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# NEW YORK STOCKS AND BONDS Volume of Dealings is Large and Earl Prices Are Higher. # LATE IN SESSION THE MARKET SELLS OFF Resumption of Gold Export Move- ment Followed by Rash to Sell - Bond Market Steady. NEW YORK, July 5. In spite of a relapse in prices late in the day, there was no mis- taking the aggressive strength of the forces behind today's continued speculation in stocks. The volume of dealings rose well over Monday's unexpectedly large total. As to how far the stimulated advance in prices has succeeded in attracting an outside demand estimates and opinions vary. There was evidence of some extension of interest in the market in the character of the business done by commission houses when trading began, and it was evident that there was some feeling of this demand to take profits by those who have been buying previously. Support was not abandoned until the gold export announcement. The market was plainly under the influence still of the organized speculative forces which have conducted the present advance from its inception. It was believed, in fact, that there had been some influential recruits to the ranks of the market leaders. The large congestion of the dealings in special stocks, the orderly manner in which operations were shifted from one quarter to another and the skill displayed in the selection of stocks in these movements with a view to influence sentiment and to help selling to advantage of stocks previously advanced, left no room for doubt of the continued control of the market by organized leader-ship. The trouble precipitated amongst a chain of western banks by the Topeka bank failure is of a kind which would upset the stock market in some of its moods, but it seems to have been totally disregarded by the present market and this notwithstand-ing the widespread discussion given to the great volume of bank loans outstanding and the importance of the maintenance of perfect confidence in their quality. Much more importance was attached in the view of the active speculative party to the relaxing tone of the money market as an evidence of the release of further accumulation for July disbursements. The bond market still showed little effect from any demand for investment. There was, however, some activity in new issues of bonds convertable into those stocks which have been made active in the present movement. These stocks still sell considerably under the prices at which the conversion privilege for the bonds would prompt an exchange, but the movement in the stocks prompts some speculative demand for the bonds. The resumption of the gold export move-ment late in the day discouraged the flagging efforts to keep up prices. The definite announcement offering of a one-third in-stallment of $50,000,000 of a new Japanese loan, the withdrawal on the 15th of government deposits and the persistence of the Paris demand for gold cloud the future of the money market. The rush to sell on the gold announcement shook the market badly and left remnants of gains in only a few of the strongest stocks. Losses of 1 to 2 points resulted for some of the leading stocks Bonds were steady. Total sales, par value, $3,386,000. United States 2s declined ½ per cent on call. The following was the range of prices on the New York Stock exchange: Sales. High. Low. Close.
