The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-06-09

TUESDAY, June =.
During the first hour or two OF business on the
Stock Exchange operators who began yesterday
to play the market for u reaction continued to
sell stocks with a good deal of confidence. They
were strengthened in their view by the fact that
the London market for American securities did
not respond fully to the improvement
in prices here during the suspension OF
business abroad the last three days. The
unreasonable weather was also favorable
to the movement referred to. Minor incidents
were the announcement that the Western Union
Telegraph Company had sold -, 900. 900 par
value OF its treasury stock and advices from
Chicago that the Common Council OF that city in
tends TO do its best TO nullify the Gas and Street
Railway Frontage bill recently passed by the
Illinois Legislature and signed by the Governor.
The success of this characteristic movement on
the part OF the City Council will probably be
known tomorrow morning. Regarding tho
issue Of Western Union stock, a summary Of the
application Of the company to the Stock Ex-
change to list the new shares is printed further
on In this column. The publication OF the facts
contained in the application. together with the
announcement that the stock had already been
sold, caused a quick recovery In Western Union.
and in consequence it closed only u shade lower
than yesterday.
The important news Of the day came from
w dSulnHlOH SOON dIteT noon ana turned the
course OF the market. The action of the caucus
OF Republican Senators upon the sugar schedule,
and also upon the Tariff bill as a whole, con-
frmed predictions that have been made of late
that n schedule of sugar duties more satisfac.
tory to the refining industry than that proposed
in the House bill would be agreed TO by the
majority in the Senate. and that the measure
as a whole is nearer becoming a law than
many have imagined. Sugar Refining scored
a maximum advance OF more than 1 points.
and, at a fractional reaction from the
highest price. closed 3hs y cent. higher
than last night. 1t supplied more than
a third OF the largest total transactions recorded
since the present upward movement in prices
began. The protection given to the refining
industry by the schedule agreed upon In the
Senate caucus is 20 cents y 100 MS, which ID
Tia cents per hundred more than that pro
proposed in tho House bill and only a few
cents less per hundred than that provided in
the present law. The decision to strike out
references to ad valorem duties is, 1t is under
stood. agreeable to all interests engaged in the
sugar trade.
In Chicago Gas, which was second only tc
Sugar Refining in respect TO activity, there wa,
further realizing by speculative holders who
were apparently disappointed that those mos
largely interested in the enterprise did not engi
'~Ss HSf AA hhS " ~
cidcntal TO the improvement in the status OF tn,
combined companies, resulting from the enact
ment OF the consolidation and frontage meas
ures. There was also some selling fo
short account, based upon the threats o
the Chicago Aldermen to override the Legis
lature. Covering OF shorts caused unusua
activity in United States Leather ~preferreC
and advanced the price nearly . points. TIL
trading in the Granger stocks was less actiy'
than for several days past. On the other hand
there was a squirt of activity in General Electric
that left the price fractionally higher than yea
terday. OF the less active shares Oregon Rail
road and Navigation preferred advanced sew
eral points. on the declaration of the first divi
dend upon those shares, while Third Avenul
Railroad lost all of yesterdays material ad
vance on account of the sweeping decision
against the company as to the validity o
the franchise Of its so-called Kingsbridg
extension. 1t is understood that the com
pany has expended upward OF 81, $780, 900 upol
that extension, upon which. OF course, 1t ha
had no returns pending construction and litiga
ton. and the ultimate disposition Of which vii