The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-05-29
Marked the Session Of the Stock Exchange
Throughout 1 Yesterday.
PRICES WERE FIRMLY . HELD, HOWEVER
A Lively Demand I'm a Few Stocks to
Cover Juat at the Close Carried
Them Substantially Above Thurs.
Sd days CIosiing-The Dullneas OF
Trading Taken ms an Indication OF
Underlying Strength.

New York. May 28.--To-day's market
was marked : by intense dullness
throughout almost The whole Of the ses-
sion. during all Of which prices were
very firmly held, SO that the lively de-
mand In q few stocks to cover Just at
the close carried them substantially
above last nights close. Doubtless &
part of this buying was In anticipation
OF covering movement, which may de-
Velop at to-morroW's short session of the
exchange In view Of Monday being O
holiday. thus leaving an interval of two
days before trading shall be resumed.
The dullness Of the trading is an indi-
cation Of underlying strength. as there
were some unfavorable factors to ham
per rise and holders preferred to hold
with confidence. The principal feactor
III the dizziness was the unfavorable
effect upon the whole tone Of the specu-
lation, Of the official announcement of
the Baltimore and Ohio receivers that
there would be a default in the interest
payments on some Of the bonds coming
due on June 1st. This action has been
anticipated for several days, and the
company's securities have sold down ac-
cordingly. But the effect to-day was
none the less marked both here and on
the London market for Americans,
which were entirely neglected. Some
OF the selling here for London account
was due to the same cause. There was
no positive weakness in the market,
but the weight Of semi-stagnation pre-
vented values from benefitting from
several favorable Influences One of
these was the continued weakness Of the
eSchange market, which, though some
what hrmer than yesterday, failed to
recover sufficiently to induce the ex-
pected further shipment OF gold by to-
morroW's steamer. But the imports Of
dry goods at this port for the week show
an increase over last weeks In value of
over 100000, indicating that the import
movement is again expanding with an
influence, necessarily, on exchange. Chi
cago Gas, the leader Of the market III
the volume of transactions was quite
strong on renewed hope OF benefits from
the Illinois Legislature and rose to l..
above last nights close in the final deal
1ngs. @
There was a marked disposition to
cover in the Anthracite coal stocks. thus;
eliminating what has been a persistent
element Of weakness in recent markets.
The strength manifested by the Gran
gers, a rise In Sugar, and the firmness
OF the Gould shares were other inf1u
ences that helped to carry prices very
generally above last nights level at the
close EI.1'-. ~ NJ -. -
The total sale Of stocks for the day
amounted to 11S51S shares. including
sugar $500. Burlington and Quincy $500
chicago Gas 1880, Lead 5000, st. Paul
11,00o, New Jersey Central 1O,7O0.
Railway bonds were relatively more
active than share values and q more de-
clded tendency was evident towards q
higher plane. Fractional gains were
noted In the speculative issues. eScept
Tor Texas and Pacific seconds, which cx-
ceptlonally gained q point American
spirits IS were marked by decline Of
21a per cent, with subsequent recovery
or per cent. Severe losses were also
recorded IN u few other inactive liens.
The sales were s1,l95 900