost stationary so that the reserve re-serve reduction is due entirely to the loss in cash cah The shipment of 1000000 in gold t I Europo coes not IIKUTO in uiv incitwiv This incident had no effect whatever a = the money market as the transaction Is understood to have been of a special nature na-ture I Is doubtful If sold in any quantity quan-tity will KO abroad this summer Certainly I Cer-tainly If tho loans of the banks begin to Increase exports will be checked unless there arises in domestic and foreign markets mar-kets a situation that now appears improbable siuaton probable The bank ought to continuo to pain from the Interior for some time The will be to come Te July disbursements wi unusually heavy this year and as there Is nothing that will entail an unusual demand de-mand on the banks it appears that fluctuations fluc-tuations in the money rate will be solely tuatons revival of speculative activity which now is regarded a certain Weekly Bank Statement New York June 3Tho weekly bank statement shows the following changes Surplus reserve decrease 51223123 Loans increase 6SSO Specie decrease 11813 decrese Legal tender Increase 2vn Deposits Increase 375eOO SX Circulation decrease j 12s Clrculatan The banks now hold J45710600 In excess of the requirements of the 23 per cent rule Loans Exchange and Silver New York June 3 Money on call steady at 2g2V per cent last loan 2 per cent prime mercantile paper 3U4 per cent Sterling exchange steady with actual business in bankers bills at J4S7MJ 4SS for demand Ne 4S5g4S5i i 8i sixty days posted rates J4S6S4S7 and S4S9 pastel J4874S7 Silver certificates 61S62C Bar silver 60Hc Mexican dollars 4Sc Imports and Exports of Money Now York June 3The Imports of specie this week were 11526 gold and J112774 silver The exports of gold and silver from this port to all countries for siver week aggregate 54042 silver bars and coin and 1263503 gold Condition of the Treasury Washington June Todays statement of the condition of the treasury shows Available cash balance 263791 543 gold reserve 230230231 Metal Quotations New York Juno 3The brokers price for lead is I 423 and for copper lSc The metal exchange Issued no report today Coffee and Sugar New York June 3 Coffee Options closed steady unchanged to 5 points lower low-er Sales 9230 bags including June 4SO July 485 November 510 December 3 6540 January 545 May 555 Spot Coffee Rio dull and nominal No 7 invoice 6U No 7 jobbing 6 1 mild quiet Cordova SglS < Sugar Firm fair refining 4H centri fugl 9te5t 4 molasses sugar 4 refined re-fined firm No6 4116 No 7 4 No8 491610 9 49 No 10 416 No 1 4 No 1 4io 1013 jft No n 14 mould A 5 standard hA 5U confectioners confection-ers A 5 cut loaf 54 crushed 578 I powdered 514 granulated 5 cubes 514 |