The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-09
RALEIGH COTTON MARK EFT.
STOCKS AND BONDS.

New York, June S.-The tone of today's
market for stocks was distinctly reaction
airy throughout, though not to marked
extent. The tendency was made the more
marked by the failure of the market to
rally with any degree of vigor under the
strong impetus of the upward bound of
sugar This failure was the more notable
on account of the great stress land by the
traders in stocks hitherto on the early
disposition of the tariff question by the
passage of a bill-a consummation which
seems appreciably advanced by today's
action of the Republican Senators eau
Gus. The heaviest influence towards reac-
ton came from London. There were
other elements of weakness in the mar
ket which must be taken account of. Ar
bitrage brokers have bought American Sc
curities in this market while the London
exchange was closed for the Whtsuntide
holidays on Saturday and yesterday. This
was done of course in confidence that
London would be broker at the ad-
vancing prices upon resuming trading to-
day. On the contrary, London showed an
inclination to realize on earlier purchases
of our securities, ana prices IN conse-
quence declined this morning in London.
ated by the fact that the regular fort
nightly settlement of the London ex-
change commenced today. Private cable
advices received in Wall street report al
so that London tradings have been con-
siderably influenced by an attack by the
Times upon United States government
| finances and financial policy.
The stocks bought here for London ac-
h. 4 nf
were left without profitable market
and were offered for sale here again. All
| the international stocks reacted under
| this state of affairs. The traders sought
| to precipitate the reaction which they
have believed was more than due and
there was heavy profit-taking and some
evidences of short selling of a not very
confident sort.
Sugar was strong all morning on Wash
| ington advices Ioreshadowlng the action
| of the Senate caucus on the sugar sched-
| ule of the tariff BILL but it surged up
ward with a bound when the formal dec
laration fthe caucus and the terms of
| the subcommittee came. The preferred
| gained 13s. The covering of shorts aided
| along buying in this stock the total sales
for the day numbering over 10000 shares
out of a total of all sales of about &c.,
| 900 shares. The grangers were sold to
take profits Manhattan and Western
| Union tended quite strongly upward at
one time on the action of the officials in
| deciding to declare the regular quarterly
| dividend of / per cent on the former and
| IL per cent on the latter stock But both
| sold off later on the announcement that
| Western Union had sold S2,00000O of
| additional stock from the treasury for bet
| terments, losin gthe early gain and clos
| ing at net losses.
| The total sale Of stocks for the day
amounted to 10000 shares, including SUI
gar, 10000: Burlington, 1880; Chicago
| Gas, 10000; General Electric, 5,400;
Louisville and Nashville, $500; Manhat-
| tan Consolidated, 1900 Northern Pacific,
| preferred, 5,400; Reading, $500: Rock
Island, 9,400; st. Paul. $4,000; Tennes-
see Coal and Iron, $500; Western Union,
l15,900
The bond market did not participate in
| the heaviness that characterized the stock
| trading except for a few purchases. Bust
ness was less active, but the strength of
the market was unimpaired. New AL
bany consolidated trust receipts, Missou-
ri consols, Tennessee Coal firsts, Bir-
mingham division, scored the extreme
gains of 3 per cent each, while Wisconsin
Central 1rsts, trust receipts, and Stand
ard Rope 6s receded 1M13s per cent re-
spectively. The aggregate sales were ST.
100000. Government bonds were well
supported o"1 rained slightly in purchas-
es Of $1,000.