The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-06-18
AN UPWARD TENDENCY.
The Buying Seemed Directed Especially to
The Leading Stocks.
THE MARKET LARGELy PROFESSIONAL
Commission House Buying Was Not
Conspicuously In Evidence-Opera.
ttOns for Foreign Account Were
Also OF SmalI Dimensions-Ss. Paul
Was the Leader Of the Market.

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 pre-
vious days to realize profits, They have
coupled this manoeuvre with the express
sion Of the conviction that the market
would prove, healthier for reaction
rather than with too long q continuance
OF q 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
a. view to keeping up it's tone. Yester-
days selling was accompanied by some
expressions Of apprehension regarding
possible foreign complication growing
out Of the Hawaiian annexation project.
But these approximations were heard no
more of to-day. The reaction had not
reached serious proportions. and the
offerings to realize have been we'll alb
sorbed. 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
q marked reaction. They were in the
field as large buyers again to-day and
all the smaller operators hooked to their
leadership TO swell the demand for
stocks. The buying seemed directed
again to the leading stocks in which the
strong upward movement Of three weeks
ago originated, and which have been
Tor some time stationary, while the bull
campaign was directed to other groups
me market to-day was largely profess
sional commission house buying not
being conspicuously in evidence This
class Of buying has diminished during
the reaction Of the previous 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
Gay. Prices for Americans were lower
In London, and this worked an early
decline for the internationals here,
which was practically the only excep-
ton to the uninterrupted advance Of
the whole market all day, except a few
proht taking sales at the close The
small lines of short selling which were
put out In tentative way yesterday
were driven to cover to-day, and added
10 the strong factors in the market
Some OF the specialties enjoyed the ben
eft of special Influences and this also
added 10 the strength Of the market
81 Paul was the leader OF the market
III volume Of transactions with over 40
600 shares. Chicago Gas. Burlington, and
sugar coming next in the order named
81. Paul was retarded by London selling,
but was trong on the second week state
ment showing an increase Of nearly
$Sl,00O In gross earnings and like the
irst weeks earnings, the largest for
the corresponding period since 1893.
Des Mones and Fort Dodge preferred
Jumped s per cent. to 65 bid on the
announcement Of the dividend Of per
cent
The total sales OF stocks to-day we're
25o.212 shares, including Sugar 1880.
burlington and Quincy 26.S0O. Chicago
Gas $500, Louisville and Nashville
300 Manhattan 1900, Northwest $500,
Northern Pacific preferred 1900, Rock
Island 1880. St. Paul 81 100. Western
Union $500, New Jersey Central ZOO
'ihc bond market continued to display
married strength which was most man
1test in the middle grade issues. Gains
o. substantial fractions were made in
the active securities while some of the
Elit-edged mortgages were conspicuous
Tor material gains. The inquiry for in
Veslment account was in large volume
ana purchases Of the fnternationa !
ponds on continental orders was quite
heavy. The aggregate sales were 81 :
o',uJu Governments were neglected
p"t quite firm The sales were SO, 600.
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a. -. .12hiN. 11O!l