The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-06-03
LONDON DISAPPOINTED.
Because Wall Street Didn't Respond With
Greater Enthusiasm to Their Confidence.
LIBERAL SALES OF NEW JERSEY CENTRAL
Marked Down tho Price of that Ea.
vOrtte OF the Bears, Eut tho De.
preston I'm the Market Wns at no
Timo Marked aud tho Decline in
Prices Was Limited.


time otter the opening of the stock mar
Ret to-day as though the expected re-
action from the strength Of the last few
Gays had come to pass, and the average
or prices was about to vibrate down
ward again within the narrow limits
which have characterized the short
turns OF the market for many weeks
past, under the manipulation Of the pro
1eSslonal traders. Prices of American
securities came lower from London this
morning, rejecting the disappointment
OF the British investing public that Wall
street had not responded with more
enthusiasm to the confidence in Amerl-
cams displayed by the London rise on
Monday. The New York traders had
IN fect. made up their minds that the
usual recently, and was ripe for a re-
action, and they worked to that end.
The gold shipment for Tomorrow,
small as it is. helped the reactionary
1enoen aco ~ The shipment amounting to
only $Go0,000, was sufficient to indicat g
That the price of demand sterling, 4.S7,
was not yet low enough to preclude gold
shipments under the prevailing abnor-
ma! demand for gold abroad. The
Elthdrawal Of sum Of gold from the
suo-ITeasury for deposit In the Clear
lighthouse vaults to the account Of a
bank also served to offset, to some ex-
tent. the favorable effect Of part Of the
ehipment being secured from private
sources, instead Of from the sub-Trea-
surS. The consequence Of these things
was reactionary tendency In the mar
ket through the morning hours.
Liberal sales OF New Jersey Central
marked down the price Of that favorite
or the bears. But the depression In the
market was at no time marked, and
the decline in prices was limited to
small fractions except in one or two
special cases. The traders awoke TO
perception that their selling in special
STOCKS did not invite following, and
mat the expected reaction halted The
DuSing oy the commission houses for
OUTSIDE account proved sufficient to hold
prices firm, even when the traders had
ceased to buy. especially in the GranS-
ers and some other leading stocks. The
dealings III the bond market indicated
equally the improved tone Of the buying
ahd the broadening tendency Of the
speculation.
Inc outside buyers showed a marked
preference for the low priced shares Of
some of the reorganized companies. a
aass OF securities that has been in
greatly improved demand for several
days past. There was a slight recession
III the final hour on profit taking, but
prices stiffened at the close to the high
Hgure attained in the strong buying
movement which set In after noon. The
notable feature of the rise was that It
was unaccompanied by London buying
IN any volume, and was In the face Of
efforts by traders for q reaction. profit
taking being in marked volume at times.
but always we'll absorbed.
Net gains occurred In ell stocks with
q. Few exceptions. The total sales Of
stocks for the day amounted to 2s4, 54s
SHARES. including Sugar, $500; Burling-
ton and Quincy. $3.50; Chicago Gas So
6o0: Chesapeake and Ohio, $500; Louis
VILE and Nashville, $500; r. & w. P.
Cts third assessment paid, 7.4OO: Rock
Island. l0,70O; ST. Paul, 400; Southern
hallway Preferred, $500; New York
Central. 1900
Ihe pond market participated to a
moderate extent In the decided strength
apparent In the stock market. The spec
nlative Issues we're the features Of the
dealings and round amounts were taken
TOT foreign account with the Atchison
mems especially fancIed. Marked gains
We're registered in some Of the middle
craze issues. The aggregate sales were
governments We're neglected at the
ooRrd' but We're steady ut IBID prices