The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-03
STOCKS AND BONDS


after the opening of the stock market to-
day as though the expected reaction from
the strength of the last few DAYS had
come to pass and the average of prices
was about to vibrate downward again
within the narrow limits which have
characterized the short turns of the mar
ket for many weeks past. under the
manipulation of the professional traders.
Prices of American securities came low
err from London this morning, rejecting
the disappointment of the British invest
ing public that Wall street had not re-
sponded with more enthusiasm to the CON
tdence in Americans displayed by the
London rise on Monday The New York
traders had, in fact, made up their minds
that the market had advanced as far as
was usual recently and was ripe for
reaction and they worked to that end
The gold shipment for tomorrow, small
as it is, helped the reactionary tendency.
The shipment, amounting only to $780,
600, was sufficient to indicate that the
price of demand sterling, $4.S7, was not
yet low enough to preclude gold ship
ments under the prevailing abnormal de-
mand for gold abroad. The withdrawal
of a sum of gold from the ub-treasury
for deposit in the clearing house vaults
to the account of a bank also served to
offset, to some extent, the favorabl
effect of part of the shipment being Sc
cured from private sources, instead of
from the sub-treasury. The continuance
of these things was reactionary ten
dency in the market through the morn
ing hours. Liberal sales of New Jersey
Central marked the price of that fayorite
of the bears. But the depression in the
market was at no time marked and the
decline in prices was limited to small frac-
tons except in one or two special cases.
The traders awoke to perception that
their selling in special stocks did not in
vite following and that the expected re-
action halted. The buying by the com
mission houses for outside account proved
sufficient to hold prices firm even when
the traders had ceased to buy, especially
in the Changers and some other leading
stocks. The dealings in the bond mar
ket indicated equally the improved tone
of the buying and the broadening ten
dency of the speculation.
The outside buyers showed a marked
preference for the low priced shares of
some of the reorganized companies, a
class of securities that has been in great
ly improved demand for several days past.
There was a slight recession in the final
nour on profit taking, but prices stiffened
at the close to the high figure attained
in the strong buying movement which set
in after noon. The notable feature of the
rise was that it was unaccompanied by
London buying in any volume and was in
the face of efforts by traders for a re-
action, profit taking being in marked
volume at times, but always well alb
sorbed. Net gains occurred in all stocks
with a few exceptions.
The total sales of stocks for the day
amounted to 23454S shares including
American Sugar Refinery 7.400; Burling-
ton and Quincy $3.50; Chicago Gas. re-
ceipts, $4,000; Chesapeake and Ohio
300; Louisville and Nashville $500:
New York Central 800: II. and w. p.
cts Bird asst. paid 7,400: Rock Island
10,700; st. Paul 271OO: Southern Rail
way preferred $500.
The bond market participated TO a
moderate extent in the decided strength
in the stock market. The specu-
lative issues were the features of the
dealings and round amounts were taken
for foreign account with the Atchison
liens especially fancied. Marked gains
were registered in some of the middle
grade issues. The aggregate sales were
81 800, 900.
Government bonds were neglected at
the board. but were steady at bid prices.