The daily morning journal and courier., 1897-06-23
FtmanctaI.
The Stock Market Continues Its Upward
 Progress.

The Stock Market Continues Its Upward
 Progress.
 New York, June 22-The stock mar ket to-day again gave a demonstration of its astonishing capacity for sus- tained increase of prices, with only temporary pauses and trivial reactions. The maturing plan of the committee of directors of the Chicago and North western for refundlng the bonds of the company so as to effect a saving which may be applied to the stock, has be- come the central object of interest in the market.
 The upward tendency of prices which radiated from this stock ultimately per- meated the whole market, carrying even the industrial stocks. some of which had sagged during the morning to a higher plane. Northwest's extreme rise was 3A. 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 record price, Jumping 3h to 175. This was doubtless on exact informa tion of the benefits to accrue to the stock from the refunding of the bonds, the time of the exchange of the old bonds for the new 3@'s expiring tomorrow.
 The New York, Chicago and St. Louis stocks on account of the close relations of traffic interests with Lake Shore also showed marked advance. The first preferred was bid for at Il against 60 bid yesterday. The common gained 11a and the second preferred 2, Lackawanna gained 31a to 156 on defi- mite announcement that the regularly quarterly dividend will shortly be de- clared. A striking feature of the mar ket's course was the comparatively small transactions on which prices rose. This was. of course, more markedly true of the high priced investment stocks.
 The volume of transactions as a whole was not large and the dealings were lacking in animation all day. Sugar and Chicago Gas, which usually occupy so large a share of attention and some other specialties were rather heavy and neglected all day, though they showed a recovering tendency be- fore the close. Southwestern railroads were pdI olIOlIS OLl dINOuIll LII tn good outlook for general business in that section. Continued good crop reports sustained the grangers.
 The weeks exports of general mer- chandise from New York, amounting to s7, ,9O9, ,6SO, a decrease of $2,17S. PA from last week, indicates one source of the strength in exchange. Gains of a point or over were shown by Tobacco, Burlington, St. Paul, Omaha, Susoue- hanna and Western preferred, Denver and Rio Grande preferred, Manhattan, Missouri Pacific, Kansas and Texas preferred and Northern Pacific pre- ferred. In the closing dealings Lake Erie and Western fell a point and the preferred jumped two points. LaClede Gas lost 1A, but recovered it. Tennes- see Coal also fell point and rallied feebly.
 Trading in railway mortgages was in considerable volume and some striking gains were made in few issues, includ- ing Lehigh and Wilkesbarre lives, which improved 21la per cent. The gen. eral tone of the market was good and free purchases were noted of the prom inent international mortgages for con- tinental account. The aggregate sales were S1, ,4SQ.QQ9 7E