The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-06-09
The Heaviest Influence Towards Reaction
Game from London.
OTHER ELEMENTS OF WEAKNESS
The Tendency Was Made tho More
FIarked by tho Failure OF the Mar.
Aet TO Rally with Any Degree Of
VIgor Under Strong Impetus Of
she Upward bound OF Sugar.

reactionary 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 laid by the traders in stocks
hitherto on the early disposition Of the
tariff question by the passage Of bill.
a contamination which seems apprecia-
bly, advaced by to-day's action of the
Republican Senator's caucus The
heaviest influence towards reaction
came from London, though there were
other elements of weakness in the mar
ket which must be taken account Of
Arbitrage brokers have bought American
securities in this market while the Lon
don Exchange was closed for the Whit
suntide holidays on Sunday and yester-
day. Ths was done Of course in the
confidence that London would be buy
or at the advancing prices on resuming
trading to-day. On the contrary Lon
don exchange commenced to-day Pri-
waite cable advices received in Wall
street report also that London traders
have been considerably Influenced bv
an attack by the Times upon the United
States government finances and finan-
cial policy.
The stocks bought here for the London
account in the last two days Of trading
were left without a profitable market
and were offered for sale here again.
All the international stocks reacted un-
DER this state Of affairs The traders
sought to precipitate the reaction. which
they nave believed was mare than due
anu there was heavy profit taking and
some evidences of short selling of q NOT
very confident sort
Sugar was strong all the morning OH
washington advices foreshadowing the
action Of the Senate caucus on the surar
a fop>Sff xiii
upward with bound when the formal
decision OF The caucus and the terms OF
the substitute became known.
Inc extreme rise was i2s, and thu close
was only slightly below that. The pre-.
ferred gained 1as. The covering Of
NOUS transactions in this stock, the to.
tal sales for the day numbering over
So'ooo Sh;lleS out of 4 total of all sales of
about 100000 shares. The Changers
were sold to take profits. and to some
eAtent on the belief that crops have
been damaged in the Northwest. Man
haitian and Western Union tended n,ita
strongly upward al one time on the ac-
tion or the officials in deciding to de-
care the regular quarterly dividends
OF per cent. on the former and IL Der
cen. on the latter stock But both sold
OF later on the announcement that
western Union had sold 50 900 900 of adj
oitlonal stock from the treasury for bots
terments, losing the early gain and clos,
ing at net losses. III the general LIST
email losses were general, the early de-
cine being led by the Changers and
mternationals but the rally left losses
generally very narrow.
the total sale Of stocks for The day
amounted to 2G6,9OO shares, including
sugar $4,000, Burlington and Quincy
1880, Chicago Gas 10000, General ls!cc
trlc o,4oo, Louisville and Nashville 6 300
Aanhattan 1900, Northern Pacific pre-
ferrd $500. Reading $500 Rock Island
g,ooo' st; Paul $4,000, Tennessee Coal and
IRON $500, Western Union $1,000.
Ine bond market did not participato
IN the heaviness that chara terized tho
STOCK trading. except for few issues
IN which special considerations oper-
ated. business was les sactiyc. but tbe
strength OF tn market was unimpaired
view Albany consols trust receipts, Mis-.
souri, consols and Tennessee Coal firsts
birmingham division, scored the ey.
IRENE gains Of per cent each. while
wisconsin Central first trust receinis
and Standard Rope skies receded 1Glas
per cent, respectively. The aggregate
safes were S1,SlG,00O Government bonds
were we'll supported, and gained slight
~ on purchases OF $1,000.