The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-06-05

FRIDAY, June 4.
The reaction in the stock market at the close
yesterday en- couraged professional operators to
resume their reactionary tactics Mt tho opening
this morning. The stocks offered were. however,
readily absorbed, partly by foreign arbitrage
dealers, and before the expiration OF the first
hour the market began to move upward again.
The efforts made yesterday afternoon to unset
tic tho market by circulating misleading
reports regarding tho Cuban situation were
abandoned. A somewhat similar attempt to
depress prices was made this afternoon. 1t
included tho circulation of rumors that the Gov
ernor Of Illinois had vetoed the Gas Consolida-
ton and Frontage bills, 1t appears that ad-
vices from Chicago yesterday that those bills
had been signed by the Governor were pro-
mature: but the course of Chicago Gas certih-
Gates to-day indicates that there is very
little doubt that the Governor will approve of
both measures. The withdrawal OF $780,
900 gold from tho Sub-Treasury for ship
ment tomorrow had, like recent similar
transactions. no effect whatever upon the
stock market. 1t is now perfectly we'll I'M
derstood that the profits upon exports OF
specie arc so slight that bankers as II rule do not
care TO mako them. A few drawers of exchange,
however, with tho cooperation OF their CORE
spondents abroad, who offered some small in
ducement to secure gold. prefer TO settle their
counter business and cover their letters OF credit
by shipping specie, Tho transactions are en-.
tirely Legitimate. ana because their character 10
we'll understood, and also because both tho
Treasury and the banks have plenty OF gold to
spare, they do not disturb the speculative COM
munity as they did six months or 80 ago.
The stocks that received tho most attention
were Chicago Gas, Jersey Central, Chicago.
Burlington and Quincy, st. Paul, and Sugar Re
fning. The first named was unusually active
at n further fractional net advance. The short
interest In Jersey Central appeared to be
alarmed, for there was n sudden increase of
activity In that stock that loft the price . points
higher than Inst night. All of the other anthra-
cito stocks advanced sympathctically. Reading
securities enjoyed an upward movement
which appeared to DO to an extent distinct from
that in Jersey Central. An advance in the
price OF refined sugars stimulated trading In
Sugar Refining, but the market for that stock
did not reflect operations by those who at times
absolutely control its movements. Among the
Granger stocks Chicago and Northwestern was
tho leader at a net advance OF a point and a half.
The buying was generally believed to be due ia
the showing made by the company In Its annual
report. published this morning. or the less active
shares, Tennessee Coal and Iron was c~onspicu,
Gus at a net advance OF 1is y cent. Another
noteworthy not advance was that of IL v cent
In Metropolitan Traction, which is explained by
the success the company is meeting in removing
obstacles to the extension and development OF
Its system. The best feature OF the dealings on
the Stock Exchange tho last few days is the
greater activity in the bond market, which has
been accompanied by a steady advance in pTiees