The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-06-02
LONDON WAS A BUYER.
International Railroad Stocks Brought
Prices Above Last Saturdays Closing.
ST. PAUL WAS THE FAv0Rl1E STOCK
3sut These Were Purchased OF All tho
EnternattOnaIs-Th Was Heav.
mess I'm tho Granger Group Caused
by Reports Of Crop Damages by
Frosts-Sugnr, Showed q Loss.

New York, June 1.-During the cessa
ton Of trading on the Stock Exchange
yesterday, London took hold Of Ameri-
can railroad stocks and bought Up the
price OF al those which are interna-
ltlonally listed to point materially
above New Yorks close Of Saturday.
promptly upon the opening Of the mar
Ret here this morning large orders to
puy for London account were executed
TO cover sales made in. London at the
adVance. The consequence was jump
at the opening to the London parity for
nearly all the internationals. ST. Paul
was the favorite In these arbitrage ope-
Efatlons, but there were purcahes Of all
Ehe internatfonals. London reports in
J dicated that the traders there laid much
stress upon the speech OF Secretary Of
the Treasury Gage and his optimistic
opinions Of the business outlook. Some
reaction followed upon this early Jump
IN prices, the depression spreading sym
Pathettcally from one or two centers.
me {. G. c. and st. L. shares continued
20 sag without any good buying to sus-
tain them. Admissions that the earn
ingS have been insufficient to cover the
dividend on the preferred stock have
lead to suspicious that the dividend
rate VIII be reduced. The additional fall
IA the common stock Of 3a per cent.
was q drug on the market, though
later recovery left the net loss only H.
Ihfs was supplemented by some heavi-
ness IN the Granger group, caused by
reports OF crop damage by frosts. Bur-
Hngton's increase in net earnings Of over
$loO,000 was compared, in the minds Of
ceeding 100000 shown last month and
caused reaction in the stock The
bears also fell back upon their old re-
sources OF attacking New Jersey Cen
tral and the Gould shares, and thus
worked reaction in the general list to
No Sprr
zen into dullness at the decline, Sugar
showing loss on Washington reports Of
oanser TO the sugar schedule or the tar
Ut bill. Realizing sales in Chicago
Gas helped the reaction to some extent
Inese elements failed to hold the market
from q rising tendency and closing
prices were, as q rule, the best of the
Gay. The buying by the commission
houses was on quite u large scale and
the outside interest IN the market was
more In evidence than for many months
past The demand from London for the
low priced stocks was particularly mark
eo. Inc number Of shares bought for
LONDON account were estimated to ex-
ceeo I0.uo0. The Increase in net earnin gs
ioI April helped to strengthen the mar
ket, Denver and Rio Crane, Louisville
ana Nashville and Southern Pacific oil
showing substantial gains Some stocks
escaped entirely the early reactionary
tendency OF the market, and in others
~ dld not exceed fractional limits. but
extended to IL In Sugar with only par,
tlal recovery, point in Burlington and
IN IN Omaha, which also closed 4 be-
~" Saturdays close. Net gains were
the rule throughout the list, losses being
cont1ned to few cases. The total sale
OF stocks for the day amounted to III 500
shares, including Sugar 1920, BurlIng-
Ton and Quincy, $500: Chicago Gas, 35.-
euo; Louisville and Nashville. 1000,
-
300 Rock Island 1000, st. Paul 257Oo
southern preferred 5,4OO. Jersey Central,
The bond market displayed consider
abe strength and animation with the
Eans very pronounced in some Of the
INTERNATIONAL shares. which were helped
by foreign support. The sales were
81 ofaO0o. Government bonds tended
upward with the new As rising Il per
cent The transactions We're $1,000.