The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-02
THE CLOSE WAS STRONG AND AMI
MATED AT TOP PRICES
GENERALLY.
GOULD GROUP WAS RAIDED.
FAILED OFF IT'S CUSTOMARY
EFFECT.
OUTSIDERS TAKING AN INTEREST.
Commission Houses Buying More in
Evidence Than Has Been the
Case for Months.

NEW YORK, June during the cessa-
ton of trading on the stock exchange yester-
day, London took hold of American railroad
stocks and bought up the price of al those
which are internationally listed to a point
materially above New York's close Of Satur-
day. Promptly upon the opening of the mar
ket here this morning large orders to buy
for London account were executed to cover
sales made in London at the advance. The
consequence was jump at the opening to
the London parity for nearly all the nterna-
tionals. st. Paul was the favorite in these
arbtrage operations, but there were pur-
chases of all the irternationals. Some reac-
ton followed upon this early jump in prices,
the depression spreading sympatheticaliy from
one or two centers The c., c., G. & st. Louis
shares continued to sag without any good
buying to sustain them. An additional fall
in the common stock of 312 points was a
drag on the market, though later recovery
left the net loss only Y. This was supple
mented by some heaviness in the granger
group, caused by reports of crop damage by
frosts. Bur.ington's increase in net earn
ings of over 100000 was compared in the minds
of dealers with the great increase, exceeding
$3O0,0c0, shown last MONTH and caused re-
action in stock. The bears also fell back
upon their old resource of attacking New
Jersey Central and the Gould shares and thus
worked reaction in the general list to
below the opening prices.
The market fell into dizziness at the de-
cline, Sugar showing a loss Washing
ton reports of danger to the sugar schedule
of the tariff bill. Realizing sales in Chicago
Gas helped the reaction to some extent These
elements failed to hold the market from
rising tendency and closing prices were, as
rule, the best of the day.
IN.
on quite a large scale and the outside inter-
est in the market was more in evidence than
for many months past. The dealings were re-
markab.y well distributed and the specula-
tive low priced stocks, especially those of
reorganiZed companies, were in special de-
mand, Union Pacific leading the activity of
this class of securities with sales Of over
II, 600 shares. The demand from London for
this line of stocks particularly marked.
The number of shares bought for London
account were estimated to exceed 20 coo shares.
The increase in the net earnings for April
helped to strengthen the market, D. & R. G..
l.. Il n. and Southern Pacific all showing
substantial gains. The total sales of al
stocks Appropriated 1000 shares. Some
stocks escaped entirely the early reactionary
tendency of the market and in others it did
the rule throughout the list losses being con-
fined to a few cases. Stocks showing a net
gain OF a point or over were Burlington
Chicago Gas, Northwestern, St. Paul, Rock
Island, Lake shore (2}, Minneapolis G St.
Louis, Norfolk & Western pfd, Reading first
pfd and Rubber pfd. New Jersey Central
was selected for an attack after an :nitia.
rise and was forced down points, but only
lost fraction on the day. Manhattan and
Western Union were forced down at one
time Us and / respectively, but subsequent
rally reduced the met change to a fraction,
a loss for Manhattan and gain for West
ern Union. The .osing was strong and
animated at top prices generally
The bond market displayed cons derab.e
strength and animation, with the gains very
prone unced in s. me of the International shares
which were helped by foreign support. The
sales were 81 ,673, 900. Government bonds tend
ed upward with the new tours, rising 1% per
cent. The transactions were 81 600.
The total sa:es of stocks today were 241,96S
shares, including: Sugar, 1920; Burlington,
&c. SEQ; Chicago Gas. $3.50; G. c. c.. < ST.
Louis, 1890; L. & N, 1000; Manhattan, $780,
New York Central 2,400 Northern Pacific
pfd, $3.50; Omaha $500 Rock Island, 1860;
ST. Pau, 25,7Q0 Union Pacific, II 200; South
ern Railway pfd. 5-4O0; New Jersey Central
10 700 silver certificates, 3.600,
che following were he fu. ga.ions of the
leading railway and industrial shares fur
nisked by c. H. +. Smith & Co.. members OF
the New York stock exchange and Chicago
lsDo of