The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-02
STOCKS AND BONDS.

New York, June 1-During the cessa
ton of trading ON the stock exchange
Yesterday. London took hold of Ameri-
can railroad stocks and brought up the
price of all those which are information
ally listed. to a point materially above
New York's close of Saturday. Promptly
upon the opening of the market here this
morning large orders to buy for London
account were executed to cover sales
made in London at the advance. The con-.
sequence was a jump at the opening to
the London parity for nearly all the in
ternationals. London reports indicated
that the traders there laid much stress
upon the speech of Secretary of the
Treasury Gage and his optimistic opini-
ons Of the business outlook. Some reac-
ton followed upon this early jump in
prices, the depression spreading sympa~
thetically from one or two centers. The
c., c., G.. and st. Louis shares continued
to 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 led
to suggestions that the dividend rate
will be reduced = re additional fall in
the common stock of 49, points was a
drag on the market, though a later recov~
cry left the net loss only u. This was
supplemented by some heaviness in the
| granger group caused by reports of crop
damage by frosts. Burlington's increase
| in net earnings Of over 100000 was COM
pared in the minds of dealers with the
greater increase, exceeding 100000,
shown last month, and caused reaction
| in the stock. The bears also fell back
upon their old resource of attacking New
| Jersey Central and the Gould shares,
and thus worked reaction in the general
| list to below the opening prices. The
| market fell into dullness at the decline
Sugar showing a loss on Washington re-
ports of danger to the sugar schedule
of the tariff bill. Realizing sales in Chi
cagO Gas helped the reaction to some ex-
| tent These elements failed to hold the
| market from a rising tendency and clos
| ing prices WERE as a rule, the best of
| the day. The buying by the commission
houses was on quite large scale and the
outside interest in the market was more
| in evidence than for many months past.
| The buying by the commission houses
was on quite a large scale and the outside
| interest in the market was more in evil
| dence than for many months past. The
| dealings were remarkably well distribu-
| ted and the speculative low priced
| stocks, especially those Of reorganized
| companies, were in special demand, Uni
on Pacific leading in the activity of this
| class Of securities, with sales of over H.
/ 600 shares. The demand from London for
1 this line of stocks was particularly
| marked. The number of shares bought
| for London account were estimated to
| exceed 10000 shares. The increase in net
earnings for April helped to strengthen
| them out, Denver and Rio Grande, Louis
| vile and Nashville and Southern Pacific
| all showing substantial gains. Some
stocks escaped entirely the early reaction
airy tendency of the market and in others
it did not exceed fractional limits, but ex-
tended to ia in Sugar, with only partial
| recovery a point in Burlington and ia
in Omaha, which also closed IA below
Saturdays close. Net gains were the rule
| throughout the list, losses being confined
a few cases.
/ The total sale of stocks for the day
amounted to 141, 1868 shares, including
| American Sugar Refinery, 1920; Burl-
ington and Quincy, 36,5O0; Chicago Gas
Trust Receipts, $500; Louisville and
Nashville 1000; Northwest, $500;
| Omaha, $500; Reading, 300; Rock Is
land, 1900; st. Paul. %, 700; Union Pa
cific, 1920; Southern preferred 5,400;
New Jersey Central, 10,700.
The bond market displayed considera-
BILE strength and animation, with the
| gains very pronounced in some Of the in