The Saint Paul globe., 1897-06-08
MARKET CHECKED FOR
TIME.
GRANGER GROUP SOLD OFF.
WHOLE LIST MORE OR LESS AT
FECTED By THE WEAKNESS
DISPLAYED.
GOOD ALL AROUND RALLY LATE,
Factor In the ReactiOn-Out-
siders After Shares.

NEW YORK, June THE strong upward
movement of the grangers, which was the
feature of the market during all of last week,
received some check today account of
rumors of damage to the corn and other
crops in the northwest by the bad weather
Burlington and st. Paul, the leaders of the
group, receded somewhat in value in conse
quence and the whole market was more or less
adversely affected. Northwestern also lost
a fraction The dealings in the two leaders,
especially Burlington, were quite heavy, but
strong support was forthcoming for them at
the lower level. Indedd, st. Paul at one time
rose fraction above Saturdays close. The
reaction in Burlington and, at times, in
other special stocks, due to influences operat-
ing individually upon them, did not affect
the strong undertone of the market Confid-
ence in the general outlook for the improve
ment seemed to be unimpaired among security
holders and the offers to take profits were
steadily absorbed without affecting any marked
lowering of prices.
Rock Island was the strong element in
the granger group and was an exception in
showing a net gain. The market lost moth
ing of the broadening tendency, which in
creasingly characterized it last week and the
dealings were we'll distributed and the buying
good all through the general list The heavi-
ness in individual stocks was due TO special
causes and this worked a decline in the
market from time to time. But the decline
was in almost ali cases fully recovered. Com
mission houses were again buyers for outside
customers and the arbitrage brokers were
also in the market, although the London ex-
change was closed in observance of the
Whitsunt:de holidays. These brokers bought
the international stocks, apparently in the
confidence that they will be able to dispose
OF them in London when trading is resumed
there tomorrow. This buying was indicated
by the strength in Louisville & Nashville, the
Northern Pacific stocks and Atchison pre-
ferred. The fact that there was no an
nouncement of shipments of gold by tomor-
rows steamer helped to sustain confidence
in the market. The bears marked a decline
in Southern of rs on reports that pro-
ceedings would be held to annul the consolida-
tion under a state law forbidding the ac-
QUESTION of competing line by a railroad
company. The stock recovered almost all
the loss. Western Union also was sold down
on revived rumors of dividend reduction by
the executive committee which is to meet
tomorrow. But the loss was more than re-
covered, the stock gaining a net fraction
Inc strength of the Gould group was no
small factor In rallying the market from the
carrier dect ne, so that small net gains were
the rule at the close. Manhattan was notably
strong, rising 2ss after a decline of "a. Mis-
sour % racine also gained net fraction. Cleve-
iahu, cincinnati, Chicago & ST. Louis was
oppressed without recovery. Tobacco and
general Electric ga ned point but lost it.
Chlcago Gas and New Jersey Central were
erratlc and closed slightly lower Sugar was
strong ana active, rising ~ from the low
point, Dut showed some reaction Rubber
preferred rose 212. Other notable gains were:
NeW raven, 4; Oregon Navigation pfd so !:
Des Moines & Fort Dodge 2 and Northern
racing common and pfd Lead. Cotton. Oil
Bay State Gas, Long Island and Pullman q
point or more. Third Avenue Street RaiIwav y
Jumped TO l56 against 14S the last proceeding q
sale. p 6
The tendency of prices in the bond market
continued generally upward but some of
the speculative issues Jagged under the in
nuence OF realizing orders Considerable dis
oruer was displayed, and round amounts of
prominent mortgages changed hands at m
proved values. The purchases for continental
account were very heavy and embraced mGst
OF the principal securities having an inter
national market Improvements of 1G2 ner
+ cene were registered in a number of lines
with the middle grade bonds recording tn !,
extreme ga ms. The sales were 81 O76 COO Coy
ernments were quiet, but generally firm. Tho.
transactions were SIG 00O
Ine total sales of stocks today were PAL 277
$780, Burlington, Is, 600; Sugar. 2l 900: Chi
cago Gas. 500; c.. c., C. & ST Louis. $500
L. N, $500; Manhattan IA 200: Missouri
racine, l,1CO; National Lead 700: New York
central, 300; Northwes ern g. 400: Reading
=, ,2CO; Rock Island, 13 100 St PauI 13 2N0
tennessee Coal & Iron $500; Western Union
I400; Southern pfd, 800: N. j. Central. s 100
The following were fluctuations of ,hs
leading railway and industr al shares fmre
nished by C. IL. F. smi.h G. Co. memhers ber.
New York stock exchange and Chicago hoar
of trade: ooe' u