The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-16
RALEIGH TOBACCO MARKET.
STOCKS AND BONDS.

New York. June 15.-The upward
progress of prices was brought to halt
during the progress of trading today on
the stock exchange and earlier gains
were wiped out, leaving some important
stocks below last nights close. There
was no very obvious reason for reaction
beyond the general principle that reac-
ton is always bound to come after ad-
vance. The long continued steadiness
and firmness of the market have in
cilned the professional traders to count
rather more confidently upon reaction,
on the principle that the longer it is de-
layed the greater the remaining certain
ty that it will come. This element work
ed for the reaction by raiding special
stocks and helped TO influence the more
cautious to take profits under a feeling
not to oyerdo good fortune. While prices
were at times very materially above last
nights close, the later recessions brought
prices of the majority of stocks back to
slightly above or below last nights. The
prevailing dullneSs IN the London market
owing to the jubilee festivities had its
effect on the market, arbitrage operations
being much restricted. Perhaps this fact
lessened the effect of the death of the
Kaffir King, the immediate group of Sc
curities with which he was associated,
showing no noticeable effect. Some SEN
timental effect was nevertheless pro-
duced in this market. The announce
ment of a shipment of 100000 in gold
by Thursdays steamer was coupled with
the announcement that none of it would
be withdrawn from the sub-treasury.
The shipment nevertheless had its effect
in selling off the market. The May trade
statement shows that Notwithstanding
an increase of over S11 100000 in the
merchandise exports over those of a year
ago. the imports increased over S22,-
100000, the excess of imports being ST.
359,343. Among the statements of inn
ports in April in anticipation of tariff
changes are 9S,547, 1856 pounds of raw
wool against only about 100000
| pounds for the same period last year
| and 740,114,045 pounds of raw sugar
against 369,510,066 for April of last
year These heavy balances are probably
| still unsettled for the most part and are
bound to affect the exchange situation
| for some time to come. On the other
hand, the weeks exports from New
/ York show an increase of S1,902, 9S5
over last weeks and London continues
| " uul StOtAs III tHIS lldTkcl, luOuSH III
varying amounts, which is true also of
the sales. Sugar, Burlington, st. Paul,
and Chicago Gas in the order named, alb
sorbed half the dealings today, showing
a much narrower range of speculation
| than for some time.
The total sales of stocks today were
| POI, 127 shares, including American SUI
gar Refinery $4,000; Burlington and
| Quincy 295O0; Chicago Gas 10000;
Louisville and Nashville 1900: Northern
Pacific preferred 1900: Reading $500;
Rock Island $500; st. Paul 10000;
Western Union Telegraph 5000; New
Jersey Central $500.
The bond market continued to ex-
hibit decided degree of strength which
was more manifest in the inactive Sc
curities. Trading diminished consider
ably from yesterdays total of transac-
tons, but there was no abatement of the
aggressive strength that characterized
the speculation for some weeks. The low
priced international liens moved very
narrowly with late profit taking to eradi
cate sharp gains in a few mortgages
The transactions were S1,971 900.
| Government bonds were more active
with slight gains in the new As. The
transactions were 100000.