The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-12
STOCKS AND BONDS.

New York. June 1.-THE prices Of
securities to-day scored a further stcp
in the progress toward higher plane
which has continued the dominant ten
dency of the market now for over two
weeks. There was large amount of
selling to realize profits from time to
time by holders satisfied with their gains
and sceptical of the stability and per-
manence of the higher range prevailing.
But. as has been the case, more and more
notably, the offerings to realize were
quickly absorbed with only a temporary
set back to prices. Closing prices to-
day were generally below the best of the
day owing to this proft-taking as was
tae case yesterday, net gains being con-
siderably less than the extreme advance.
The aggregate of sales was not so
large as yesterday, being about 100000,
but was the largest of the year except
Yesterday The list of transactions also
shows many additional stocks awakened
from dormant state into active trading.
This was, in fact so markedly the case
as to suggest manipulation with the pur-
pose of bringing inactive stocks up 10
the level of the recently advancing and
active securities. There was talk on
tie exchange of bull pool at work in
certain securities. This belief was ac-
centuated by the contrast of the halt in
the advance of the active leaders of the
recent upward movement, notably the
grangers 1t is a familiar device in a
bull market to realize in one group of
securities while sustaining the market
by purchases in another.
The favorites in to-day's advance were
| the low priced shares of recognized COM
panies. There were over $4,000 shares
of Northern Pacific sold, exceeded only
| by Sugar with Al 900 shares. Northern
Pacific common also showed sales of
over 10000 shares. OF Union Pacific
| $4,000 shares were sold. This group
Of stocks had been a favorite with Lon
| don for some time and the high range
attained invited some selling by London
| to realize. London was ALSO however,
! buyer. Reports from exchanges in
| other cities Of revived interest and actiy
| ity in speculation helped to sustain the
| market. Sugars aggressive strength al
SO gave tone to the whole market, the
buying being induced by the progress
made with the Sugar schedule in the
| Senate. The advance in the anthracite
coalers was accelerated by the difficult
| ties OF the short interest whose needs
were aggravated by the increase of the
| loan rates ON the stocks of this group
| The prices of many stocks were carried
below last nights close by realizing at
| one time or another during the day, but
practically all show net gains, the nOta-
| BILE exceptions being Northwest, Omaha
and Lead preferred. Tobacco lost a
point. Canada Southern at one time
reacted N, but gained a fraction net.
| The stocks o. the iron companies were
notably strong ON the trade outlook.
| The total sales Of stocks to-day were
| 1885, 1903, including American Tobacco
| Company 10000; American Sugar Rein
cry 42400; Burlington and Quincy A.,
| 900; Chicago Gas Tr Rec. 11,300;
| Delaware and Hudson $500; Louisville
| and Nashville 5,100; New York Central
| $500; Northern Pacific 12,200; do pre-
| farred 27,S00; Reading $4,000; Rock
Island 12,9O0 st. Paul 1S,400; Tennes-
see C. and /. $500; Union Pacific 81
| 500; New Jersey Central $500.
The bond market continues to broaden
from day to day with increasing strength
| in the usually dominant mortgages. The
| inquiry for these securities is quite go d
with wide variations between bid and
asked prices. Transactions noted are
several points above previous sales with
some issues recording exceptional
changes. Trading in the speculative is
sues quieted down somewhat with fluct-
Nations narrow. Inc aggregate sales
were 81, 1851 900.
| Governments continued to trend up
ward with business confined to counter
nealings.