Evening star., 1897-06-01
New York Market Opened Strong,
but Weakened Later
UNDER PROFESSIONAL TRADING
Grangers Showed Strength and Coal
Roads Suffered.
GENERAL MARKET REPORTS
special Dispatci, to The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK, June 1.-The execution Of
orders accumulated over the double holi-
day resulted in the establishment OF a
strong opening level this morning. Ad-
vances varying from Ia to 3-S per cent
were recorded In the active railway Issues
The volume of business had not increased
In proportion to this advance however
and in many instances first prices were
the best.
The trading element was active I'm both
accounts, the market subsequently becom-
ing irregular under the influence of these
professional transactions.
The Granger shares were in good demand
during the early trading. an increase of
slosooO in Burlington's April earnings be-
ing an especially strong influence in the
advance.
Realizing sales for time stayed the
movement in these securities and prac-
tional concessions were recorded during
the noon hour. At the decline the char
acter of the buying was said TO have i'm
proved. room traders covering early sales
in consequence.
Omaha was sold down 1 per cent during
this reactionary period. an absence of sup
port being a conspicuous feature of the
movem ent.
The undertone of the market suggests an
increasing outside sympathy with the ad-
vancng tendency. Commission house buy
ing has improved somewhat. and awaits
only definite legislation at Washington to
become an important factor.
The tariff uncertainty. If continued, must
shortly discourage enthusiasm and force
the market back into the narrow confines
Of professionalism.
While the general list presented evidences
of an Increasing demand and attendant ad
ditions to last weeks prices, several i'm
DOrtant eypenfilns noted plSaW
New Jersey Central was sold literally
from the opening by traders. and yielded to
the extent of per cent decline.
The Coal shares were sympathe tically
Influenced by this renewed weakness. q.
c. c. and st. Louis. roted on Saturday as
lacking in support, was depressed 3l2 per
cent Oh a few sales during the early morn
ing. Unfavorable earnings for this sys-
tenn and discouraging dividend prospects
for the preferred stock are credited with
the decline.
American Sugar was sold down sharply
for decline of IL per cent, on orders
thought to indicate a change of front on
the part of an important speculative in
terest.
The termination of this selling movement
end the absence of new pressure to sell
attracted buying, which forced the price
back to the opening level Washington ad-
vices on the sugar schedule indicate an
increasing opposition to its provisions and
decreasing probabilities of its successful
enactment.
The passage of the Chicago gas consoli-
dation Hills was announced during the
forenoon, realing sales following almost
Immediately. The stock marketed to take
profits was well bought, and confidence in
the property has been materially increased
by the new law. In & favorable market
these shares are likely to retain their pres
ent prominent position.
The foreign exchange market is reported
steady under a limited demand. 1t is i'm
possible 10 estimate the probable outflow
of gold during the week but indications
now point to a minimum outflow.