The daily morning journal and courier., 1897-06-02
FttIanctal.
London Quite Heavy Buyer In the
 Market.

Market.
 New York, June 1.-During the ces- sation of trading on the stock exchange yesterday London took hold of Ameri- can railroad stocks and brought up the price of all those which are interna tionally listed to a point materially above New York's close of Saturday. 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 a jump at the opening to the London parity for nearly all the internationals. St. Paul was the favorite in the arbitrage oper- ations, but there were purchasers of all the internationals.
 London reports indicated that the traders there laid much stress upon the speech of Secretary of the Treasury Gage and his optimistic opinions of the business outlook. Some reaction fol- lowed upon this early jump in the prices, the depression spreading sym pathetically from one or two centers. The Cleveland, Cincinnati, Chicago and St. Louis shares continued to sag Ad- missions that the earnings have been insufficient to cover the dividend on the preferred stock have led to suppositions that the dividend rate will be reduced. A general fall in the common stock of 3b points was a drag on the market, although a later recovery left the net l loss only F. This was supplemented | by some heaviness in the grangers caused by reports of crop damages by frosts Burlington showed net earn l ings of over $1Q0,O00, which caused a re- action in the stock.
 l The bears fell back upon their old l resource of attacking New Jersey Gen. tral and the Gould shares, and thus worked a reaction In the general list to below the opening prices. The mar | ket fell into dullness at the decline, Su- l gar showing a loss on Washington re- ports of danger to the sugar schedule of the tariff bill.
 Closing prices were, as rule, the l best of the day. The buying by the commission houses was on quite large | scale, and the outside interest in the market was more in evidence than for many months past. The dealings were | remarkably well distributed, and the Speculative low-priced stocks, especially l those of reorganized companies, were | in special demand, Union Pacific lead | ing in the activity of this class of se- curities, with sales of over Il ,000 shares. 1 The demand from London for this line of stocks was particularly marked. The number of shares bought for London account were estimated to exceed 20,- 900 shares.
 The increases of net earnings for April helped to strengthen the market. Denver and Rio Grande, Louisville and 1 Nashville and Southern Pacific all showed substantial gains The total sales of all stocks aggregated 213,OOC shares. Net gains were the rule throughout the list, losses being confin- ed to few cases Stocks showing a net gain of a point or over were Bur- lington, Chicago Gas, Northwest, St Paul. Rock Island, Lake Shore, Mime apolis and St. Louis, Norfolk and West ern preferred, Reading first preferred and Sugar.
 New Jersey Central was selected fo1 attack after rise, and was forced down two points, but only lost a frac. tion on the day. Manhattan and West. ern Union were forced down at one time IS, but a subsequent rally reduc. ed the net change to a fraction-a loss for Manhattan and a gain for Western | Union.
 The closing was strong and animated at top prices.
 The bond market was strong. The sales were s1,673,000.
 Government bonds tended upward with the new fours rising F per cent The transactions were S7,000.
 Following are the closing prices re ported by Prince & Whitely, bankers
 and brokers, 16 Broadway, New York
 and 15 Center street. New Haven:
 Bid Ask American Tobacco .............. 71as 71& l Do pfd .......-......-...... .103 106 1 American Spirits ................ 10 10l | Do pfd ...-.....'.... .....ss.s...- ZSs 2Sl | American Sugar .115s 116 | Do pfd ............s.s... .lD4 1U4L AIcQtSOn ...s..-.sss. IT. H.