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Show PERTAIN TONE ik mwm IjRfc Movement Fails to Reveal ffSWIeai'ly the State of Specu-Ivm Specu-Ivm lative Opinion. l&GHER RATES FOR MONEY LEAD TO CAUTIOUSNESS jpRss Currents Havriman jjttwStocks Add to Perplexity jjjjSB of Active Traders. &(kJBW YORK. June 11. The action of Safe day's stock market threw no eon-gBlsIve eon-gBlsIve light upon the stnto 'of .speculative TjjyBrilori beyond tho uncertainty mirrored gjBthe constant lluctuallons of prices. JMirfccaBts of the bank statement afforded 9ttie Increased assurance over the money ijMjitiook and rates for call loans yielded to !a!fi?w 2 ppr cont- nfler tnt appearance of Kiprellmlnary estimates of the week's ayfc&rcncy- movement Jn spite of tho eas-,t,i.5tono eas-,t,i.5tono of the Chicago exchange rate on Ew York, the lnflov.- of currency from 13b. interior seems to be uninterrupted. 9ne estimates of tlic gain in cash by the fXfnks vary from five to over eight mll-' mll-' rains. fin'nc higher rales for money during the Uek, both on time and call, foster a UiKHng of caution on the part of the bor-'.topvrcrs bor-'.topvrcrs -and Induce the conviction that the ppjfnuind from the interior for funds to fyllovc the crops Is at hand. The extended irbsltlon of tlie loan accounts of the banks kLfids to this disposition, especially with jjlo approuch of the period of the seml-Kljinual seml-Kljinual settlements. It Is probable the IWasonable hardening in the money mur-Affet mur-Affet has something to do with the scaling fibwiv of speculative activity In stocks. 2?onio repressive effect Is traceable to the NKycIopmcnts In regard to the American ClMgar Refining company. flflThcre was some unsetllement catised the discrepancy between the sharp recline In the price of copper warrants in SgTondon and the break In the Rio TlntoJ wUning shares In Paris, and the glowing Wcports of copper trade conditions which &pntimtc to circulate here. The sugges-Hpon sugges-Hpon that exports of copper were acru-Ivflriulating acru-Ivflriulating In foreign stocks and that do-Stpestle do-Stpestle deliveries by producers were find-flUng find-flUng lodgment In second hands without go-fng go-fng wholly into consumption, was regard-nJlas regard-nJlas disturbing and as partly accounting qrMlie sluggishness in the copper Indus- JKLTnited States Steel also was almost im-Wndvalile. im-Wndvalile. Colorado & Southern dropped J5Krco points because the directors re-firnlned re-firnlned from declaring a dividend. There Tvas another variation in the opposing 1 povements of the Harrlman Paclllcs, Southern Pacific taking up the advance, while I'nion Paciiic became reactionary. trnbash preferred was a strong feature, with the repetition of the still nncon-jlfnioil nncon-jlfnioil rumor of absorption by the Lackawanna. Lack-awanna. tf Bonds were Irregular. Total sales, par gVrilue. .3.57G,000. Jcftl'ii it ?d States bonds were unchanged lAm call. F' New York Money. KxiSW YORK. June 11. Close: SjSPilme mercantile paper, 3f'4 per cent. JfSterling exchange steady, with actual business in bankers' bills at 4.S5S0 554.S500 for sixty-day bills an-', at S-1.S775 jfor demand. Commercial TiilLs, fl.Soi J Mexican dollars, He. Government bonds steady. railroad Lionels Irregular. ITime loans firm and steady; sixty days, j2l?pcr cent: ninety days 23 per cent. |