The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-06-23
THE MORNING NEWS: WEDNESDAY, JUNE % 1897

ness in bankers bills. at ST. S7i4T4 S7ls for
demand. and at $4.S6LG}4 S6i5 for sixty
days. Posted rates 81. S61ad4.Sl3s and
4.SS2. Commercial bills 81. S5I2; silver GER
tifieates 601sQeO5sc; bar silver 60isc; Next
can dollars, 479sc; government bonds firm;
state bonds were dull; railroad bonds
were firm.
New York. June 22.-The stock market
to-day again gave a demonstration of its
astonishing capacity for sustained in
crease of prices with only temporary
pauses and trivial reactions. The matur-
ing plan of the committee of the Directors
OF Chicago and Northwestern for refund
ing the bonds of the company, so as to
effect saving which may be applied to
the stock, has become the central object
of interest in the market The upward
tendency of prices, which radiated from
this stock, ultimately permeated the
whole market, carrying even the Indus
trial stocks, some of which had sagged
during the morning, to a higher plane.
Northwests extreme rise was ga. Omaha,
as being nearest in relation to Northwest,
followed its course with closest sympathy,
but the Vanderbilt stocks were all strong
in sympathy. Lake Shore made a new
record price. jumping S14 to us. This was
doubtless on exact information of the ben
efts to accrue to the stock from the re-
funding of the bonds, the time of the ex-
change of the old bonds for the new 5l5s
expiring tomorrow. The New York, Chi
cago and st. Louis stocks on account of
the close relation of traffic interest with
Lake Shore, also showed marked advance.
The first preferred was bid at II against
90 bid yesterday. The common stock
gained half and the second preferred
2. Lackawanna gained 31s to 1856, on a de-
finite announcement that the regular
quarterly dividend will shortly be declar-
ed. striking feature OF the market S
course was the comparatively small trans
actions on which prices rose. This was,
OF course, more markedly true of the high
priced investment stocks, a very small
supply of which is Offering in the market
at any time. quickened demand natur-
ally marks up the price very sharply. But
the volume of transactions as whole was
not large, and the dealings were lacking
in animation all day. Sugar and Chicago
Gas was, as usual occupying large share
OF attention, and other specialties were
rather heavy and neglected all day, though
they showed a recovering tendency before
the close. Southwestern railroads were
particularly strong on account of the good
outlook for business in that section. Con-
tlnued good crop reports sustained the
markets, particularly the Grangers The
announcement of a 100000 shiDment of
gola for Thursdays steamer and the prob
ability that more will 60 did not renew
yesterdays rather fictitious alarm on the
subject. The weeks exports of general
merchandise from New York. amounting
to SI9O96S0, a decrease of $2,17S l24 from
last weeks, indicate one source of the
strength. The sales of stocks to-day were
19O,4S shares, including Sugar, 1S 200; Bur
hngtOn and Quincy, 1900; Chicago Gas.
1,400; Chesapeake and Ohio, $500 ST.
Paul, $500; Western Union, 600.
Trading in railway mortgages was in
considerable volume and some striking
gains were made in a few issues, includ-
ing Lehigh and Wilkesbarre IS. which i'm
proved 2l2 per cent. The general tone of
the market was good and free purchases
were noted of the prominent International
mortgages for continental account. The
aggregate sales were $1,S09000. Govern
ments were more active, but without es-
sential change in values. The sales were
$50, 600.