The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-06-13

LATEST LONDON QUOTATIONS.
Atchison. aap..... 1881 Norfolk 4 W pf. n. 81
Canadian Pacific. cav Northern Pacific pr. 43S
Chesapeake a Ohio. lsp Ontario q west.... d
Erie con. a ap..... lds Pennsylvania ...... Sd
Erie LIST pf........ So Reading. LIST . p.... l
Illinois Central o9ia st Paul ............. 79s
Kansas q Texas. ID South Railway.... oSs
Lake shorc.......176 South Railway pr. 80
Louisville 4 Nash. blh Union Pacific. ...... 8
New York Central, o 8 y wabash pf........ 16S
SATURDAY, juno 10.
The dealings In stocks this week averaged
about 100000 shares a day, US against a daily
average Of 10000 shares a short time
ago. The transactions In bonds have in.
creased from less than 81. 10000 par
value. a day to over $l.50o,o0o. The
greater activity in both departments of the Stock
Exchange has been accompanied by a steady
and pronounced improvement in prices. 1t has
been evident all the week that the professional
element is gradually losing its control Of the mar
ket. 1t has, OF course. contributed to the ad-
vance, but whenever 1t has undertaken to
bring about n reaction 1t has unquestionably
played q losing game. Among the interesting
Developments this week Is the appearance of
London an a moderate buyer of stocks. as well as
of bonds Its purchases OF stocks are estimated
at so, 900 to &C. 900 shares. It's heaviest purchases
were made in connection with the fortnightly
settlement on the London Stock Exchange. In
cidental to that event a number Of jobbers who
had sold calls upon American securities, which
were exercised. were compelled to buy stocks In
this market to fulfil their contracts.
The strength Of the market has been at
tributod largely to the progress that has been
made toward perfecting the pending tariff
measure. The belief that tho new revenue pill
will become a law soon after July l has
also affected general business favorably. and
that in turn has been reflected to an extent in
the dealings on the Stock Exchange. Railway
traffic returns for May show an improvement
over the previous month, and also over
the same month of last year. Encourage
ment Is also found in the latest statistics
OF bank clearanccs. which show an increased
volume Of transactions in comparison with re-
cent periods and with corresponding periods Of n
year ago. The trade reports bring tho crafty
ing information that moro persons are now en-
ployed than prior to the last Presidential election,
and the prices Of certain staple commodities,
notably iron, are a little higher. The weather
has not been entirely favorable to agricul-
tural enterprise; still the reports regard
ing staple crops are in the main favor
able The precedent should not be liz.
nored that a late spring is usually followed
by a late harvest, with weather appropriate to
the delayed seasons. So far as the wheat crop
is concerned, IL il to be noted that even should
the yield this year DO only up to the average.
the present condition OF the same crop in
western Europe foreshadows an export demand
that may make up in price whatever may be
lacking In quantity. Upon this point 1t
is interesting to note that carefully pre-
pared estimates have recently been published
in Paris that France will probably have to i'm.
port $4,000. 900 bushels OF wheat during the
present crop year. That those most familiar with
the probable foreign requirements of breadstuffs
expect a large outward movement is indicated
by the active demand for grain charters for
August and September.
The indications at Washington that the sugar
producing and refining industries are likely to
be satisfactorily protected in the new revenue
law have stimulated trading in Sugar Refining
and resulted in a net advance in the price
that has not been exceeded by any other
stock. The anthracite coal shares have
been a feature. under the lead OF Jersey Central.
The most trustworthy reports regarding the
anthracite trade foreshadow an active and
fairly profitable business during the last
half OF the year. The Granger stocks, which
were the first leaders in the present
upward movement, have halted this week and,
with the exception OF Rock Island and North.
west, closed lower than on last Saturday. A
natural reaction in Chicago Gas has also taken
place. The final effort Of the so-called Chicago
Doodle" Aldermen to levy tribute upon the
Chicago gas companies has apparently induced
some speculative selling for both accounts. As
the entire press OF Chicago is now bent upon ex-
posing the character OF these final attacks upon
the gas industry. the chances are that they will
simply react upon those who are making them.
Perhaps the most significant advance this week
was that in Western Union. based upon the i'm
provement In earnings for the current quarter,
which also reflects greater business activity.
NnrfharD pactnc aarItrifIaa naFfirpIarlv thu
preferred stock. have enjoyed a handsome
advance in expectation of an approaching
change In management and the belief that meth
DDS Of operation will be introduced which will
reduce expenses and increase profits. To-day's
market was fairly active, and, in spite OF tho
taking of profits incidental to the closing of a
week OF rising prices, the tone was firm through
out. The only noteworthy net decline was
in Sugar Refining, in which selling to take
profits on account of yesterdays vote in tho
Senate on tho sugar schedule was the feature.
On tho other hand. Jersey Central was c%onspicu.
ously strong. scoring a net advance of On
points on comparatively light transactions.
The other anthracite shares move in sympathy
with II. The weekly statement of averages
of the Associated Banks shows n further accu-
mutation of unemployed funds at this centre.
the increase In lawful money being nearly ga
millions. Tho loans have been expanded mode
rately. The deposits DO not accurately renect
the two changes. being more than a million
smaller than they logically should be. Tho net
result Is an increase OF 81. $50. 900 in the surplus
reserve.
AS compared with the final prices of last Sat
urday, the majority OF stocks are higher. The
moro important net advances are in American
Sugar Refining. q y cent; New Jersey Central
SD; Northern Pacific preferred, 3%; Delaware
and Hudson, 3as; Canada Southern and Pacific
Mail. 2as each; Reading first preferred and
Western Union. ia each; Tennessee Coal and
Iron and u. 9. Leather preferred, IL each
American Tobacco. Manhattan Railway. and
Reading, 1Hs each; General Electric and North
ern Pacific. lss each; Louisville and Nashville
Ia; Kansas and Texas preferred and Missouri
Pacific. l each; American Spirits preferred and
IIninn Pacific Il each. and Southarn RAILWAY