New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-06-07
THE FINANCIAL MARKETS.
/. STOCK MARKET ACTIVITY.
INVESTORS BUYING sECURITIEs-CoNDI-
TON OF THE FEDERAL TREASURY.


Ample evidence that imr rovement In business
coniitions has begun Is furnished IL the mar
Ike, fer securities. Operations in securities last
week reflected legitimate demand, based upon
accumulating proof Of business expansion. and
IN response to this demand prices advanced. de-
spite vigorous efforts by professional traders to
cause a reaction. The cheering words Of Secre-
tary Gage the outlook forciby impressed
business with the fact that the present
Administration appreciated the needs Of bust
ness interests. and that It intended to carry out
the will of the people as expressed at the cleo
ton last November. business men have
awakened TO the fact that the Administration
is not sleeping Wall Street men have received
strengthening tonic which already has re-
suited in vast improve ment in sentiment. Fol-
lowing Secretary Cages Cincinnati speech. Wall
Street men suddenly realized that business con-
ditons were improving. and they made up their
minds to recognize IT, while throughout the
country the promise Of tariff legislation and
reassuring words on the money question stimu-
lated and encouraged business men 10 conduct
their operations on the belief of a speedy
vival OF Industrial activity. Promises of tarif
legislation have not been idle words. The course
Of tie Tariff bin in the Senate bears witness to
the energy and good faith of the men who were
called together for the express purpose Of pro-
noting business revival by the passage OF
tariff measure and no doubts now exist among
patriotic men that tariff legislation will be &C
compshed with all the speed possible.
Confidence is one Of the chief elements Of sue
cess. The course Of affairs in the last week
indicated a restoration OF confidence, and bust
ness appeared to be on the turn toward pros
rerity. Evidence Of industrial expansion was
furnished in the returns CT railway earnings, in
bank cearings and in a heavier demand for
commercial paper. Rumors of crop damage
failed to lessen confidence in crop prospects. be
cause crop conditions were known TO be good.
the bear reports, customary at this time OF the
year. receiving scant attention. n splerdd out
look Cor the c0untry's crops. taken IN connection
with the factors mentioned, forpls adequate
reason for the increase In security operations
but furnishes little encouragement Tor small
minded operators, who continue TO try TO retaru
the inevitable advance in stock market prices
Another source of encoura cement for business
interests was furnished by the passage OF the
Chicago Gas Consolidation bill. For the lhNeS'-
nlent holders of the Chicago gas companies me
consolidation of the companies means nluch
and from Wall Street point or view. II means
the taking Of the Chicago Gas securities out
Of The speculative football field and their place
,nent among legitimate investment issues. Inc
changes brought about in stock prices in the
last week have been material and contribute
additional evidence OF the gradual Improvement
In industrial affairs. With few exceptions, the
low prices for securities reached this year are
materially above the low prices OF 1896, and tn.
closing prices yesterday. while. as rule. be-
low the highest prices las: year. were not in
many shares widely apart And. compared with
the lowest prices this year yesterdays closing
showed gains Of from ) 10 10 per cent in the
majority Of issues. In the following table are
shown the lowest and highest prices in 1896 the
low level for this year and yesterdays closing