The news & observer., 1897-05-28
STOCKS AND BONDS.

New York, May 27.-The market was
rather sensational slump in the Rubber
shares and the large selling in Baltimore
and Ohio put stop to the rise and also
10 the activity of the trading. The vol
ume of the dealings in all stocks for the
three hours of trading after the noon
hour was only about one-third of that
for the two hours before noon. The lack
of confidence in the stability of values
on the part of the professional traders.
who still control the market almost al
together, was illustrated by the prompt
tude with which they proceeded to take
profits ON rather slight provocation. Those
who are doing the bulk of the trading
are evidently in the market for short
turn, though there was some continuance
today of the commission house buying,
which has indicated awakening of out
side interest in the market. The fall in
the Rubber shares was coupled with a
rumor that it was caused by liquidation
of interests retiring on account of the de-
clination of a reelection by President
Evans. This accentuated the decline
without the sales reaching an extraor-
binary volume. After an extreme de-
cline of 3k for the common stock and
| 4I for the preferred, these stocks raj
| lied rather strongly, the common closing
at II and the preferred at 6Ol2 All the
securities of the Baltimore and Ohio that
were dealt in showed continued heavi-
| ness on the belief that the company will
| default on its June first interest pay
ments, which, including interest ON both
| bonds and receivers certificates, amount
TO about 100000. The stock fell ~
and rallied only the fraction. Of the
bonds the SIS of 1925 sold ten points off
at so; do registered points off at IS,
and the consol 5's II points off at 80,
seller twenty days. One or two other
incidents served to depress values some
| what, one being the hearing of arguments
on the order enjOining the summons to
coal road presidents to answer charges
of conspiracy under the New York anti
trust law.
This hearing was postponed without
notably relieving the coal shares from
pressure. Some sentimental effect was
exerted upon Sugar stock by the trial
of the president of the company for con-
tempt of the Senate, but the dismissal
Of the cause at Washington yielded no
substantial benefit to the stock. The
market was remarkably dull at the
periods Of decline. London appeared to
be ready buyer of nearly all the inter
national stocks when they fell below the
London parity. The total purchases for
London account were estimated at 12,-
600 shares The net changes in prices
are narrow, but are mostly losses, some
few stocks showing gains which reached
a point in the cases of Michigan Central
and Erie first preferred.
The total sale of stocks for the day
amounted to 1858 shares, including
American Sugar Refinery 1900; Bur
lington and Quincy q, 100; Chicago Gas
1900; st. Paul 1900; Western Union
Telegraph $500.
The railway and miscellaneous bond
market was characterized by violent
fluctuations in a number if issues, in
Guiding the Baltimore and Ohio liens
which are elsewhere referred to, and
Kansas City and Pacific firsts which re-
ceded 81 per cent. Marked strength
was noted in some Of the prominent is
sues which was attributed to liberal pur-
chases for continental account. The sales
were $1,239OOO. Government bonds
were strong and higher on transactions
| of $4,000.