Birmingham state herald., 1897-06-16
fnWall Strteo

New York June 1.-The upwarI process. of prices was brought to a, halt during the progress of trading today on the stock ex- change and earlier gains were wiped out leaving some important stocks below last nights close. There was no very obvious reason for the reaction beyond the general principle that reaction is always bound to come after advance. The long coIStinued steadiness and firmness of the market ffave inclined the professional traders to count rather more confidently upon reaction on the principle that the longer it Is delayed, the greater the remaining certainty that it will come. This element worked for the reaction by raidng special stocks and helped to Influence the more cautious to take profits under a feeling not to oyerdo' very materially above last nights close, later recessions brought prices of the ma. ben b}orlty ,ost or stocks back to sighdi a6oTe or in the London market owing to the Jubilee festivities had it's effect on this market Perhaps this fact essoned the effect of the death of the Kafflr king, the immediate group of securities with which he was asso-= ciated showing no noticeable effect Some sentimental effect was nevertheless pro- ducd in this market. The announcement of steamer was coupled with the anAaunce- ment that none of it would be, withdrawn from the sub,treasury. The shipmeRt. neY- ertheless had it's effect in selling of tlieT market. The May trade statement shows / that notwithstanding an increase of over $21,0OOO00 in the merchandise exports' overo
  over $22.00 900, the excess of imports being $1395.SS3: Among the statement of imports in April in anticipation of tariff ehaggssJ are 9S 753. 516 pounds of raw, wool against, only about 100000 pounds for the same period last year and 7f0,f14045 pounds of raw sugar against 369 590 056 for April last year. These heavy balances are probably stimulated for the most part and are bou rd' to effect the exchange. sitpation for some exports from New York shew an increase of si,s25.ooo. over last weeks and sLon13n continues to buy stocks in this market also of the sales. Sugar. Burlingtonqel5t. .s Paul and Chicago Gas in the, order named absorbed half the dealings today. showing for some time The total sales of stocks today were 26l.177 shares. including, Ameri- can Sugar 49,so0, Burlington and quincy Nashville 7,500, Northern Pacific, pre- ferred 2, 500 Reading $500 Rock and 5,sop,. St. Paul 26 900, Western Union 6,600--sss D The bond market continued to exhibit a decided degree of strength which was more manifested in active securities. iTr.ding diminished considerably from yesterdays total of transactions, but. there was no abatement of the aggressive strength that characterized the speculation for some weeks The low priced international liens moved very narrow with late profits talk ings tending to eradicate sharp gains in a few mortgages The transactions were Money on call easy at 1G1H per. cent, last loan per cent. closing offered at per cent.
 Prime mercantile paper, s, Sm4 I per per cent.
 actual business in bankers bills at stS7A for demand and s4s57sa4.ss for, sixty days
 Commercial bills, $4,S5A.
 Bar silver, COG. -ft . +t5 2. r lit
 Mexican dollars, HAc 1. Government bonds firm.
 State bonds dull.
 Railway bonds strong. 7 Silver certificates, 611sc. M v Petroleum, Pennsylvanla, sleadyt July roc.