The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-08
STOCKS AND BONDS.

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 on
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 some
what in value In consequence and the
whole market was more or less adversely
affected Northwest also lost a fraction.
The dealings in the two leaders, especial
ly Burlington, were quite heavy, but
strong support was forthcoming for them
at the lower level. Indeed, ST. Paul rose
at one time a fraction above Saturdays
close. The reaction in Burlington and, at
times, in other special stocks, due to in
fluence operating individually upon them
did not affect the strong undertone of the
market. There was nothing like a general
reaction, nor general swing toward a
lower range of values, such as the room
traders have been keenly watchful for
during the last two weeks. Confidence in
the general outlook for Improvement
seemed to be unimpaired among security
holders and 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
net gain The market lost nothing of the
broadening tendency which increasingly
characterized 1T last week and the deal
ings were well distributed and the buy
| ing good all through the general list. The
heaviness in individual stocks was due to
special causes and this worked decline
| in the market from time to time. But the
decline was in almost all cases fully re-
covered. Commission houses were again
buyers for outside customers and the ar
hitrage brokers were also in the market,
although the. London exchange was
closed in observance of Whitsuntide holt
DAYS. These brokers bought the interna-
tional stocks apparently in the conf
dence that they will be able to dispose
of them in London when trading is re-
sumed there tomorrow. This buying was
indicated by the strength in Louisville
and Nashville, the Northern Pacihc
stocks and Atchison preferred. The fact
that there was no announcement OF SHIP
monts of gold by tomorrows steamer
helped to sustain confidence in the mar
ket. The bears worked decline ID
Southern preferred of rs on the report
that proceedings would be had to annul
the consolidation under State law for
bidding the acquisition of competing
line by railroad company. The stock
recovered almost all the loss. Western
Union was also sold down on revived ru-
mors of dividend reduction by the eX-
ecutive committee, which is to meet to-
morrow But the loss was more than re-
covered the stock gaining net fraction.
The strength of the Gould group was no
small faction in rallying the market from
the earlier decline, SO that small gains
were the rule at the close. Manhattan
was notably strong, rising rs after de-
cline of *. Missouri Pacific also gained
net fraction. Cleveland, C1nclnnati,
Chicago and st. Louis was depressed l12
without recovery. Tobacco and General
Electric gained a point, but lost 1T. en-
cago Gas and New Jersey Central were
erratic and closed slightly lower Sugar
was strong and active, rising ~ from the
low point, but showed some reaction.
Rubber preferred rose 212. The total sale
of stocks for the day amounted to 241.-
257 shares, including American Tobacco
Company, $500; American Sugar Re-
| finery, q 1000; Burling and Quincy, 25,-
L 1HlCdSO bdS 1IusL Attelpts. Io,ooO.
Louisville and Nashville. $500; Manhat
| tan Consolidated. 1920; Northwest,
5,4Oo; Reading, $500; Rock Island, 49,
| 100: st. Paul, 1920; Western Union
| Telegraph, 7,400; Southern Railway,
preferred, $500; New Jersey Central,
lS,1oO.
J The tendency of prices in the bond
market continued generally upward, but
| some of the speculative issues Jagged un-
der the influence of realizing orders. Con
ssiderable animation was displayed, and
round amounts of the prominent mort
| cages changed hands at improved values.
/ The purchases for continental account
were very heavy and embraced most of
| the principal securities having an inter-
| national market. improvements of 102
| per cent were registered in a number of
| liens with the middle grade bonds record
| ing the extreme gains. The sales were
$2,076,000.
Governments were quiet but firm. The
| transactions were $4,000.
STOCKS.