The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-06-29
The New York STOCK Market.

New York. June 2s-Today's stock
market showed a subsistence of the APP
prehension caused yesterday ~ the vol
ume OF the gold shipments for today and
the week turned again to the bull side
with greater animation and confidence
than ever.
The market sold off 10 some extent in
the first hour in continuation OF yester-
days gold export fears and on reported
opinions that the coming week would wit
ness the shipment OF an even larger
amount OF gold. The theorists in favor OF
a necessary reaction in the market were
busily at work on this basis and sought
~strenuously 10 bring about the reaction
which. they confidently maintain, is long
over due in the market and must come
ultimately. The ST. Paul statement for
May, showing an increase in gross earn
ings of 500, .19 and in net of Sis. -, was
the first influence to stem the downward
course of prices. The low point of the
morning was a slight fraction below last
nights close in many stocks. The rally
was characterized by great animation and
by heavy dealings. the prominent stocks
changing hands in large blocks. Bur-
lington was the leader of the market in
point Of activity and was carried up Is.
from the low point and held there until
the close.
The week has witnessed a further nota-
BILE raising of the level of prices. the adj
vance being especially notable in the
granger group and not being so well dis
tributed through the list as i'm some pre-
vious weeks. The market as a whole has
IlTII11N EeSlSttu, almost u WOIh Il TttiCtloil
the severest strain coming Friday with
the news that the weeks gold shipments
had run up to a figure exceeding any
week since the first of the present move
ment. The present high level of prices is
generally recognized as discounting COM
mercial and industrial improvements
which are yet to be realized. But the
firmness with which the high prices are
held is a measure of confidence of secur-
ity holders that future conditions will
improve to warrant higher prices. The
ol,a a. e. l. 90 "a. tod L tc
true of the average price, but the whole
market has not moved uniformly. AT
times some one stock has taken the lead
as has been the case in a marked degree
pect of ~refunding its bonds so as to bene-
fit the stock. Sugar made a similar
bound on the agreement OF the republi,
cans upon the sugar schedule several
weeks ago. These special movements
have helped to raise the level of other
prices, though in less degree. The gran
gers and NanderbiltS. as groups, have at
other times assumed the leadership. Each
day also has witnessed its own Irregular
ity. the vibration sometimes carrying
prices generally below the previous day
with a rally and sometimes above with a
reaction. The result has been to make
the average net small. but almost invaria-
bly, on the side of the advance Many
professional operators are confident that
the level of them arket has advanced too
far to be warranted by present condi-
tons. They are at work constantly to
NiitN " Notiiohi u AlNh l.l III 10
have hitherto been unsuccessful eXcepet
in a trivial degree, and all their offerings
have been promptly and steadily alb
sorbed.
The idea of the bear traders is that il
they were able. to work a reaction of i'm
posing proportions by manipulation they
would catch an enormous number of stop
orders and, perhaps, even a large amount
of long stock, tempted by the very con-
siderable advance of the last few weeks
after the long and weary wait to take a
nrOff Rnt Sl1rh a manin1t4t tive reaction
unless justified by a less promise of pros
porous development, could only be tenn
porary.. hat the current upward move
ment of prices in the stock market is due
to the conviction that the country is
ready to realize the benefit of its severe
process of retrenchment and liquidation
is the view taken by such traders as are
going willingly with the current.
The total sale of stocks today was 159,-
1i shares. including Tobacco 14.S00. Sugar
u. 600, Burlington and Quincy 1880, Chi
cage Gas 5000, Louisville and Nashville
5000, Rock Island u, 900. St. Paul $500.
The bond market shared in the general
markets during the week and there was
an absence of that h~esitancy to values
which developed at intervals in the stock
market. Trading was in large volume
and excellently distributed. a lumber Of
hitherto neglected issues forging to the
at substantial improvements. Pur-
chases by operators was quite a sustain
factor and a brisk domestic demand
for the low grade mortgages was regard |
ed with considerable favor by the lead |
ing interests. The middle grade securities
developed the most aggressive strength
and were favorably Influenced by de-
velopments in specific issues. The spec |
liens Jagged in the advance but, |
gains of / point or there |
aboutS were made in some instances. The
aggregate sales were So, 500, 900. Govern |
bonds ruled strong throughout and
sustained general fractional improve |
ments. The sales were $543, 900.