The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-06-27
SATURDAY, June %.

June 20.
On q volume Of trading that was substantially
the Same as last week both tho bond and stock
lists made o much better showing as to
prices than they did last Saturday night.
Speculation has centred In tho Granger
stocks, md IN oonsequnncn they have
scored net gains of 3 to 81 . cent Northwest
ern has been tho leader. because of the benefits
which 1t Is believed the stock will derive
from the refunding of a portion OF the
company's bonded debt. The next greatest
net advance has been enjoyed by Rock ISL
land, because of the belief that the company will
be able to increase its dividend rate during tho
last half of the year. Rock Island was the con-
spicuously strong feature to-day. 1t sold at the
highest price recorded for 1t in a long time and
closed two and Q half points higher than last
night. This movement naturally stimulated
fresh purchases Of all Of tho Granger stocks
and prevented q reactionary movement at the
end OF the week. During the first hour or so of
business the speculative element was disposed
to sell stocks on the assumption that taking of
profits was in order at the end of a week during
which prices have advanced almost %continu-
ously. Tho publication of the statement
Of tho St. Paul Company for May.
which Is printed further on in this
column, appeared to give fresh force to recent
developments favorable to tho Granger Trunk
lines, and to start a new buying movement In
them.
Other stocks that made noteworthy progress
toward higher prices were Sugar Refining,
American Tobacco, Brooklyn Rapid Transit.
Consolidated Gas, and Jersey Central. The
trading in tho last two. however. was not extern
sive. The advance in Brooklyn Rapid Transit So
c~urities is based upon the steady improvements
the earnings of the system. Now that many of
the usually active stocks have advanced 10
points or more, dealers in securities are
beginning to look around for bonds OF
merit and low-price stocks that have not
yet received general attention. 1t will not
be surprising therefore. IL securities that have
long boon neglected should steadily come to the
front and make now records as to prices.
In forecasting tho future OF the market
tho fact should not be overlooked that
as yet London has not taken an &c
tive interest In American securities, either
hero or on its own Exchange. There are I'M
mistakablo indications OF a reviving in
terest in American securities in London,
and, rs practically all desirable foreign
securities have been advanced to almost
prohlbitive prices and our own market begins
to show a substantial character, 1t may reason
ably be assumed that before long foreign deal.
ers ia securities will resume operations in a field
which on many occasions heretofore they have
found exceedingly profitable.
At the moment Europe continues to draw gold
from this country. but the operation Is regarded
with eauanimity hero, partly because Of
the metal both In tho Treasury and
Clearing House vaults, and also because
Of the strong probability that all of
tho gold which has been exported this
spring. and much more. will DO returned to
this country before tho end OF the year In the
ordinary course OF business. General trade
continues to show a gradual improve
ment, while the feeling of expectancy of
a return to normal conditions as soon as
tho tariff measure has been disposed of Ia con-
stantly becoming moro pronounced. This Is
shown to an extent by the increase In
the loans OF the Ass ciated Banks this
week, following a large increase last week.
1t Is understood that tho expansion this
week has been due largely TO purchases of COM
mercial paper; in other words, to the extension
OF accommodations to commercial borrowers.
Money continues TO ccumulate at this centre,
but 1t Is gratifying to note that some OF 1t 10
finding employment.
AZ compared with the final prices of last Sat
urday, the list is higher with the exception of
Tennessee Coal and Iron, which Is O. y cent.
lower. The more important net advances are
in Northwest Ga y cent, Rock Island sig. Amer.
lean Tobacco 8, Burlington and Quincy and
Omaha 4 each, st. Paul 3, Chicago Gas GA. New
York Central 2. American Sugar refining and
bay state Gas Ia each, Manhattan Railway
lSs. Louisville and Nashville lla, New Jersey
Central and Missouri Pacific 1ss each. Reading
and Western Union l each, Pacific Mail and u.
$. Leather preferred y each. National Lead hs,
and southern Railway preferred u q cent.
Final sales compare with those or yesterday
as follows:
June 26. june 49, juno 25. June go.
A. T&sFe. l2h l2LN W com...ll6& III
A,T&sF"p 2AL 24A n Pac com. l4L las.
Am Cot on. l1a ID IN Pao pf.,, Ala Al