The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-21

tob1e xpbcbeA after yesterdays unusual Actfvt-
~, the extraordinary advance IN Sugar Re0n-
Ing npd the material rise In pricee throughout
thS remainder OF the list Yesterdays market
unouestionably invited extensive realizing OF
profits By speculative holders; and operations of
that character wero noticeable to-day. This cir
cumstance, together with further sales Of stocks
by London, which probably aggregated 10000
shares, encouraged tho professional element
TO ondoavor to bring about u reaction. Its
efforts were successful TO only q moderate or.
tent, Tor tho offerings Of actual holdings arc still
very light and are met by n constantly lncreas-
ing demand 1t appears that London Is still
disturbed by fears that no decisive step will DO
taken by the present session Of Congress TO re-
model the currency system Of the United States.
English Journals, particularly those devoted
TO financial affairs. continue to dwell upon the
Importance OF currency reform In the United
States as if 1t were u subject Of vital Importance.
They Ignore the rout Of the free-silver advo-
Gates at tho last Presidential election. and also
the fact that tho Treasury holdings Of gold
can easily be conserved and all doubts as to
the ~solvcncy Of the Government dispellcd by
tho collection of sufficient revenue to meet
the Governments disbursements. English crit
les Of American affairs do not soem TO under
stand tho situation here and fail to realize that
tho worst thing that could happen now would
DO the agitation by Congress Of notifications Of
the currency.
The sales Of securities by London were sufi.
GENTLY largo to affect the foreign exchange mar
ket. advancing rates to figures that led foreign
bankers TO renew their orders for shipments of
srecic. 1t is possible that some of these orders
may DO filled by the end Of the week. Eek.
ports Of specie at this time cannot, however. DO
regarded as important. for 1t 10 only q
question OF time whom exports Of breadstuffs
| and n reyer6al NJ fhe preaant nftftudA Of fOraiOn
dealers In securities will result in q heavy re-
turn movement Of gold from abroad. Largo
importations of Canadian wool and lum-
ber are also temporarily influencing exchange
between the United States and Canada, hence
recent shipments of gold across the border. Az
bearing upon this situation It 10 important to
note first, that the purchases Of wheat for ex-
port In the various markets to-day aggregated
more than 1850, 900 bushels. That the outward
movement Of merchandise generally is growing
Is shown by tho increase Of more than
two and a quarter millions In tho ex-
porte from this port alone for the week end
ing to-day. On the other hand. customs receipts
are temporarily increased by prospects that tho
impending Tariff bill will become a law by tho
end Of the week. Those receipts to-day were
&2,2o9.5 21, Of which 81, 200, 900 was on account
OF Withdrawals Of merchandise from bonded
warehouses. Tho greater part Of those with.
uIhWAlS Wer0 OF TOBACCO.
Sugar Refining continued to lead the market
In respect to activity, and 1t made q new high
record, namely. 148A. The maximum advance
In price was Az p cont, and the net advance half
OF that amount. At tho extreme improvement
tho Street was disinclined to trade In Sugar Re.
hning. The wide fluctuations In it yesterday and
again to-day made the market nervous, for few
traders cared to make ventures In the stock for
either account. except for the purpose Of catch
Ing immediate fluctuations. Interest in tho
Granger stocks was well maintained, but Chi.
cago. Great Western and Rock Island
wore the only ones that scored not advances.
Chicago Gas was exceptionally strong on
dividend and consolidation prospects. and Read
Ing first preferred advanced nearly o point on
the most extensive trading that has yet taken
place In the stock. The only other noteworthy
strong feature was National Lead, the market
for which was favorably affected by tariff con-
siderations.
About noon the entire list advanced sharply on
Misleading and really absurd reports that the
Senate had adopted the conference tariff report.
Before the close professional operators were SELL
ing stocks on reports from Washington that the
Senate may not act on the tariff for some time
to come. At the close. however. a disposition to
recover stocks sold early In the day was appar-
ent, and In consequence tho tone at tho finish
was in the main strong.
as tDllows: