The daily morning journal and courier., 1897-06-18
Etuanctal.
Yesterdays Market Was Very Strong and
 There Was a Renewal of Advances.

AhSiS " ds ~ oi
 New York, June 1.-The strong up- ward tendency of prices for securities was resumed on the stock exchange to- day after the reactionary tendency of the last two days. A powerful group of professional traders have been sell ing out their holdings during the two previous days to realize profits. They have coupled this manoeuvre with the expression of the conviction that the market would prove healthier for re- action rather than with too long a. con- | tinuance of steady advance. The re- action has not been caused by any gen. eral condition seriously affecting val ues, but has been largely the result of manipulation with view to keeping | up it's tone.
 | Yesterdays selling was accompanied by some expressions of apprehension re- garding possible foreign complications growing out of the Hawaiian annexa- tion project. But these apprehensions were heard no more of to-day The re- action had not reached serious propor- tions, and the offerings to realize have been well absorbed
 | To-day's developments indicate eith- CT that the large operators have com pleted the taking of their profits or have found the market too firm to eff | feet marked reaction. They were in l the field as large buyers again to-day, and all the smaller operators iocked to their leadership to swell the demand for stocks.
 The buying seemed directed again to the leading stocks, in which the strong upward movement of three weeks ago originated, and which have been for some time stationary, while the bull campaign was directed to other groups. The market to-day was largely profess sional commission house buying not being conspicuously in evidence. This class of buying has diminished during the reaction4of the previous two days, as was to be expected, London being engrossed with jubilee festivities, though some selling for London was done early in the day Prices for Amer jeans were lower in London, and this worked an early decline for the inter- nationals here, which was probably the only exception to the uninterrupted ad- vance of the whole market all day, eX- cept few profit taking sales at the close.
 The small lines of short selling which were out in a tentative way yesterday
 were driven to cover to-day, and added
 to the strong factors in the market
 Some of the speeialties enjoyed the
 benefit of special influences, and this
 also added to the strength of the mar
 ket 's as
 St. Paul was the leader of the market
 in volume of transactions, with over
 30, 900 shares. Chicago Gas, Burlington
 and Sugar came next in the order nam
 ed. St. Paul was retarded by London
 selling, but was strong on the seconc
 week statement, showing an increase ol
 nearly $31 900 in gross earnings, and
 like the first week earnings, the largest for the corresponding period since 1893 Des Moines and Fort Dodge preferred : jumped 8 per cent, to 65 bid, on the announcement of the dividend of pel
 cent. Susquehanna and Western pre- ferred advanced 3A and Cotton Oil pre- l ferred 21a. Delaware and Hudson nov ed over range of 2s and closed % l lower on the day. The net gains, whicf , were general throughout the list, reach
 ed a point or over in Sugar Chicago , Gas, Tobacco, Starch, Rock Island | Burlington, Northwest, Omaha, NeV Jersey Central and Manhattan. North ern Pacific preferred was heavily deal , in and advanced 5s.
 The bond market continued to dis play marked strength, which was mos prominent in the middle grades. Th
 inquiry for investment account was il large volume, and purchases of the in ternational bonds on continental orders were quite heavy. The aggregate sale
 were $1, ,267, ,000
 Governments were neglected, bu quite firm. Sales $30,000
 , Following are the closing prices re ported by Prince X Whitely, banker
 and brokers, 16 Broadway, New York ! and 15 Center street, New Haven: q Bid. Asked I,-----------.- Isn Iha