The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-06-10
FINANCIAL
Stocks ana Bonds.

New York, June S.-The tone of to-
days market for stocks was distinctly
reactionary throughout, though not to q
marked extent. The tendency was made
the more marked by the failure of the
market to rally with any marked degree
of vigor until the strong impetus of the
upward bound of Sugar. This failure
was the more notable on account of the
stress laid by the traders in stock here
on the disposition of the tariff question
but the passage of a bill, consumma-
ton which seems appreciably advanced
by today's action of the republican sena-
torial caucus. The heaviest influence
| towards reaction came from London,
though there were other elements of weak
ness in the market which must be taken
account of. Arbitrage brokers have
bought American securities in this mar
ket, while London closed for the holt
days on Saturday and yesterday. This
was done, of course, in the confidence that
London would be a buyer at the advance
of prices upon resuming trading today.
| On the contrary, London showed an in
clination to realize on earlier purchases
! of our securities and prices in consequence
declined this morning in London. The
disposition to realize was actuated by the
fact that the regular fortnightly settle
ment on the London exchange commenced
today Private cable advces received in
Wall street report also that the London
traders have been considerably influenced
by an attack by the Times upon United
States government finances and financial
policy. The stocks bought for London
account in the last two days of trading
| were without profitable market and
were offered for sale here again. All the
| international stocks reacted under this
| state Of affairs. The traders sought to
precipitate the action which they have
| believed was more than due, and there
was heavy profit taking and some evil
dences of short selling of not very con-
| fident sort.
| Sugar was strong all morning on Wash
| ingtOn advices fOreshadOwing the action
| of the senate caucus on the sugar sched-
ule Of the tariff bill, but it surged upward
with a bound when the formal decision
/ of the caucus and the terms of the sub
stitute became known The preferred
gained l 3-S. The covering of shorts and
| long buying induced enormous transac-
| tons in this stock. the sales for the day
numbering over 10000 out of of total
sales of about 100000 shares.
The Changers were sold to take profits
and to some extent on the belief that the
crops have been damaged in the north
west. Manhattan and Western Union
| tended quite strongly upward at one time
to declare the regular quarterly dividends
| of i per cent on the former and l IA on
the latter stock. But both sold off later
| on the announcement that Western Union
had sold 100000 of additional from
| the treasury for betterments, losing the
early gain and closing with net losses.
| Missouri Pacific gained a fraction net.
| Leather preferred gained / 7-S on the
supDosition that the proposed duty on
Ine, xx-.n 10, 1pfn tn1 ~
sold down l II on profit taking, but re-
covered rs in sympathy with Sugar.
| General Electric showed strength in the
closing hour. Oregon Navigation gained
j and Oregon Navigation preferred 3 1-2
on the declaration of the first quarterly
dividend of / per cent in the preferred
stock under the reorganization. Cana
dian Pacific and Lackawanna also gained
a point each. In the general list small
losses were general the early decline be-
| ing led by the Changers and Interna-
tionals, but the rally left losses general
ly very narrow. Baltimore and Ohio lost
point, LaClede Gas, l ID, and Long
Island, l 81. Third Avenue Street Rail
way declined u points on a decision in
validating n proposed extension
The bond market did not participate
in the heaviness that characterized the
| stock trading. except for a few issues in
which special considerations operated.
Business was less active, but the strength
of the market was unimpaired. New Al
| bany consuls trust receipts, Missouri Pa
cifc Consols and the Tennessee Coal firsts.
birmingham, scored the extreme gains of
) each, while Wisconsin Central firsts.
| Trust Receipts and Standard Rope skies
receded l and 1 3-S respectively. The ag-
gregate sales were $1,316,OO0. Govern
nentS were well supported and gained
slightly on purchases Of $1,000.