The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-06-20

To-day's stock market reflected profit taking.
particularly In Sugar Refining, which was tho
only stock in which the transactions exceeded
10000 shares, and which closed moro than q
point lower than yesterday. 1t was perfectly
natural In view of the almost continuous ad-
vance in prices during tho last four weeks,
that speculative holders of stocks who have
seen profits accrue upon their ventures should
desire to secure those profits. 1t is possible that
the profit taking has been more extensive than
has appeared upon the surface, for 1t must DO
admitted that there has been q good deal of
manipulation for the purpose OF sustaining
prices during the last few days. Prospects that
the exports of gold next Tuesday will DO fairly
large, probably $4,000, 900, had some effect
upon speculative sentiment both yesterday and
to-day. Although it Is well understood that
the foreign exchange market, which is strong
ut high figures, does not warrant these
shipments. and that the gold now ex.
ported will probably DO returned later In
the year when the outward movement of cereals
is larger than at present, the fact remains that
european bankers prefer to pay q price for gold
in this market, presumably for Austria, rather
than disturb or transfer their own holdings Of
the specie .r ,-.'.
The time may come, indeed It seems to be near
at hand. whom the transfer OF gold from this
country will not be regarded as an unfavorable
Ao swap 49, sNS NAtS NV WA
account Of its extensive borrowings and pur-
chases abroad, il q debtor nation, 1t will be COM
PEELED, in spite Of Its heavy exports Of grain, cot
ton. and other necessaries of life, to export @
certain amount Of gold in settlement of its trade
balance. 1t is gratifying to note, however. that
tho production Of gold in this country is
steadily increasing. According to the Di-
rector Of the Mint. tho United States
produced last year over $53. 900, 900 gold. as
| aratpat 0AG Q1n nnn khn 0rayia,a . O9O
soc, 900 in 1894 There would be no cause for
apprehension because Of the periodical outflow
of specie except that at times during the last
few years the revenue of the Government has
been inadequate to meet tho demands upon the
Treasury from its creditors, including the hold
ers of its legal tender and Treasury notes. AS
that situation has been modified to an extent by
the extraordinary imports of merchandise this
spring and bids fair to DO further improved by
changes in the tariff, 1t seems reasonable to
assume that the shipments of gold during tho
next few weeks will not be regarded as impor-
tant as similar were a year ago.
All of tho news affecting prices this week has
been of q favorable character. There has been a
little Improvement in general business. Bank
clearances for the week are q shade larger than
for the corresponding period Of last year, and
also larger than during the previous week Of this
year. Railway trafac returns are also larger than
a year ago. and the disposition of managers TO
maintain rates is more pronounced than at any
time of late. Tho prices OF staple products do
not show much Improvement; still, better de.
mand for both iron ore and finished products of
iron Is to be noted, and the condition Of cereals
in other large wheat-producing countries fore
shadows an active demand for the surplus
product of the United States. The news re-
ceived this afternoon Of the satisfactory ter
mination Of tho negotiations for a settle
ment of the G~reco-Turkish controversy should
have a good effect upon the foreign markets for
securities, which In turn should be reflected in
the market here. 1t Is possible. however, that
speculative results may DO delayed by the vir-
tual suspension of business in Great Britain next
week on account of the Queens jubilee.
Today statsmsnt OF ayerages OF ;I the Ass 70
not only for the large increase in lawful money.
fore u n,sD funds The Increase in loans
and in lawful money, is reflected more accur.
a the large rae" increase in deposits, the surplus re.
serve is, more than three-quarters of u million
AS compared with the final prices Of last Sat
urday the majority OF stocks are higher. The
more important net advances are IN Chicago Gas.
fessreSG, 3a; Western Union. 2s; American
sugar Refining 2is; BurIingt9n and Quincy:
Bay STATE Gas and ROCK Island, is each; ST.
Paul, /; Missouri Pacific and Tennessee Coal
and Iron, q each; Kansas and Texas preferred
and u. Leather preferred. la y cent. each.
cifc, ~ v cent. Reading. g; Northern Pacific
preferred. -, and Southern Railway preferred,
% y cent.
Final sales compare with those OF yesterday
as follows:
June 10. June lo.I June 10. juno 10.
A,T&sFe. l2Le l2 n W CON-. .l10ls llOt
A,TAsFep 23As 23Ts N Pac pf... 42is 41h
Am S Ref >. l245s 1891 NY Cent. ..lo1h 1909
Am Tob.... 73as 70 N J Cent. 92Ts S2l
Am sp M. ILL., 49, Ont & w.. las 14S
Am sp mp, 30A 3oS Pac Mall. 2eh 20
c,BAQ.... Sla slhsI Rock Island 7o4 7osa
Ches & o.. l74 l7aI Reading. 21A 21S
Chic Cas-. ooas oOAI st + COM. 784 79s
Gen Elec... 33L 80 Ist Paul p,..139 1913
Kan 4 T pL. 3O7s 3OA SO R'way p 2Ss 2SS
Lou & Nash 4oas 4oSI Texas Pac.. l0L lot
LII 4 West l5L l6 TC,I&R.- go 24s
Mani Con-. SAL S72l Union Pac. z o.
Mo Pacific. l6As 1874 U s Leath p 8 6SL
NatLead... 8 2saIw I'm TEL. 3 80"
Government bonds steady at unchanged quo
~tations. Railway bonds strong. The features
were Chesapeake and Ohio consol 5s, Minneap
oils and st. Louis consol 6s. New York. Susque'
hanna and Western generals. Kansas Pacific