The news & observer., 1897-06-18
GRAIN AND PRODUCE.

New York, June 1.-THE strong up.
ward tendency of prices for securities
was resumed on the stock exchange to-
day, after the reactionary tendency OF
the last two days. A powerful group
of professional traders have been selling
out their holdings during the two prev
ious days to realize profits. They have
coupled this manoueyre with the express
sion of the conviction that the market
would prove healthier for a reaction
rather than with too long a continuance
of a steady advance. The reaction has
not been caused by any general condi-
ton seriously affecting values, but, as
indicated by the above fact, has been
largely the result of manipulation with
view to keeping up its line. Yester-
days selling was accompanied by some
expressions of apprehension regarding
possible foreign complications growing
out of the Hawaiian annexation project.
But these apprehensions were heard no
more of to-day. The reaction had not
reached serious proportions and the offer
ings to realize have been well absorbed.
To-day's developments indicate either
that the large operators have completed
the taking of their profits or have found
the market too firm to effect a marked
reaction. They were in the field as large
buyers again to-day and all the smaller
operators focked to their leadership to
swell the demand for stocks. The buy
ing seemed directed again to the leading
stocks in which the strong upward move
ment of three weeks ago originated and
which have been for some time station
ary, while the bull campaign was direc-
ted to other groups. The market to-day
was largely professional: commission
house buying not being conspicuOusly in
evidence. This class of buying has di
minished during the reaction of the prev.
ious two days, as was to be expected
Operations for the foreign account were
also of small dimensions, London being
engrossed with jubilee festivities, though
some selling for London was done early
in the day. Prices for Americans were
lower in London and this worked an early
decline for the internationals here, which
was practically the only exception to the
uninterrupted advance of the whole mar
ket all day, except few profit taking
sales at the close. The small lines OF
short selling which We're put out in a
tentative way yesterday were driver
to cover to-day and added to the strong
factors in the market. Some of the spe
cialties enjoyed the benefit of special in
fluences, and this also added to the
strength of the market. st. Paul was
the leader of the market in volume
of transactions with over 10000 shares
Chicago Gas, Burlington ad Sugar com
ing next in the order named. st. Pau
was retarded by London selling, but was
strong on the second week statement
showing an increase of nearly S31, ,O0(
in gross earnings, and like the first weel
earnings, the largest for the correspond
ing period since 1893.
Des Moines and Fort Dodge, prefer
red, jumped 8 per cent to 65 bid on the
announcement of the dividend of pei
cent.
The total sales of stocks to-day were
250, ,722 shares, including American
Sugar Refinery 27,500; Burling ant
Quincy, 26,S00: Chicago Gas trust re
ceipts, 26,400; Louisville and Nashville
$500; Manhattan consolidated, 1900
Northwest. 1900; Northern Pacific, pre-
ferred, 11,300; Rock Island, 1880; st
Paul, 81 100; Western Union Telegraph
$500; New Jersey Central. 1900.
The bond market continued to display
marked strength which was most mani
fest in the middle grade issues. Gain:
of substantial fractions were made il
the active securities, while some of tn,
gilt-edged mortgages were conspicuou.
for material gains. The inquiry fo
| investment account was in large volum.
and purchases of the international bond
| on continental orders was quite heavy
| The aggregate sales were S1,267, 900.
Governments were neglected, but quit,
| firm. The sales were $1,000.