Birmingham state herald., 1897-06-08
n Walf Sv7

New York, June 1.-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 fropS ,n the n1 M py bne Daa f t group receded in value in consequence and the market was moro or less adversely af- fected. Northwest also lost a fraction. The dealings in the two leaders. especially Burlington were quite heavy, but strong support was forthcoming for them at the lower level. Indeed, St Paul rose at one time fraction above Saturdays close. The reaction in Burlington and at times in other special stocks due to influence operat- ing individually upon them, did not affect the strong undertone of the market. There was nothing like general reaction nor general selling towards a lower range or values Rock Island was the strong ele- ment in. the granger group and was an ex- ception in showing a net gain. The market lost nothing of the broadening tendency which increasingly characterized It last week and the dealings were well distrfbut- ed and the buying good all through the general list. The heayiness in individual stocks was due to special causes and ths time. But decline was In almost all eases fully recovered. Commission houses were again in the market. although the London exchange was closed in observance of the Whitsuntide holidays. These brokers bought the international stocks apparently in the confidence that they would be able to dis pose of them in London when trading is resumed there tomorrow The buying was indicated by the strength in Louisville and 1SdSnNDit, tHc uSiiC otoSho uiid Atchison preferred. The fact that there was no announcement of shipments of gold confidence in the market. The bears worked a decline in Southern preferred of 1ls on the report that thep roceedings would be had to annul the consolidation under a state law forbidding the acquisition of a con- peting line by railway company. The stocks recovered almost all they lost West r1lmors of dividend reduction by the execu- tive committee, which Is to meet tomorrow.
 
 stock gaining a net fraction. The strength of the Gould group was no small factor in rallying the market from the earlier de at the close. Manhattan, was notably strong, rising 2ss after decline of x. The to 241, ,257 shares. including American To- bacco Company $500, American Sugar Re-
 nery 2so R oa and Quincy nd So Northwest 5 'ioo, Reading s,soo. Rock Island Southern Railway preferred. $500, New Jer- sey Central 8, 100. +f.se,.
 The tendency of prices in the bond mar ket continued generally upward. but some of the speculative issues Jagged under the influence of realizing orders. Considerable of the prominent mortgages changed hands at improved values. The purchases for con- tinental accounts were very heavy and em- braced most of the principal securities in the international market. Improvement of to per oert was registered in a number or lines with the ut1oufe grace Donu9 recofu- ing the extreme gains. The sales were $2, orc, ,000 -,.sI d Governments were quiet but generally firm. Teh transactions were s16000 Money on call easy at fk@1h per cent last loan 1A closing at 1HQ1h per cent. Prime mercantile paper 3ia44 per cent. Sterling exchange steady with actual busi- ness in bankers bills at s4H for demand and at psassS ssssS@s Fatss fsF ss saxsaas g ,4sse4ss Commercial bdlls, $4. 85,<.-sssiss Silver certificates. 6oasc Bar silver: 60Hc. "A Mexicon dollars, 47Zc. fs Government bonds firm.
 State bonds dull.
 Railroad bonds firm.
 Closing Slo. hs.