The sun., 1897-06-16
LArrsr LONDON ouorArIoNA

TUESDAY, June 10.
Tho suicide of the so-called Kaffir King had
much less effect upon tho London market for
securities than was generally expected here that
1t would have, for the reason. apparently, that
his mental condition and financial affairs were
much better understood there than here. In
other words. London has known for long time
that he had ceased to be the important person
age that he was when the speculation In South
African shares was at its height. To the sur
prise Of many, tho London market for Ameri-
can securities, when business was resumed
hero this morning, was fractionally above the
final prices of yesterday Besides, foreign arbi-
trage houses bought several thousand shares of
various stocks. These circumstances resulted
in q strong and fairly active market during the
first hour. The improvement in prices invited
additional realizing sales. particularly in Sugar
Refining and tho Granger stocks, and also some
selling for short account In expectation Of a re-
action. Prices yielded fractionally during tho
middle Of the day, but the strong undertone Of
the market was not impaired. This fact became
evident toward the close Of business, when
efforts to recover stocks sold earlier in the
day were stimulated by the news from Wash
ington that tho Senate had finally adopted
tho sugar schedule as agreed upon by the Re-
publican caucus. The final movement Of prices
reduced the net declines to small fractions, ex-
cept in tho cases Of Jersey Central and Manhat-
tan Railway. which closed about point lower
than yesterday. OF tho active stocks c., B. and
Quincy and st. Paul closed fractionally higher
than yesterday. and Chicago Gas unchanged.
while of those dealt in less extensively q large
number scored net advances many OF which
were important.
Among these last wero the American Cotton
Oil Stocks Brooklyn Rapid Transit, c.. c.. C. and
Lake Eric and Western and Oregon Short Line.
The market for the so-called inactive shares indi-
Gates that operators who have taken profits in
the leaders of the market are sufficiently conf
dent Of tho future to turn their attention to less
prominent securities. or this class the only one
that sustained a noteworthy net loss to-day waa
Oregon Railroad and Navigation preferred, upon
which dividend Of l cent. was recently de-
clared. AS the rise in that stock. In connection
with the declaration of tho first dividend
resulted in part from speculative buying
tho reaction Is entirely natural. 1t will
be remembered that majority of this
| stock, which carries control of tho company
for several years. was purchased last winter for
! the Great Northern and the Northern Pacific
| companies, its principal connections, thus SO
| curing harmonious and profitable interchange
| Of traffic between those two lines and tho Ore
the last named for the first eight months of the 8
cal year were approximately $500, 600 In exces:
Of the fixed charges for the entire year. Thi.
| situation appears to have been overlooked by
those most largely interested In tho property
and who are also cognizant OF the prospects o.
an unusually heavy wheat crop In the territory
tributary to the road
AL Of the crop reports received to-day wer,
of a cheerful character. This accounts for tn,
exceptional strength Of the Granger stocks
Tho announcement that 5000 900 gold, which
will not bo taken from the Sub-Trcasury, will b,
shipped on Thursday, had no effect upon the cur
rent speculation. 1t is possible that anothe
comparatively small shipment will be made n
the end Of the week. On tho other hand gold Il
accommodating In the Clearing House vaults, I
deposit of 100000 to-day increasing tn,
amount on deposit in those vaults to $55 900.
600. In these days, when It Is fashionable ;,
fund and extend maturing railway mortgages
1t is interesting TO note that tho st. Paul, Min
neapolis and Manitoba Company will. on July i
retro the last of its first mortgage sinking fun,
| bonds twelve years In advance OF their maturity
Final sales compare with those of yesterda,
| as follows:
| JuHs IL. June lo. June II. June 6
A.TEsFe. 1874 l2S No Pacific. l7S4 Ia
A.T&sFep 24 231 Nat Lead. 2s1 2su
Am Cot oil. 13 l4h W CON-. ! oeIl llo