The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-09
STREHTH IN SUGAR
STOCK sURGED UP ON THE NEWS
OF THE CAUCUS AC-
TION.
GENERAL LIST REACTIONARY.
CHANGERS SOLD ON RUMORS OF
CROP DAMAGES IN THE
WEST.
HEAVY INFLUENCE FROM LONDON.
Shares Bought for Foreign Account
Dumped ON the New York Mar
lxet Realize
HEAVY INFLUENCE FROM LONDON.

NEW YORK, June 8.--The tone of today s
market for stocks was distinctly reactionary
throughout though not to a marked extent.
The tendency was made the more marked by
the failure of the market to rally with any
marked degree of vigor under the strong i'm
petus of the upward bound of Sugar. This
failure was the more notable on account of
the great stress laid by the traders in stocks,
hitherto, on the early disposition of the tariff
question by the passage of a bill-a consum-
nation which seems apprec;ably advanced by
today's action of the republican senatorial
caucus. The heaviest influence towards reac-
ton came from London, though there were
other elements of weakness in the market,
which must be taken account of. Arbitrage
brokers have bought American securities in
this market, while the London exchange was
closed for the Whitsuntide holidays on Sat
urday and yesterday. This, of course, was
done in the confidence that London would be
buyer at the advancing prices upon resum-
ing trading today. On the contrary, London
showed an inclination to realize on earlier
purchases of our securities, and prices in
consequence declined this morning in Lon
don. This disposition to realize was accen-
tuated by the fact that the regular fortnightly
settlement on the London exchange COM
menced today. Private cable advices received
in Wall street report also that London traders
have been considerably Influenced by an at
tack by the Times upon the United States
government finances and financial policy. The
stocks bought here for London account in the
last two days of trading, were left without
a profitable market, and were offered for sale
here again. All the International stocks re-
acted under this state of affairs. The traders
sought to precipitate the reaction which they
have believed was more than due, and there
w hxlny 4alri -
short selling of not very confident sort
Sugar was strong all morning on Washing
ton advices, foreshadowing the action of the
senate caucus on the sugar schedule of the
tariff bill, but it surged upward with a bound
when the formal decision of the caucus and
the terms of the substitute became known.
The extreme rise was 42s and the close was
only slightly below thai. The preferred
gained 1as The covering of shorts and long
buying induced enormous transactions in
this stock, the total sales for the day num-
bering over 10000 shares out of a total of all
saes of abou, $50, 600 shares. The grangers
were sold to take profits, and to some extent
on the belief that crops nave been damaged
IN the Northwest. Manhattan and Western
Union tended quite strongly upward at one
time en- the action of the officials in deciding
to declare the regular quarterly dividends OF
~N--N
the latter stock. But both sold off later. NJ.
f. gained fraction. Chicago Gas was sod
down IL on proft-taking, but recovered x
in sympathy with Sugar. General Electric
showed strength in the closing hour Oregon
Navigation gained and Oregation Navigation
pretrred 3@ on the declaration of the first
quarterly dividend of / per cent on the pre-
terred stock under the reorganization. Cana
dlan Racine and Lackawanna also gained a
point each. b. & o. lost point Lac.ede Gas
~ and Long Is and Ia.
The bond market cid not participate in tho
heaviness that characterized the stock trad
ing, except for few issues in which special
consideration operated Business was less ac-
tive, but The strength CT the market was I'M
impaired. Wisconsin Central first trust re-
ceipts and Standard Rope IS receded | and
Us per cent respectively. The aggregate sales
were $4,000. Governments were we'll sup
ported and gained slightly on purchases of
81, 900.
The total sales of stocks today were 2e6 900
shares, including: Sugar, 90, 0G0; Burlington
1880; Chicago Gas, $4,000; General Electric
5,4OO; l.. & N, $500; Manhattan, 1900; MIS-
souri, Pacific, $500: Lead 5000; NJ Y. S. &,
W. preferred, $500; N. p, $500; Pul'man.
$500; R. W., third assessment paid, 9 600
Rock Island, 10000; Sou hern Pacific $500:
Wabash preferred, 1880; N. J. Centra!. 600.
The Iji.oWing were fluctuations OF the
leading al.way and industr al shares fur
nished by c. ii. F. Smith & Co., members
New York stock exchange and Chicago board
of trade: