New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-06-21

sT0CKS GROWING STRONGER.
covDIrION or THE FEDERAL TREASURY
RAILROAD EARNINGS.

Sunday June Up. m.
=. aoes not seem reasonable TO assume that
.,css Of securities will suffer any material set
..ck from the advances made in the current up
ward movement, or that spectators or investors
~, eni,v better opportunities this season for
rrostable transactions in securities than al pres
~, Al this time year ago The political UNI
certainty confronting the country, the despair
..ss,,,,sn and despondcncy controlling sent-
ment and killing confidence, made lower prices
r the stock market an absolute certainty and
Afforded little encouragement for the placement
~ capital either speculation or investment.
:, tho outlook at present were as black as at
,hie time a year ago intending buyers of secur-
It's might we'll wait for lower prices. for lower
rrlces would surely come; but. fortunately. the
situation has been so completely changed that it
,s ;npnssible TO find anything in current condi-
lions which might lead to successful extensive
oncrations on the short side Of the security mar
tet or give encouragement to buyers that worse
than bargain prices would prevail later on. The
changes in general conditions and sentiment
which have led up To the present favorable
situation have hardly been realized by large
number Of people, and as yet many believe that
tho security markets reflect little else than a
temporary revival OF speculation. based upon
nothing save artificial conditions and lively
,maginatons Thinking this way many spccu-
lators and investors are waiting for lower prices
before engaging in security operations. They as
sumo that prices will he marked down TO lower
levels that bear scares viii be developed to
frahter holders into liquidation and that conn
-dence Will not continue mistaken for any length
Of tine Such a situation could be brought
about by actual National catastrophe, but
This is not to be considered possibility
Tnr theory that investors and large operators
o.iv buy on declining market. and the remarks
bsar! in somc quarters that there Is no outside
buyjr. OF Importance in the present market
sn.,,.- regard for eXactnesS he entertained
rJiligcrt inquiry among Investment houses
groves that investors are in :he market, ana
among the purely speculative element known
,rnnsactions uoirt To extensive buying by large
o,frators At The same time large operators
he tried 20 break the market on heavy safes
l.:t they have ret resistance Wnlcn. III we"
C. he ease with whicb the market has neen
hroCon in tho last three years, has seemed 10
theri astonishing ard unnatural The ;echnicai
positiCn of the market may warrant continued
reaction. but actual business conditions 90 NOT
warrant love: prices. The marke; has proved
rs ability to advance Independent vi loiciSn
airport IT has withStood vigorous cTorts OF
reactonists end II has reflected that capital IL
Getting restless and wants to move INTO lie ana
activity. Healthy speculation demands Some re-
actions and II is not unlikely that therc VIII ne
r-eoucot declines. which characterize all legltl-
q , 10 markets. but reactions OF this kind DO not
Gcue as dumps and IN legitimate markets eX-
.enslye ard ofeenS;v. operations for the snort
account are rot successful. Fresh buying power
!. sue 10 develop O." every reaction and on
eyArv reaction stocks will pass to stronger hanos
LOGICAL reactions took place last week, but tEe
GENERAL course Of values Wos toward hsnei
leye; AMI in the majority Of shares substantial
~. gains were made. The changes among
ru,uSer OF active stocks from the lowest prices
this wear, with the htShe6t prices or last year,
are given in the follow'og table: