The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-06-08
A STRONG UNDERT0NE.
The Upward Movement Of the Granger
Stocks Received a Check.
ROCK ISLAND WAS THE STRONG ELEMENT
Confidence I'm the General Outlook
for Improvement Seemed to BIO
Unimprovca Among Security
Holders and Offers to Take Profits
Wore Strictly Absorbed.

New York, June THE strong up
ward movement Of the Changers, which
was the feature OF the market during all
OF last week, received some check to-
day on account Of rumors Of damage to
the corn and other crops in the North
west by the bad weather. Burlington
and st. Paul, the leaders Of the group,
receded somewhat in value in conse-
Quence and the whole market was more
or less adversely affected. Northwest
also 81 lost fraction The dealings in
the two leaders. especially Burlington,
were quite heavy. but strong support
was forthcoming for them at the lowest
level. Indeed, ST. Paul rose at one time
fraction above Saturdays close. The
reaction in Burlington and, at times, in
other special stocks, due to influence
operating individually upon them. did
not AFFECT the strong understone Of the
market. There was nothing like @ gene
"a! retaction, nor O general swing toward
a lower range Of values, such as the
room traders have been keenly watch
tul for during the last two weeks Con-
ndence In the general outlook for i'm
proVement seemed to be unimpaired
among security holders. and the offers
to take profits were steadily absorbed
without AFFECTING any marked lowering
OF prices. Rock Island was the strong
element In the Granger group and was
an Exception in showing a net gain. The
market lost nothing Of the broadening
terlzed 1T last week, and the dealings
We're we'll distributed md the buying
good all Through the general list The
heaviness in individual stocks was due
70 special causes, and this worked q de-
cline in the market from time to time
But the decline was In almost all cases
tully recovered Commission houses
were again buyers for outside suctomers
and the arbitrage brokers were also in
the market. although the London Elk
Shange was closed in observance Of the
WhltSuntide holidays. These brokers
bought the International stocks appar-
emily in the confidence that they will
be able to dispose Of them in London
when trading is resumed there to-mor-
row. This buying was indicated BY the
slrensth IN Louisville and Nashville, the
Northern Pacific stocks and Atchison
Preferred
The fact that there was no announce
ment Of shipments OF gold by to-mor-
rows steamer helped to susHlin conf
dence in the market. The bears worked
decline in Southern Preferred of 13c
on The report that proceedings would
'De had to annul the consolidation under
State law. forbidding the acquisition
OF competing line by q railroad COM
pany The stock recovered almost all
the lost. Western Union also was sold
down on revived rumors Of dividend re-
duction by the Executive Committee
which is to meet tomorrow. But the
4oss WIS more lnan recovered, the stock
gaining net fraction. The strength Of
the Gould group was no small factor
IN rallying the market from the earlier
decline. SO that small net gains were
the rule at the close.
Manhattan was notably strong, rig
Ing 2asc. after a decline Of &c. Mis-
souri, Pacific also gained net frac-
ton. Cleveland, Cincinnati, Chicago
and st. Louis was depressed 1bc. with
out recovery Tobacco and General
Electric gained point, but lost it. Chi
cago Gas and Jersey Central were er-
ratio and closed slightly lower
sugar was strong and active, rising
Lac. from the low point, but showed
some reaction. Rubber Preferred rose
FAC. The total sale of stocks for the
day amounted to 241, 257 shares. includ-
Ing Tobacco. $500; Sugar, q 800: Bur
lington and Quincy, $4,000: Chicago Gas
1880: Louisville and Nashville. $500
Manhattan Consolidated. 1920; North
l5.l0o; st. Paul, 1920; Western Union,
1900; Southern Preferred. $500; Jersey
Central. S,100
The tendency of prices in the bond
market continued generally upward but
some or the speculative issues Jagged
under the influence of realizing orders
considerable animation was displayed
ana round amounts OF the prominent
mortgages changed hands at improved
Eales. The purchases for continental
account were very heavy and embra ced
most Of the principal securities, having
an international market. Improvement
or lM2 per cent. were registered in q
number Of liens, with the middle grade
bonds recording the extreme gains The
sales were S2,076OOO.
>an~.uG gituN.