The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-06-25

disconnected by the continuous strength of the
market overlook, apparently. two or three i'm
portant circumstances. Chief among them Is
the fact that the liquidation in securities, both
here and abroad, which began in 1890 has been
completed. In consequence of that liquidation
and the reorganization of companies operating
q very large percentage Of the railroads in this.
country. securities have gradually passed into
the hands of those who have paid for them.
The events of tho last half decade or 80 have
beon unfavorable to the development of
new enterprises and the issuing Of new
securities based thereon. This Is particu-
larly true of the transportation industry.
which. in spite of It's Importance. In the
economic and political development Of the coun-
try, has been attacked l. as IL 1t were a malevolent
power. Now that the tide is turning, as indi-
Gated by traffic returns, by tho prevailing dis
position of railway managers to maintain rates,
by somewhat larger bank clearances, and by
favorable crop prospects, the actual holders Of
securities are more reluctant than ever to
part with their stocks and bonds. On tho con-
trary, they are inclined to increase their holdings.
This is demonstrated by the advance In first
class bonds to almost prohibitive prices and the
transfer of investment buying from the bond
market to Lake Shore. Consolidated Gas. STAN
dard Oil. and more recently to Northwestern
common. Judging from the course of prices,
tho Chih In dlso CAIeuucl v loSuSo tHdI IT
generally regarded as of a moro speculative
character. such as Sugar Refining. Chicago Gas,
O., B. and Quincy, st. Paul. and Western Union.
The confidence displayed by the class Of buyers
referred to has gradually extended to tho specu-
lative community. until. without being entirely
conscious Of the change. the professional ele-
ment has in the main espoused the long side of
the market. At the same time, 1t occasionally
INDUCES in a diversion on the short side, be-
-.,,,- 20 Ia Ill
OF the last few years, that every rise in prices
of a few points must be followed by a
reaction Of equal Importance. Sales of securi-
ties upon this theory have not been particularly
profitable Of late, for they have encountered q
more confident and substantial demand for
stocks than has existed for q long time past.
Speculative sales are almost Immediately fol-
lowed by repurchases. and this accounts to an
extent for the almost continuous improvement
In prices on comparatively moderate dealings.
That the market has not yet attained large
proportions Is shown by its irregularity.
Interest is transferred from certain stocks or
groups to others. and those that have enjoyed
sharp advances react, while others forge ahead.
There Is, of course, a certain amount of manipu-
lation that is inevitable at all times, and re-
Gently 1t has been as pronounced on the short as
on the long side of the market. The fact remains
that the bulk of the ventures now made In the
stock market ID based upon expectations of
higher prices.
The leaders in today's market were North
western and Rock Island. which closed 2% and
lie higher. respectively. than yesterday. c., B.
and Quincy and St Paul were more extensively
traded In than the few stocks mentioned, but
they closed only fractionally higher than last
night. Chicago Gas also made a new record In
the present movement, but owing to strenuous
efforts to depress the price it closed only frac-
tionally higher. Advantage was taken of tho
course Of the market for tho usually
active stocks to advance the quotations for a
number OF specialties that are rarely prominent
except when made SO by friendly manipulation.
Among these were Bay State Gas. United States
Leather. American Tobacco. National Lead, and
Pacific Mail. The anthracite coal stocks received
less attention than yesterday, and the market
for them ives inclined to react. Sugar Refining
was comparatively neglected. yet 1t closed q lit
tie higher than yesterday. The closing was In
tho main strong.
Final sales compare with those of yesterday
as follows: