New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-06-23

Tuesday, June OPP. m.

Activity and advancing prices marked the
course Of business In the stock market to-day.
The buying by commission houses good. and
the largest institutions Of this kind In the Street
reported increasing orders from regular custom
ers, and the opening of new accounts by others.
One well-known commission house has 1000
names on It's books at present, and II is note
worthy that this house has been bullish on the
situation for long time. and that 1t advised its
customers to buy when the majority Of people in
the Street were filled with pessimism, fear and
doubt. Capable observers men who were able
to place confidence in the signs Of the times
they appeared long before the current upward
movement began, said to their friends: Sell
nothing, but buy for an advance" and their JUS
tfcaton Of such advice comes in the current up
ward movement Of security prices. the basis for
which is found in tangible and accommodating evil
dence Of business expansion Brokers who man.
aged to remain cheerful in the dark days held out
encouragement to their customers, and kept
these accounts by the force of their persuasion.
the result Of which is now noticed in a remark
ably good business by these houses and grow
ing disposition by customers to enter more ac-
lively into security operations. Despite recent
advances security prices are still low. and COM
parisons with prices since 1893 under the various
distressing developments Of the period in ques-
ton only intensity the statement just made Con-
siderng the difference in underlying conditions
at present as compared with this time a year
ago the conclusion must therefore be reached
that stocks at current values are cheap
In to-days market the benefit Of railroad
bond refunding operations to the stock was
again reflected in Chicago and Northwestern,
which gained per cent to 114h. while the rail
road list In general shared In the upward move
mont. partly from the influence exerted by
Northwestern's proposed refunding operations
and partly from good buying based upon the
multiplying evidences Of business growth. on the
progress making on the Tariff BILL and on other
cheerful factors of minor importance In North
west, Omaha, New-York Central, Northern Pa
cihc preferred, Kansas and Texas preferred,
st. Paul. Burlington and Missouri Pacific there
was noteworthy activity and strength. while
among shares not so actively dealt In substantial
advances were made by Delaware, Lackawanna
and Western. Denver and Rio Grande preferred.
Lake Erie and Western preferred Lake shore,
which reached Its highest price on record, 40;
and New-York. Chicago and ST. Louis second
preferred. Around noon reactions profit sell
ing occurred. but subsequent rallies carried
prices to about the best Of the day, and at the
close Sugar Refining. Tennessee Coal Consoli-
dated Gas. United States Leather preferred,
Union Pacific National Lead and Jersey Cen
trai were the only stocks In the active list which
showed net losses and these losses were small
fractions Sugar Refining and Chicago Gas
were both sold heavily for profits In Missouri,
Kansas and Texas preferred and Missouri Pa
cihc good buying was induced by the favorable
reports from the Southwest regarding the con-
dltion OF the winter wheat crop Rock Island
declared It's regular quarterly dividend to-day.
Gold TO the amount Of S5OOOOO was engaged for
shipment Thursday. and conditions In the for
eign exchange market indicated that there would
he further shipments this week II is not prob
able that offerings against cereal exports Will
Increase for some time. owing to the lateness
Of the crops and TO the fact that the demand
on account OF travellers credits IL likely TO re-
main heavy for some time to come. This taken
n connection with interest payments. due abroad