The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-06-05
FIrlroI1B AND oorn1noI1h


SATURDAY, JuneA
The market for securities has been active all
the week. The transactions in stocks have av-
eraasd nearly half = million shares q day, while
in bonds the average has been over three and q
half millions par value. The dealings In both
Departments were very much larger than last
week. Except for the sharp reaction yesterday
afternoon the market has been stronG through
out, and even tho efforts 10 dopress prices in
connection with the adoption Of the silver seign-
forage amendment by the Senate Yesterday
afternoon did not impair the firm undertone.
The decline in prices that took place during the
last hour or two Of business yesterday was
quickly recovered this morning when the
Street realized that the political play made
by a part of the Senate yesterday was
more than OFFSET by the substantial de-
velopments set forth In the trade reports
for the week. Another circumstance that gave
the market q fresh upward impetus was the
news OF tho daring exploit Of the volunteer crew
OF the Msrrimac at the mouth OF Santiago harbor.
London seemed to ignore yesterdays action
BY tho Senate and was probably Influenced by
tho steady progress the American forces
are maling toward bringing the war
with Spain to a successful close. Higher
prices for American stocks in London
and moderate purchases here by foreign arbi-
TRACE houses made 1t almost imperative that
khO OhhN bhONAN
midday the stocks that 1t sold with great free
dom yesterday afternoon. There was also con-
siderable buying through commission houses,
particularly OF tho low-priced stocks. Evil
dence accumulntes that speculative interest 10
steadily shifting from the high.priced shares.
that have led the upward movement SO far. to
those whose intrinsic value is not as we'll recog-
nlzed, yet which contain possibilities Of hand
some profits whenever conditions favor a broad
- 49, ,,1 tfAn In annt,riNIau
Stocks of the class referred to that re-
ceived noteworthy attention to-day were
Northern Pacific common, c.. c., c. and st.
Louis, Atchison preferred, Southern Rail-
way preferred. Denver and Rio Grande
preferred. Kansas and Texas preferred,
General Electric, Norfolk and Western pre-
ferred and Reading first preferred. On compare
lively light transactions the Granger stocks,
Sugar Refining, Manhattan Railway, Metropolis
tan Street Railway, Union Pacific preferred and
Northern Pacific preferred enjoyed net gains
of 1 y cent. or more. The rapidity with
which the market recovered the ground that
II lost yesterday cannot but DO regard
ed as significant. The weekly statement
Of averages of the Associated Banks does
not show as large an increase in lawful
money as had generally been expected. Tho
feature Of the statement Is an increase of
noarly $4,000. 900 in tho loans. As the
comparatively SINAI increase IN lawful
money was not large enough to provide re-
serve for the larger deposits, the surplus
has been drawn upon for that purpose to
the extent of nearly 81. 500. 900. Tho surplus
reserve, however. remains considerably above
$50, 200, 900. and 10 obviously ample for all pur-
poses. The closing of the stock market was
strong at about the best prices.
Is compared with the final prices Of last
Saturday, the majority of stocks are higher.
The more important net advances are in
American Sugar Refining, $50 y cent;
Union Pacific preferred. 4; Northern Pa
clhc. $50; Burlington and Quincy. ale; Cleveland.
Cincinnati. Chicago and st. Louis, 8; Northern
Poetic and National Lead. 2Os each; Reading LIST
preferred, Oh; st. Paul, 2; Union Pacific, l7s;
Baltimore and Ohio and Southern Railway
preferred, 1a each; Chesapeake and Ohio,
Reading and st. Louis and San Francisco
I'd preferred. 1la each: Atchison preferred, Cen
0Tal Electric and Kansas and Texas preferred, 1as
each; Erie LIST preferred and Louisville and
Nashville, III each: Rock Island. 1ls; Western
Union, =, and Northwest, L. q cent. The
noteworthy declines are in u. S. Leather pre-
ferrod. 27e y cent; Metropolitan Street Rail-
way, =, and N. Y. Central, L cent.
Few York Stock ExchnnG0-SaIes June q.