The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-06-19

FRIDAY, June 1S.
To-day's stock market did not fulfil tho expec-
tations aroused by yesterdays well-distributed
trading at advancing prices. The character of
yesterdays market evidently inspired a greater
degree Of confidence than has existed hereto
fore, for there was a fresh demand for stocks,
principally from commission houses. that car
ried prices for practically all OF the active
stocks to the highest figures yet recorded. Be
sides, London was a moderate buyer. After the
first hour. however, the demand fell of and
the market became narrow. 4 condition that en-
Outraged professional operators to resume their
efforts to control it. They succeeded in bring
ing about a moderate reaction during the mid
die OF the day. but the absence of any disturbing
news and OF selling. except by local Spectators,
induced q repurchasing movement toward the
close that left the majority OF stocks fractionally
above the lowest prices. Tho market can &C
~curately be described as irregular. with the
bulk OF tho business. which was on about
the same scale as yesterday. concentrated
in q few stocks, namely. Sugar Refining.
Chicago Gas. ST. Paul. and Chicago. Burlington
and Quincy. These four stocks supplied nearly
half Of the total transactions. Chicago Gas was
exceptionally strong. sold at tho highest price
recorded for 1t, and closed nearly a point higher
than yesterday. Sugar Refining. which was
first in point of activity, made several huctua-
iOho VI u puiht anu hudiig SCOTcuh tTdCtlOnd.
net gain. The only othor noteworthy net ad-
vance was that OF 2ss y cent. in Consolidated
Gas. The market for tho entire group Of local
gas securities was affected by unconnrmed re-
ports OF deals bet ween two or more OF the com.
panies.
OF Inc less active shares Manhattan Railway,
Missouri Pscihc. Western Union. Susquehanna
and Western, and st. Joseph and Grand Island
first preferred were exceptionally strong. The
net declines were, in tho main. unimportnnt, ex-
cept that the selling Of Un.On Pacific indicated q
desire ON the part OF holders to avoid paying the
first installment of the assessment. which may DO
called In the near future. Ihe strength OF the
foreign exchange market, noted yesterday, has
resulted in a resumption OF exports of specie.
The shipments tomorrow will aggregate $780,
ooO, OF which @260. 900 was Withdrawn from the
Sub-Treasury to-day and Is consign cd 10 Berlin.
The remainder goes 70 Paris. 1t Is beloved that
the ultimate destination of all Of this specie,
which Is shipped upon peremptory orders. is
Austria. 1t was announced that a Boston bank.
ing house will ship $500. OO0 next Tuesday, and
the indications are that local bankers will ship
about ~, 5OO.0O0 on the same day. 1t appears
that English. French. and German bankers
prefer 10 pay . premium for gold In this
market for Austria rather than draw upon
their own holdings OF the metal. In view of the
probable crop requirements In Europe later in
the year. the drawers OF exchange consider that
the present shipments or specie arc virtually
temporary loans. At the moment, however, the
supply OF commercial bills Is light, and there 10
an active demand for exchange to remit interest
payment duo abroad July /, and also for letters
OF credit OF news affecting stock values there
/ WAS very little. = circumstances that was. per