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NEWS NEARLY ALL OF A BEARISH TURN Resumption of Trading After Holiday Brings No New Interest New York, July 7.-News of interest to Wall street today was nearly all of a bearish turn. As there was no outside demand to sustain the market quotations were lowered generally. Resupmtion of trading after the holiday brought no awakening of interest, and although the day's developments might have had little influnece on a broad and active market, yet they formed an available basis for operations of the professional element whose activities accounted for the great part of such business as was done. Most attention was paid to the closing of a Pittsburg bank, and the receivership of a related concern. It was generally understood that the causes which led up to the suspension of the bank were purely local, and that no unfavorable inferences could be drawn regarding the banking position in general. In fact, the manner in which banks have built up their reserves, in view of the difficulties of the present situation, was shown in the reports just made to the comptroller of the currency. Resumption of gold exports was a surprise, as it had not been generally expected that further shipments would be made for the present. The new war in the Balkans points at least to an indefiniate continuance of political conditions in the foreign money markets, however. In this same connection the bears found another argument in the poor showing made by the New York banks in their week's statement. A. large contraction in cash holdings had been expected because of heavy July payments and probably as soon as funds tied up in this way flow back to usual channels last week's condition will be rectified. The gold engagement and the complexion of the bank statement were reflected in the firmer tone of the time money market. Call funds also rose. Heaviness of stocks persisted throughout the session. Declines were mostly fractional, but a number of representative stocks lost a point or more. Bonds were under slight pressure. Total sales, par value, $1,543,000. United States bonds on call were unchanged.
