The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-06-12
FRIDAY. juno IL.

SoAS 80
The London market not only absorbed all o:
the stocks bought by foreign arbitrage houses
here at the close yesterday. but showed q slight
advance when business was resumed on the
Stock Exchange this morning. and also sent
additional buying orders. many of which were
executed. These circumstances naturally stimu-
lated the local speculation, but as soon as Lon
don ceased buying the market became dull. a
circumstance that, as usual, invited selling
for both accounts. No important declines
took place. however, for 1t was evident
that the selling was entirely by dealers
who trade upon the surface of the market, and
are, therefore, unable to influence fluctuations
materially. Soon after midday an active de-
mand for Sugar Refining developed, which was
doubtless based upon Information that the
Senate would adopt the caucus sugar schedule
this afternoon. The strength Of Northern Pa
cihc preferred. though apparently largely due
to the covering Of shorts. also Influenced the
general speculation. In the last hour the efforts
Of board room traders and other professional
operators to correct the errors OF judg.
ment they had made earlier In the day.
resulted in a strong and fairly active market.
The two conspicuous movements were in Sugar
Refining and Northern Pacific preferred. which
closed . and lie y cent. higher respectively
than last night. Other noteworthy net gains
were recorded in Missouri. Kansas and Texas
preferred, Northern Pacific common. American
Spirits preferred, and Union Pacific. The last
was traded in more extensively than for a long
time.
The Granger stocks reflected skepticism as to
the accuracy Of the Government crop report
published this morning, and also a belief that
the foreign demand for staple cereals during
the present crop year will be quito as extensive
as it was last year. Trustworthy reports re-
garding the condition and prospects of the an
thracite coal industry were responsible for
higher prices for tho stocks OF the coal carry
ing railroads. Advices from Chicago indi-
cate that tho latest strike of the Common
Council against the Chicago gas companies
is likely to prove futile. Gold to the amount
of 100000 was withdrawn from the Sub
Treasury for export to Europe tomorrow.
It's destination Is Austria, and the assertion tn st
It Ia a special and compulsory transaction is en-
titled to credence, as the shipment Is made by q
banking house that has always been reluctant
TO cover its extensive drawings OF exchange by
shipments of specie, and has usually been ablo
TO avoid making them. Tho transactions in
stocks were not as extensive as yesterday, still
the tota, sales were considerably above the
recent daily average. The dealings were we'll
distributed and included q fair proportion
of commission business. After the close of
business bids of l2@os y cent above tho final
price for round amounts of Sugar Refining were
made privately. The reason for this desire to
acquire the stock Is explained by the adoption
by the Senate OF the Republican caucus sugar
schedule. The closing was strong. at about tho
best prices for the majority of the list,
Final sales compare with those OF yesterday
as follows: