The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-06-15
MONDAY, June IA.

MONDAY June II.
The market for securities begins to reflect I'M
easiness on the part of unemployed capital. Tho
dealings in railway and other bonds to-day ag-
gregated 81, 800. 900 par value, the largest total
reported in many months. Tho market for
bonds was strong, and practically every issue
scored a net advance. Tho stock market was
also strong throughout, and its most significant
feature was the increase in the number OF frac-
tional lots bought and sold. Those dealings ag-
gregated over 1880 shares. When bust.
ness was resumed on the Stock Elk.
change this morning the sentiment in favor
of a reaction seemed to be more pronounced
than at any time Of late. 1t was strengthened
by a fractionally lower market for American
securities in London. and fears that in conse-
quence foreign operators would sell in this
market. They did sell a few stocks. 5000 or
1000 shares; but neither London quotations
nor sales had any effect upon this market The
offerings OF stocks were so light in comparison
with the moderate demand that they wero
quickly absorbed. and after a few minutes Of
hesitancy the market resumed its upward
course.
Reports from the West of a cessation Of rain
and higher temperature, both OF which are
favorable to the crops, gave n fresh impetus to
trading in the shares of the Granger Trunk lines
that resulted in higher prices for all of them.
c., b. and Quincy and Northwestern were ex-
ceptionally strong. The anthracite coal shares,
with the exception of Jersey Central, were COM
paratively neglected. Jersey Central was a
feature of the day, enjoying n maximum rise
Of 8 points and at a fractional reaction closing
IL . cent. higher than on Saturday. A sharp
upward movement in Sugar Refining was
checked temporarily by the debate in the
Senate on the proposed amendment TO the
Tariff bill abolishing the differential duty
on high grade sugars. News OF the de-
feat of. that amendment did not reach
the Street until shortly before the close of bust
ness. but 1t was followed by a fractional recov-
| cry in the price of Sugar Refining. Chicago Gas,
which WAS second only to Sugar Refining In re-
| spect to activity, sold at the highest price yet
recorded for 1t. According TO all accounts the
market absorbed to-day the last of a block of
speculative stock, and as no decline followed
this realizing. the short interest apparently be-
came alarmed and endeavored to close some OF
its contracts. The most trustworthy adviccs
from Chicago are that the Common Council OF
that city Is not likely to succeed in its efforts ia
nullify the action OF the Legislature authorizing
the gas companies to formally consolidate and
rendering construction By speculative concerns
practically impossible.
All gas securities attained higher prices to
day, under the lead OF Consolidated Gas, which
closed 3a points higher than on Saturday. East
River. on light transactions, closed 3 points
higher, and the preferred stock 2A, in spite OF q
formal decision by tho management not to pay
a dividend at present. The shares OF the othel
companies which are dealt in outside of the Elk
change participated in tho Improvement
Rumors OF a consolidation are still current
but cannot be confirmed. In sympathy with
the movement in Now York gas securities
Brooklyn Union scored n net advance OF :
points. Another Brooklyn security came to tn
front to-day, namely. tive stock of tho Brooklyn
Rapid Transit Company. II was dealt in NOR,
extensively than for a long time at a net ad
vance OF ! y cent, a movement that Is explained
by the recent steady Improvement in the earn
ings OF the company. Other stocks that mad,
noteworthy progress toward higher prices wer
Western Union. Manhattan Railway. and o
the less active shares American Cotton Oil pre-
fcrrcd, Illinois Steel. Pullman's Palace Car, st
Joseph and Grand Island first preferred. 81
Louis and San Francisco second preferred. an
the United States Rubber stocks.
The only noteworthy exception to the prevail
ing tendency was C.. c.. c. and st. Louis pre-
forred. which dropped 5 points on the decision
of the management Of the company not TO pay
dividend ut this time. This action has beel
spoken of as the passing OF a quarterly dividend
1t is said, however, in behalf OF tho company
that Its policy has not been TO pay fixed div
! dends. but TO distribute among the shareholder