The daily morning journal and courier., 1897-06-08
9EtlaMclal.
Upward Movement in Changers Was
 Checked Yesterday.


 New York, June 7.-The strong up ward movement of the grangers which was the feature of the market during all of last week, received some check to-day on account of rumors of dam age to the corn and other crops in the northwest by the bad weather, Bur lington and St. Paul, the leaders of the group, receded somewhat in value in consequence and the whole market was more or less adversely affected. North west also lost fraction.
 The dealings in the two leaders, es- pecially Burlington, were quite heavy but strong support was forthcoming for them at the lower level. Indeed St. Paul rose at one time a fraction above Saturdays close. The reaction in Bur lington and at times in other special stocks, due to influences operating in dividually upon them, did not affect the strong undertone of the market There was nothing like a general reaction nor a general swing towards a lower range of values, such f5 the room traders have been keenly watchful for during the last two weeks Confidence in the general outlook for improvement seena- ed to be unimpaired among security holders and the offerings to take profits were steadily absorbed without effect ing any marked lowering of prices. Ro ok Island was the strong element in the granger group and was an eXcep- tion in showing a net gain.
 The market lost nothing of the broad ening tendency which increasingly characterized it last week and the deal ings were we'll distributed and the buy ing good all through the general list. The heaviness in individual stocks was due to special causes and this worked decline in the market from time to time. But the decline was in almost all cases fully recovered. Commission houses were again buyers for outside | customers and the arbitrage brokers were also in the market, although the London exchange was closed in observ- ance of the Whitsuntide holidays. These brokers bought the international stocks apparently in confidence that they will be able to dispose of them in London when trading is resumed there to-mor- row. This buying was indicated by the strength in Louisville and Nashville, | the Northern Pacific stocks and Atchi- son preferred.
 The fact that there was no announce | ment of shipments of gold by to-mor- | rows steamer helped to sustain conf- l dence in the market. The bears work ed a decline in Southern preferred of 1 IS on the report that proceedings would be had to annul the consolida- l tion under a. state law forbidding the acquisition of a competing line by a railroad company. The stock recovered almost all the loss Western Union also was sold down OF revived rumors ot | dividend reduction by the executive committee which Is to meet to-mor- row. But the loss was more than re- covered, the stock gaining a net frac- | ton.
 1 In fact, the strength of the Gould | group was no small factor in rallyine the market from the earlier decline, SC that small net gains were the rule al 1 the close, Manhattan was notably strong, rising 2$s after a decline of 5s Missouri Pacific also gained a net frac- ton, Cleveland, Cincinnati. Chicago and St. Louis was depressed 11a without recovery Tobacco and General Flee 1 tric gained a point, but lost most ot | it, Chicago Gas and New Jersey Gen. l tral were cratic and closed slightly lower. Sugar was strong and active i rising 11a from the low point but show | ed some reaction. Rubber preferred rose 215. Other notable gains were 1 New Haven, 4; Oregon Navigation pre-. | ferred, BE; Des Moines and Fort Dodge 3 each, and Northern Pacific common and preferred, Lead, Cotton oil, Bay State Gas, Long Island Pullman 2 point or more Third Avenue Stree Railway jumped to 156 against 14S, the last preceding sale.
 The tendency of prices in the bono market continued generally upward but some of the speculative issues lag. | ged under the influence of realizing or. ders
 Governments were quiet but gener ally firm. The transactions were | $16,00O.
 Following are the closing prices re ported by Prince & Whitely, bankers and brokers, 16 Broadway, New York l Cnntar ctr MaJu IJouap.