The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-06-22
The New York Stock Market,

The New York Stock Market,
New York. June 19.-Today's stock mar
ket again reflected the constant watch
fulness of the large professional traders
for a reaction. the days profit-taking
being on a very large scale. The net
changes are very small. owing to the
early buying movement, which carried the
prices of most stocks quite sharply above
last nights close. But the reaction
brought about by the realizing movement
and by sympathy with the heaviness in
Sugar left most shares below last nights
close. The trading was dull and showed
a very marked diminution in the range
Of activity. The volume of the total deal
lngs was small. and one-third of the
whole is credited to Sugar. Much OF the
selling of this stock was attributed to
washington orders, suppose to be based
on of the Sugar schedule OF
the tariff bill being in danger in the con-
ference stage. Chicago Gas showed a
sharp fractional decline from the best
price. adding to the heavy tone of the
market. Northern Pacific preferred and
Union Pacific were the most largely dealt
in of the railroad shares and each
sagged / point at the lowest with only a
feeble rally. The selling of these stocks
was attributed to foreign orders to real
ize. the recent foreign buying having been
quite heavy. The GouldS were a weak spot
in the market and showed a wide recess
sion, but Western Union rallied to above
last nights close. On the other hand
Lake Erie and Western preferred ana
Minnesota Iron registered an advance of ?
points each and Edison Electric. OF
Brooklyn, IL. Sugars extreme decline
was is and the net loss Is. The closing
was firm. and closing prices as a rule
We're above the lowest. but net losses were
general throughout the list.
The feature of the week has been the
firm resistance of the market TO the eff
forts AT reaction of professional operators.
On Tuesday and Wednesday Their" was
continued heavy selling to realize, some
of the largest operators on the floor be
ing credited with a complete turn in their
holdings. These traders based their action
on the theory that reaction was overdue
in the market because the advance had
been so steady and so long continued, for
a month practically without a break. The
manipulatorS for a decline had no ground
in the general condition to offer as an
argument, the general condition cOntlnu-
ing much as it has been ever since the
advance begun. Their effort to break
the market proved a signal failure. and all
Joined the long side on Thursday. The
change in the general level of the market
is indicated by the comparison of prices
of some active shares at the close on Sat
urday. May 22nd, and today. Advances
are: New Jersey Central 1894. Sugar 1234
dividend ON. Consolidated Gas, Chicago
Gas and Burlington a fraction over
points. Rock Island and Tennessee Coal
over 6 points: Northwestern, Delaware
and Hudson, Missouri Pacific and West
ern ) points or over, and St. Paul, LOUIS
Vile, Leather preferred and Northern Pa
ciic preferred over 4 points eaCh. Inc
number of stocks showing lesser gains
increases. but with n few exceptions all
prices are higher. Railroad earnings snow
improvements in that time, and the
finances of the companies Immediately
concerned are in better condition. but the
higher prices quoted do not by any means
represent the immediate returns IN
money hoped Tor from shareholders in the
companies. They must be accepted rather
as the barometer of expected and hoped
for Improvement in the business OF the
country at large. 1t is certain that the
business of the country at large has not
increased in the last month in the same
ratio as the prices of stocks. But the
firm resistance in the prices of stocks TO
reaction and the readiness of buyers to
take them at the existing level Is a meas
ure of the confidence felt that business Is
about to improve in proportion. Proba-
bly, the ~unimpeded progress OF the tarll
bill on the final stage Of its disposal mas
been the most encouraging to Wall street
of any one factor.
The Hawaiian annexation treaty caused
a momentary tremor TO pass along the
pocket nerve through the street. but the
complacent attitude assumed towards the
matter by the powers OF the World mas
urieted a~pprehension as to Japan's pro-
test. The latter part of the week SEoWs
some growth of apprehenslon over the
new impetus given to the gold movement
and the hardening of exchange, sald 10
be due the drawing of exchange for tour
lists account and for July settlements OF
dividends and interest payments on Sc
curities held abroad. But Wall street has
taken note of the fact that the gold re-
serve in the treasury has remained almost
stationary at a little above fand for two
davs a little below sl44, 600 30 ever since
Nav 22nd. The amount of specie held by
the New York banks has increased since
the date named from SIS, 2s5. 800 TO 5000
200 held today.
The gold shipped from the country by
gold exporting houses since the same
date amounts TO s.. 237. 79i. The shipments
today amounting to $4,000 and those an
nounced for next Tuesday amounting 10
8. $50. 900 have not yet appeared in the
treasury statement. Not all of this gold
will be taken from the treasury. but the
Withdrawals will probably be sufficient 10
bring the treasury reserve to the lo"est
point it has reached in the present gold
movement. The increase Of So, ~ In spe-
Gle in New York banks this week In vie"
of the fact that $4,000 In gold shipped on
Thursday was all taken from the banks.
is worthy of note. Dealings IN govern
ment securities were marked by general
frmness with the new IS conspicuous
for a rise TO l25A. the highest price yet
attained for this issue. The improvements
in other grades were less noteworthy.
with the trading rather light. The total
sales OF stocks today were S,BJ shares,
Including - 30 sugar.