The news & observer., 1897-07-01
STOCKS AND RONDS

New Il ork, June oO.-IO-day'S market
for securities was not distinctly reac-
tionary at any time as was yesterdays,
| but there was a lack of aggressiveness
in it and manifest sense of rebuff a
mong most of the contingent Admoni-
| tion contained in yesterdays lively SELL
| ing by London that the advances of prices
was going too fast, even if it were not
going too far, was taken to heart and
had a quieting influence. There was a
gentleness of demeanor shown by the
bulls and the buoyancy was taken out
of prices genrally. This was the more
notable as there were not such hearty Of
ferings to realize profits as was the
case yesterday. The result was a dull
| market compared with recent days, al
though the total sales of all stocks ap-
preached 100000 shares. OF these over
IS, 900 were of st. Paul and the addition
of sales of Sugar, Burlington, Chicago
Gas, Rock Island and Northern Pacific
preferred leaves less than half the total
still to be accounted for. So far as gen.
eral news was concerned there was no
change in the encouraging outlook which
had accompanied the long and steady
advance. Crop advices continued good;
were not discouraging ;the likelihood was
strengthened that no gold would go out
this week and the money market display
ed distinctly better tone than for weeks
past. Rates for call money were held
at from IA to 11a as against 1 to IA, for
a long time past. Merchants and import
ers were in the market for loans on i'm
ports and to withdraw goods from bond
and the demand for money to put into
stocks and securities continued. After
the opening depression the bulls did, in
fact, carry prices very generally above
last nights close. The grangers and
coalers were particularly strong in this
upward movement and the former show
ed the firmest resistance to the subse-
quent decline. Stocks which rose more
than point over last nights close were
Sugar, Rock Island, Consolidated Gas,
Delaware and Hudson and New Jersey
Central. The subsequent reaction wiped
out the gains through the whole list and
the only important stocks to rally to a
net gain was Delaware and Hudson, a
point and Rock Island, Manhattan and
| Tennessee Coal fractions. Net losses
were general even at the final rally and
extended to point in Laclede Gas, pre-
| ferred; Lead, Pullman and Tobacco.
| There were few special causes for de-
preston of individual stocks, such as the
| apprehension that the sugar schedule of
the tariff bill would be changed so as to
| lessen the protection ON refn-
ed sugar. Northern Pacific prefer
red reflected the belief among
security dealers that he plans for
the harmonious operation of Northern
Pacific and Great Northern had come to
pause through differences between
President Hill and the Northern Pacific
voting trustees. 1t is probable that in
dustrial shares generally reflected some
apprehension caused by the result of the
trial of tobacco company officials for
combining in restraint of trade, a disa-
greement, showing ten jurors for convic-
tion.
The total sale of stocks to-day We're
2S5,000 shares including American To-
bacco Company S,400; American Sugar
Refinery 34,200; Burlington and Quincy
10000; Chicago Gas Tr. Rec. 24,20O;
New York, S. and w. 1000; Northern
Pacific preferred 12,5O0; Omaha $500;
Reading 1890: Rock Island 16,90O; st.
Paul $1,000; Western Union Telegraph
1900; New Jersey Central 6,400.
The bond market was inactive but
ruled fairly firm, although some of the
speculative issues fell off slightly ON
proft-taking. Transactions in the gilt
edged bonds were quite numerous, at SUBJ
stantial improvements in some instances.
The aggregate sales were $1,324, 900.
Governments continued firm on light
dealings. The sales were $4,000.
STOCKS.