New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-06-12
CLOSING PRICES OF CHICAGO STOCKS.
Friday. June lip. m.

Friday June lip. m.
Small traders. who think that the advance In
stocks has gone far enough to warrant sub
stanta reaction. forget that the advance has
not been due to mere speculative purchases, and
they apparently fail to realize that capital Is
beginning to move into securities. When the
vast amount of idle capital waiting for invest
ment is taken into consideration. 1t Is not too
optimistic to say that the years highest prices
are yet q long way of. and that the current
movement has only begun its upward tendency.
Assuming that investment interests are not I'M
settled by some unexpected shock to confidence,
there should be little opportunity for material
bear operations in the market; and, although,
according to professional theory. the current adj
vance has reached the limit at which a reac-
ton is demanded. there appears little prospect
of such a reaction, beyond small losses which
realizing sales by small traders may bring about.
Important stock market interests are now ex-
erting an influence upon prices which the small
room trader cannot offset. and as long as these
interest and the investment buying public con-
tinue in their present cheerful frame or NINA:
the outlook for bear traders Will be dark and
gloomy And IL seems certain that the holders
Of money will remain favorable to security mar
ket operations for their confidence Is being daily
strengthened: strengthened by the multiplying
indications of industrial revival and encouraged
by the prospects Of business Expansion
Purchases made by arbitrage houses at the
close Of yesterday were successfully marketed
in London to-day while further operations for
the foreign account were engaged In. notably In
the Northern Pacific shares. In response to the
strength Of American securities In London 20
the satisfactory Government crop report. 10 the
continued commission house buying and 10
minor favorable influences prices made further
gains to-day. despite renewed proht-taking safes
and vigorous Efforts to induce reactions. the
Union Pacific and Northern Pacific Issues were
noteworthy active features among the railroad
stocks making substantial net gains on good
buying which in the first-named came largely
from Boston interests. The anthracite shares
were again strong. and throughout the railroad
list advances were general. New-Ycrk Central
reaching 10l, only / per cent under its best
price Of the year. ST. Louis and San Francisco
first preferred receipts gaining nearly per cent
on increased support. and all active issues, with
few exceptions, ending the day strong. In the
Industrias. Sugar Refining monopolized atten-
ton and gained per cent to 125b. Gold ex-
ports tomorrow will amount to only S2GOOO
and Will make up q special transaction not de-
pendent upon current exchange market condi-
tons. Buying Of securities by London In this
market should soon have an apprecabe influ-
ence upon the exchange market. and inter-
national trade conditions Will doubtless soon be
In this countrys favor again. An indication OF
this 10 furnished In the statement OF exports for
May, which shows an increase in value in ex-
ports Of brcadstuffs over NAY. 1896. OF $2.CsC.-