Birmingham state herald., 1897-06-02
n Wal

f+-a &
 New York, June 1.--During the cessation of trade on the stock exchange @yesteFNaayS London took hold of American railway stocks and brought up the price of all those which are interna tionally listed to-a point materially above New York's close of Sat- uVday. Promptly upon the opening. of the market here today large ordefs3to buy for London account were executed to cover sa.e9 made in London at the advance. The scon- sequence was jump at the .opening t9 the London parity for nearly all the interna- tionals. St. Paul was the favorite in these arbitrage operations, but there were par chases of all the internationals. Trade re- ports indicated that the tfadefsS there laid much stress upon the speech of Secretary opinions of the business outlook. Some re- action followed upon this early jump in prl- ces, the impression spreading sympathetic ally from one or two centers. Cleveland Cincinnati Chicago and St. Louis sagged widely and declined. Admissions that The earnings have been insufficient to cover the dividend on the preferred stock have led to suppositicns that the dividend rate will be reduced. The additional fall in the com mon stock of points was drag upon the market, though a later recovery left the net loss only thc. This was supplemented by by reports of crop damage by frosts. Bur lingtons increase of earnings of oyer $600,- 900 was compared in the minds of dealers with the greater increase exceeding $500 coo shown last month and caused a reaction in the stock. The bears also fell back on their old resource of attacking New Jersey Cen-
 
 a reaction in the general list to below the opening prices. The market fell into dull ness at the decline, Sugar showing loss on Washington reports of damage to the sugar schedule of the tariff bill. Realizing sales in Chicago Gas helped the reaction to some extent. The settlements failed to hold the rising tendency and closing prices were as rule the best of the day. The buying by the commission houses was on quite large scale and the outside interest in the market was more, in evidence than for many months past. The dealings were, remarkably well distributed and the speculative lower priced companies, were in special demand, Union Pacific leading the activity of this class of Se Tin ro% S o1o 1vfr for ne stocks was particularly marked; The number of shares bought for < London oI ac- helped to strengthen the market, Louis vile and Nashville, Southern Pacific show ing substantial gains. Some stocks escaped entirely the early reactionary tendency of the market and in others it did not exceed fractional limits but extended to IF in Su- gar with only partial recovery, a point in closed F below saturday's close. Net sans the to few eases tas @ the
 Total sales of stocks for the day amounted to Al ,963 shares. including Sugar reffnnrv. cago Gas, 7OO0; Northwestern $500: Omaha, s0OO; Reading. 9,700: Rock Island 7600:S St. Paul, 25.700 Union Pacific Il 200 South'rn' h Ird preferred, 5400; New Jerseky Central. 7,7f0.
 The bond market displayed considerable strength and animation, with the gains svery pronounced in some of the. international port. The sales were $l,e7s. 900.
 Money on call s easy M at lnGdn per esnti ata steady with actual business in bankers, biiis at s4S for demand and at s4 ssy@s4 s @ & & and a1r saHss sass 'eys commerciai 5ths slss%
 Bar silve-, 6O1sc. E