The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-16
STOCKS TURN WEAK
UPWARD Trend OF PRICES UHECK-
ON THE NEW YORK
BOARD.
NO VERY OBVIOUS REASON.
SPECIAL STOCKS RAIDED BY THE
BEARS TO FORCE A REAC-
TION.
CLOSE GENERALLY UNDER BEST.
Net Result for the Day, However,
Slight Gains for the Ma
jOrity of Shares.
NO VERY OBVIOUS REASON
CLOSE GENERALLY UNDER REST

NEW YORK, June 80 The upward prog
ress of prices was brought to halt during
the progress Of trading today on the stock
exchange, and earlier gains were wiped out,
leaving some important stocks below last
nights close. There was no very obvious rea-
son for the reaction beyond the general prin-
ciple that reaction Is also bound to come after
advance. The long continued steadiness and
frmness of the market have inclined the pro-
fessional traders to act rather more confidently
on reaction the principle that the longer it
is delayed, the greater the remaining GER
ta.nty that it will come. This element
worked fer the reaction by rasding special
stocks, and helped 10 influence the more eau
tious to take profits under feeling not 10
overdo good fortune. While prices were at
times very materially above last nights c.ose,
the latter recessions brought prices Of the
majority of stocks back to slightly above
below last nights. The prevailing dizziness
in the London market. owing to the jubilee
festivities, had its effect on this market, ar
bitrage operations being much restricted. Per-
haps this fact lessened the effect of the death
of the Kafflr king, the immediate group of
securities with which he was associated
showing no noticeable effect. Some senti-
mental effect was nevertheless produced in
this market The announcement of ship
ment of s609,G eco N gold by Thursdays steam
er was coupled with the announcement that
none CT it would be withdrawn from the
subtreasury. The shipment nevertheless had
its effect in selling off the market. The May
trade statement shows that, notwithstanding
the increase of 81, COO Coo in the exports over
year ago. the imports increase S22 000, Coo
Sugar, Burlington, st. Paul and Chicago
Gas, n the order, absorbed half the dealings
To-Day, showing a much narrower range CT
speculation than for some time. Sugar ranged
over points, but closed with a loss of 4.
The majority OF stocks show fractional net
gain, New Jersey Central being the most
marked exception. THIS stock fell 2s from
the highest. with loss of 1A net Some of
the most notable advances Of a point or over
most OF which also were retained, were Cot
ton Oil, per cent; Tobacco with final net
kss) c., c., c. G st. L. and Cotton OIL
preferred.
The Eond market continued to exhibit a
decided degree of strength, which was more
manifest in the inactive securities. Trad ng
diminished considerably from yesterdays total
or transactions, but there was no abatement
OF the aggressive strength that characterized
the speculation for some weeks The trans
actions were $i,971,0O0. Government bonds
were more active with slight gains in the
new as. The transactions were SEQ, 900.
The total sales of stocks today were 261a72
snares, including: Sugar 49, 300; Burlington,
~ SEQ; Chicago Gas, 2o,3oo; L. & N, 1900;
MOI, hern Pacific, 31O0; Northern Pacific pre,
ferred, $500; Pacific Mail, 300; Reading
S,se0; Rock Island. $500; St. Paul &c. COS;
Tenn. c. & l., 4,300; Union Pacific, 3,100
Western Union, $500; n ]. Central, $500
The following were the fluctuations of the
lead ng railway and industrial shares fur
nfshed By c. II. +. Smith & Co.. members
of trade: p