The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-06-16
! GENERAL REACTION.
The Upward Progress Of Prices Brought to
a Hall and Early Gains Wiped Out.
NO OBVIOUS REASON FOR THE DECLINE
iie Professional Element Worked
tor the Reaction by Aiding Special
Stacks = ana Helped to Influence
the Moro Cautious 10 Take Profits
Under n Pooling Not TO Overdo.

New York, June 15.--The upward pro-
Gress OF prices was brought to a halt du-
ring the progress Of trading to-day on
the Stock Exchange, and earlier gains
We're wiped out, leaving some important
stocks below last nights close. There
was no very obvious reason for the reac-
ton beyond the general principle tina
reason Is always bound to come after ad-
vance. The long continued steadness
and frmneEs OF the market have inclined
the professional traders to count ra Their
more confidently upon reaction, on the
principle that the longer it is delayed
the grea ter the remaining certainty that
1t Will como. This element worked for
the reaction by aiding special stocks and
helped to influence the more cautious to
take profits under a feeling not to overdo
good fortune. While the prices were at
times materially above last nights close,
the latter recessions brought prices Of
the majority Of the stocks back to slight
ly above or below last nights. The pre-
Ta!ing dullness iii the London market
owing to the Jubilee Festivities had it's
effect on this market, arbitage opera
lions being much restricted. Perhaps
this fact lessened the effect Of The death
OF the kaffir King, the immediate group
Of securities with which he was assoc:a-
ted showing no noticeable effect. The
announcement Of a shipment OF 5000 600
IN gold by Thursdays steamer was cou-
PIED with the announcements that none Of
il would be withdrawn from the sub
treasury. The shipment nevertheless
had its effect in selling off the market.
me May trade statement shows that
Notwithstanding an Increase Of over SILL
100000 in the merchandise exports over
those OF year ago. the imports increas-
ed over SO, 100000, the excess Of imports
being Of Sl,359,3i3. Among the state
ments Of imports in April in anticipation
OF iariff changes are 96.5i7 ,736 pounds of
inst n,,1>, M
pounds for the same period last year,
and IiO,lli,04a pounds of raw sugar
AGAINST 2S9.5!0,066 fer April Of last year.
iheSe heavy balances are probably still
unsettled for the most part, and are
bound 10 affect the exchange situation
TOT some time to come. Sugar. Burling-
Ton, ST. Paul and Chicago Gas in the
order named absorbed half The dealings
today, showing much lower range OF
speculation than for some time
The total sales OF stocks to-day was
s26l.l2I sha:e.:, including Sugar 40 800 ;
lsuri!nsion and Quincy. 29.50O; Chica so
Gas. 203G0: y. & n: 800: Northern Pa
ciic. preferred, 1900; Reading, $500:
Rock Island, $500; ST Paul. 500: West
e!1 Union, $500; New Jersey Central
$500.
The bond market continued to exhibit
decided degree Of strength, which was
mere manifest in the inactive s,ecu,it:oa
Trading diminished con.:iderablv from
yesterdays total of transactions, but
there was 40 abatement of the aysrcs
give strength that characterized the
speculation for some weeks The low
rfced International liens moved very
narrowly with late profit taking tend;ns.
70 eradicate charp gains in q few mort
CAGES. me transactions were Sl97l 900.
government bonds were more active.
VIII slight gains in the new As The
tran:sa ctions Were $50. 900