The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1896-06-29
PRICES AND NEWS
Prices Have Made a Big Slump and the
Tenor Of News Changed.
GOLD CONTINUES TO Be EXPORTED.
Stocks Materially Lower Last Monday
Cotton Slightly Lower and Wheat
About l 1-Sc Lower.

For the last three or four months all
news sent out from New York has been
strongly in the interest of the gold stand
ard and the brokers and bankers were
unanimous in the opinion that II siIsle
gold standard plank was adopted IN the d.
Louis platform a speculative buying hloVe,
ment from England would sweep wan
street and prices would soar skyward i'm
mcdiately and that gold exports would
cease instanter. The International STOCKS
were to be the favorites and tips were out
to buy that class of property ana rest as
sured that good investment had been
made, and one that would pay handsome
returns from the start.
The following. ON June 18th, is fair sam
pie:
1.-THE belief that the currency plank OF the
st. Louis platform viii be satisfactory 10
the advocates of sound currency strength
ened the market for stocks again today ana
in the last hour of business prices generally
were at the best Of the week. London
houses were buyers OF securities with an
international market, and local bear trad
ers who were carried away by the sensa-
tional rumors current last Wednesday, We're
steady purchasers of the leading issues for
the purpose Of closing their contracts. The
renewal of the London buying, however is
the most important. as 1t has direct bearing
on the gold movement These purchases
are having n depressing effect on sterling
exchange ana actual rates at the close
showed a material reaction from the high
figures ruling early in the week"
on the Wednesday mentioned in the
above there was sharp decline on rumcrs
that the St. Louis convention would proba-
bly, not adopt the Sound money plank
On June 18th following hopeful news was
scattered
"a more hopeful feeling prevailed in stock
circles today. and the market broadencd
considerably. There was good buying Tor
both home and foreign account. and in the
late trading the shorts. who had been fight
ing the rise all day long, fen into line.
London buying cut quite inquire IN the
dealings and the orders embraced a wider
range than OF late. business was also on
large scale the sales footing M 226.f27
shares. The underlying cause for the IN
crease in the activity and the Improve
ment Ina prices right through the list was
the impression, afterwards confirmed ny
Senator Lodge. that the st. Louis conven-
ton would put gold plank in the platform.
and the light engagements Of gold for ship
ment TO Europe also had favorable in
huence."
on Tuesday. June 10th. quotations reach
ed high-water mark and there was great
rejoicing IN stock circles. buying orders
coming from all quarters of the globe The
orders to buy were for anything and every
thing. London turned buyer the west
made extensive purchasers and everything
advanced. II was told this way:
by Associated Press:
Profit taking was the feature OF the ear
" trading and although London and COM
MISSION houses StNCidllS NtiA Aiit 4iii tlf0-
sion made on values was insignificant Inc
consensus Of opinion was that the reaction
was Opportune In view OF yesterday sharp
rise, ana that II would not only give opeI-
ators a chance 10 look around. but would
test the stability of the market. II is 20 be
said that the offerings We're readily alb
sorbed. and the day wore along and adj
vices from 81. Louis gave cumulative cNi-
dence that the gold standard advocates had
carried the day buying orders were placed
IN all the leading issues and higher range
Of quotations was established. London
turned buyer. ana firms here with western
connections made extensive purchases OF
the RAILWAYS and the better class Of In
dustrials. A further advance IN govern
ment bonds and reduction IN the posted
rates Of sterling exchange contributed 70
the good feeling. United States IS OF 1928
have gained nearly ? per cent during the
past two days, the afyance being dfeC'ly
due to the position the -. i+ouiS cohNeH1..ou
has taken ON the currency question me
reduction iif sterling exchange was the re
suit of an Increased supply Of bills against
securities sold abroad Dealers i'm govern
ment bonds said that the transactions IN
these issues We're ususually heavy and es-
timated that nearly Sl.000oV0 changed hands
Mt the board and over the counter. IN the
last hour the market took on an appearance
or buoyaney and nearly every stock on the
list reached the highest point FOR a long
time past. The gas stocks gained NffiJ per
cent The Industrials moved up AlaS4. As
n rule the best figures of the day We're
current in the final dealings. Speculation
left m strong with an advancing tendency
New York News Bureau:
"Hesitation = the stock market At the
Opening was due 20 realiZatons sales for
London and local account These We're wen
absorbed and i'm the afternoon. when prl-
waite and confidential dispatches confirmed
the statements in the morning papers that
n pronounced gold plank had been agreed
upon by the Hanna and anu-Mcklnley
forces, there was an out6urSt OF enihu-
siastic buying which carried prices 10 hleh-
osf points reached since the break of last
Wednesday, The gains OF the dav were
substantially uniform. extending 10 la2 per
1.
closed strong and active.
on Thursday. June 18th, Mr.. Mckinley
was nominated and the convention adopted
th. sound money" plank Tt Is interesting
70 note the change in the character Of the
news that finds its way ont Of New York
since that time The interuatonals suffered
the greatest loss yesterday. London was a
seller. and S750QOO gold VIII so out by to-
days steamers.
New York, June 22.-New York News
Bureau. "The stock market today was
" eak under trading liquidation. and prices
IN many instances declined per cent and
more. number Of Influences affected SEN
timent adversely. Further engagements of
gold were made for export after the street
had persuaded itself that gold exports were
''The receipt Of comments from the Lon
don newspapers indicated most entirely
satisfactory reco9tion OF the republican
nominations and platform. The prospects
Of the triumph Of free silver at the national
democratic convention was another unfav-
orable factor. while a general fear appeared
to oppresS traders that an acute phase
OF the Cuban situation was impending
sugar was affected IN addition nv the
decline I'm r. fined sugars. caused by sym
pathv with the decentralization in the Eu-
rOpcan sugar markets. The price fell
per cent. and rallied only fractionaly.
''The heaviest losses in the railway list
were suffered by the internationals. the
Changers and some Of tho Southwestern
shares. I'm which declines extended lag
per cent American Tobacco was erratic.
but fairly well sustained.
Market closed heavy az not far from
lnv.nef nninfe ~