New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-06-28
THE FINANCIAL Markets.
STEADY GAIN IN STOCKS.
or THE FEDERAL TREAS.
URY-RALROAD EARNINGS.
Sunday. June 2I-p. m

Sunday. June PIP m.
Wall Street is beginning 10 be the most cheer.
On, snot in the country Even the few old pess,.
mists who occasionally are TO be found In the
haunts OF Wall Street men are beginning %
find come good in existing conditions, and the
neopIe who passed the greater part Of last win.
for In nrophesying no Industrial revival as tia
re.ult OF the fall elections are now not unwl.
inc 70 believe that conditions have actually
changed for the better The light OF GawnIns
nrosnerity has broken upon the country, and
nowhere is It more strongly reflected than in the
financial community. Wall Street at presen, u
. bonny place for investors. II Is made up OF
men who are bulls on the bright side Of lie and
:, holds ont 10 Investors attractive and encouf.
aging invitations for the safe ana prom able en-
plovment of capital Doubt ana pe-sinism 10
longer exist IN Wall Street EyeTyDDdy is pleas
ant and confident Every one - wiling 10 forget
the uncomfortable times OF the last few yean
and men with money are beginning 70 get ae-
cI,stomed TO the changed CONDITIONS and 10
realize that their first thought 10 longer heed
he how 10 keep what they have. but how TO ia.
crease H. Bear operators In their own peculiar
way are pleasant too, but they would IKE 20 see
a reaction and they wonder at the utility Of
their efforts. which only IL" months ago
would have turned the market the way they had
planned Operators VINO wonder at the con.
tinuous advance forget thai there IS 10 reason
for any liquidation; that the Hguld2tpa which
began in 1890 has been completed that stocks
ho1e nassed into strong hands; that practically
no nov issues nave been Heated, mat the sup.
Div Of stocks for speculative purposes IS mall
and that large operators and holders OI secur.
tics arc too contden: IL the intrinsic Strength
~ cornorate enterprises % part with their hold
ings at figures decidedly below Their actual
worth.
The current advance does not arise from any
MASKING within Of spectators. Fluctuations In
the market in ordinary times. as rule, DO re-.
fleet little else than the change IN professional
sentiment: but at present rhere is something
more solid and something superior 70 surface
SPECULATION at work, ard for this reason the
traders who generally expect reaction after
every dag or two Of advancing values have
been Disconnected. nonp,ussed ana astonished.
The advance began on expectations of coming
industrial revival on the encouraging words OK
Secretary Gage and on actual indications Of
trade expansion. 1t Is to be admitted that many
expectations are yet 10 be fulfilled, but II Is
more than reasonably safe To assume that notn-
ing will happen TO hinder the actual develop
ment of expected industrial activity, oi present
crop prospects and Of a complete return Of bust-
ness prosperity. Capital is moving into securi-
ties because holders are convinced tnat tne uhe
has come for its profitable employment nome
investors are confident enough 10 pace ther
money in the security market without the en-
couragement Of foreign buying. and IN TINS par
tlcular the present movement in stocks mas Deeh
noteworthy as the advance has been accom-
pliShei without the ASSISTANCE " T<"i'4-e4''
ers THE bond market has reflected broaden-
ing investment demand. and the almost pro-
hibitive prices of some Of the high-grade issues
have brought the lOW-priced bonds 10 the 'front.'
the business in this class Of security IN the
last week having been large at rapidly appre-
ciating values. Investors are looking for bonds
which will net them about - per cent ana those
that are in the market md ready buyers.
Among the issues which have enjoyed the cnlet
activity in the last few weeks may be men
toned the AtchisOn general and adjustment Is.
Northern Pacific general lien IS and prior Hen
IS Chesapeake and Ohio 4i2s. Rock Island ex'
tension .Js Kansas a0d Texas first rs ana Sec
onds Rio Grande Western frsts Reading gen.
eral IS. Southern Railway first Js, Central Ok
Georgia consol rs, Texas and Pacific second m
comes Chicago and Eastern Illinois general ~
San Antonio and Arkansas Pass Is ana soutn
Carolina and Georgia first IS The advance N
the prices Of these issues has been considerable.
The current movement in stocks began ABOUT SIX
weeks ago, and since that time prices nd'e
steadily advanced, as shown in the subjolned
table OF principal active stocks: