The daily morning journal and courier., 1897-06-09
Et1YaucIal.
Tone of Yesterdays Stock Market Dis
 tinctly Reactionary Throughout.

tinctly Reactionary Throughout.
 New York, June 8.-The tone of to- days market for stocks was distinctly reactionary throughout though not to a marked extent. The tendency was made the more marked by the failure of the market to rally with any marked degree of vigor under the strong impe- tus of the upward bound of sugar. This failure was the more notable on account of the great stress laid by the traders Tn stocks higher hitherto on the early disposition of the tariff question by the passage of the bill-a consummatfon which seems appreciably advanced by to-day's action of the republican sena- tors caucus.
 The heaviest influence towards reac- ton came from London, though there were other elements of weakness in the market, which must be taken account of. Arbirtrage brokers have bought American securities in this market while the London exchange was closed for the Whitsuntide holidays on Sat- urday and yesterday. This was done, of course, in the confidence that Lon don would be buyer at the advancing prices upon resuming trading to-day. Private cable advices received in Wall street report that London traders have l been considerably influenced by an attack by the Times upon United States governments financial policy.
 The stocks were left without possi- ble market and were offered for sale here again. All the International stocks reacted under this state of affairs The 1 bulls sought to precipitate the action which they thought must come Sugar was strong all morning on Washing ton advices foreshadowing the action of the senate caucus on the, sugar | schedule of the tariff bill, but it surged upward with a bound when the formal decision of the caucus and the terms of the substitute became known. The i close was only slightly below the high est gain, IA. The grangers were sold | to take profits and to some extent on the belief that crops have been dam-
 aged in the northwest. Manhattan and
 Western Union tended quite strongly ! upward at one time on the action of
 the officials in deciding to declare the regular quarterly dividends But both
 sold off later on the announcement that | Western Union has sold $2,000000 oi
 additional stock from the treasury foi I betterments losing the early gain and 1 closing at net losses.
 Missouri Pacific gained a fraction net ! Leather preferred gained 1B on the i supposition that the proposed duty or ! hides will be defeated Chicago Gas
 was sold won 1% on profit taking, but recovered 7s in sympathy with Sugar ] General Electric showed strength ir i the closing hour. Canadian Pacific and l Lackawanna also gained point each
 In the general list small losses were general the early decline being led by 1 the grangers and internationals, but | the rally left losses generally very mar row. Baltimore and Ohio lost a point
 and Long Island 1%. Third avenue | railway declined points on a judicia decision invalidating a proposed exten-
 sion.
 The bond market did not participate
 in the heaviness that characterized the
 stock trading except for a few issues
 in which special considerations operat- ed. Business was less active, but the
 strength of the market was unimpair- l ed. Louisville New Albany, consols 1 trust receipts, Missouri Pacific consols l and Tennessee Coal firsts, Birmingham