The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-06-17
Stocks and Bonds.


New York, June 15.-The upward
progress of prices was brought to a halt
on the Stock Exchange, and earlier gains
were wiped out, leaving some important
stocks below last nights close. There
was no very obvious reason for the re-
action beyond the general principle that a
reaction is bound to come after an ad-
vance The long continued steadiness
and tirmness of the market have in
clined the professional leaders to count
rather more confidently upon reaction, on
the principle that the longer it is de-
layed the greater is the certainty that it
will come. The settlement worked for
the reaction by raiding specialties and
helped to influence the more cautious to
take profits under feeling not to
overdO good fortune. While prices were
at times very materially above last
nights close. the recessions brought
prices of the majority of stocks back to
slightly above or below last nights close.
The prevailing dullness in the London
market, owing to the jubilee festivities,
had its effect on this market, arbitrage
operations being much restricted. Per-
haps this fact lessened the effect of the
death of the Kaffir king, the immediate
group of securities with which he was
associated showing no noticeable effect.
Some sentimental effect was nevertheless
produced in this market
The announcement of a shipment of
100000 gold by Thursdays steamer was
coupled with the announcement that
none of it would be withdrawn from the
sub-treasury. The shipment nevertheless
had its effect in selling off the market.
The May trade statement shows that not
withstanding an increase of over $11 ,00O,-
600 in the merchandise exports over those
Of hn INN cQI
over So, 100000, the increase of imports
being $1,359, 343. Among the state
ments of imports in April, in anticipation
of the tariff changes, are 9S,547, 1888
pounds of raw wool against only about
100000 pounds for the same period
last year and 740,114, 045 pounds of raw
sugar against 369,510,066 pounds for
April last year. These heavy bal
ances are probably still unsettled for the
most part, and are bound to affect the
exchange situation for some time to
come. On the other hand, the week S
exports from New York show an in
crease of S1,902,9S5 over last weeks,
and London continues to buy stocks in
the market in varying amounts, which is
true also of the sales. Sugar, Burling-
ton, st. Paul and Chicago Gas, in the
order named, absorbed half the dealings
today. showing a much narrower range of
speculation than for some time. Sugar
ranged over 2 points, but closed with a
loss of IA. The majority of stocks show
a fractional net gain, New Jersey Cen
trail being the most marked exception,
falling 2 Is points from the highest, with
loss of is points net. Some of the
most notable advances of point or over,
most of which also was retained, were:
East River Gas, IL; Consolidated Gas,
IA; Cotton Oil, 2, and Brooklyn Rapid
Transit, Brooklyn Union Gas, Tobacco
with final net loss), Cleveland, Cincin-
natl, Chicago and st. Louis and Rio
Grande, Lake Erie and Western, Cotton
Oil preferred.
The bond market continued to exhibit
a decided degree of strength, which was
more manifest in the active securities.
Trading was smaller than yesterday,
but there was no abatement of the ag-
gressive strength than has characterized
the speculation for some weeks. The
lower priced international liens moved
very narrowly. with late proft-taking
tending to eradicate sharp gains in few
mortgages. Transactions, S1,971 900.
Government bonds were active, with
slight gains in the new As. Sales,
$50 600