The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-06-03
FINANCIAL
Stocks ana Bonds.


New York, June 1.-During the cessa-
ton of trading on the stock exchange yes
terday London took hold of American
railway stocks and brought up the price
or all those which are internationally
listed to point materially above New
1ork's, close on Saturday. Promptly
upon the opening of the market here to-
day orders 10 buy for London account
We're executed to cover sales made in
London at the advance. The conse-
quence was a jump at the opening to the
London parity for nearly all the interna-
tlonals. st. Paul was the favorite in
these arbitrage openings, but there were
purchases of all the internationals. Lon
don reports indicated that the traders
there lald much stress upon the speech
OF Secretary of the Treasury Gage and
MS optimistic opinions of the business
outlook. Some reaction followed upon
this early jump in prices, the depression
spreading sympathetically from one or
two centres. The Cleveland, Cincinnati,
| Chicago and st. Louis shares con-
tinued to sag, without any good buying
| orders to sustain them. Admissions
that the earnings have been insufficient
to cover the dividend on the preferred
stock helped the supposition that the
dividend rate would be reduced The
additional fall in the common stock of
| ) IL points was drag upon the mar
| ket, though a later recovery left the net
loss only IL per cent. This was supple
mented by some heavjness in the gran
ger group, caused by reports of crop dam
age by frosts. Burlington's net earn
| ings of over 100000 were compared in
| the minds of dealers with the greater in
crease, exceeding 100000, shown last
| month, and caused reaction in the
stock. The bears also fell back upon
| their old resource of attacking New Jer-
| sey Central and the Gould shares, and
| thus worked a reaction in the general
| list to below the opening prices. The mar
ket fell into 9ullness at the decline, Sugar
showing a loss on Washington reports of
danger to the sugar schedule of the
| tariff bill. Realizing sales in Chicago
Gas helped the reaction to some extent.
These elements failed to hold the market
prices were, as rule, at the best of
the day. The buying by the commits
| sion houses was also on quite a large
scale, but outside interest in the market
was more in evidence than for many
| months past. The dealings were re-
markably well distributed and the specu-
lative lOw-priced stocks, especially those
of the recognized companies, were in
| special demand, Union Pacific leading in
| the class with sales of over 11,0OO shares.
The demand from London for this line
of stocks was particularly marked. The
number of shares for London account
were estimated to exceed 10000. The
net increase in the earnings for April
helped to strengthen the market. The
total sales of stocks Appropriated $780,
600 shares. Some stocks escaped en-
| tirely the early reactionary tendency of
| the market, and in others it did not eX-
| coed fractional limits, but extended to
tial recovery, point in Burlington and
1 IA in Omaha, which also closed IA
below Saturdays close. Net gains were
the rule throughout the list, losses being
confined to few cases. Stocks show
ing net gain of point or over were:
Burlington, Chicago Gas, Northwest,
st. Paul, Rock Island, Lake Shore
points; Minneapolis and st. Louis COM
mon and preferred, Reading first pre-
ferred and Rubber preferred. New Jer-
sey was selected for an attack after an
initial rise and was forced down 2
points, but only lost fraction on the day.
Manhattan and Western Union were
forced down at one time Is and 1 per
cent respectively, but subsequent rally
reduced the net change to a fractional
loss for Manhattan and a gain for West
ern Union. The closing was strong and
animated at the top prices generally.
The bond market displayed considerable
strength and animation. The gains
were very pronounced in some interna-
tional shares, which were helped by for
eign support. Sales, S1,673,0O0.
Government bonds tended upward,
with the new As rising ~ per cent.