New-York tribune., 1897-07-25
MOREADVANCES IN VALUES.
r-N,-srAILY LARGE TRANSACTIONS FOR
A HALF-HoLIDAY.
ror.r. sAr,rs AMOUNT TO 2isslo sHAREs-Ac.
r1vrTY IN STOCKS OF THE GRANGER
,o,ns-r,E BANK STATEMENT

STRIKING ENHibii'
business proceeded on the New-forh 0'oeh
Exchange Yesterday for only two hours put III
that time stock market history was haue'
There was no especial excitement put 'here
was steady buying OF STOCKS WIN se"ei"i
advance in values. There were larger 'rahsae-
,,o,s IN this "half day." as Saturday is called
I'm Wall Street parlance, than on any other sat
urday in many long months. The total sales
were 2139l0 shares The sales OF ponds par
value. were 81 ,594,000.
The Greatest activity was in the stocks or
the so-called Granger roads and the stocks OF
the other great grain-carrying lines of the West
and Southwest 1t is known that by reason or
the shortage of crops in other countries, there
viii, prompt sale for American cereals at
good prices The grain roads" therefore, are
assured of a large tonnage. Not only VIII they
have the grain tonnage but also return ton
mage Of supplies and materials purchased by the
farmers with the proceeds of their crops,
Some of the Granger stocks were helped 10
higher places by things other than ther IA
vorable traffic prospects. In the case OF ROCK
Island. which was particularly prominent In the
dealings, 1t is known that the company Is ma
turing a refunding plan which will innure 10 the
ADVANTAGE Of the stockholders. Burlington ana
Quincy was likewise stimulated by the knowl-
had been prepared. In addition there was the
report that the Chicago Great Western Kali
road was to be taken into the Burlington and
Quincy system The Chicago Great Western
would undeniably be a valuable acquisition for
the Burlington and Quincy. 1t is a property
entirely without funded debt-one OF the few in
the United States-and the road has been put
into excellent condition physically. Besides, its
business has materially expanded.
TALK OF INCREASED DIVIDEND.
As for st. Paul. which is always a leading
specuative stock, there talk that its divi-
dend rate might be increased. There de-
cided development of strength in *. T." (Mis-
souri, Kansas and Texas) This is the road
which the Rockefellers control, and to which
thew have given much attention in the last two
or three years. The road already has large
tonnage from this years wheat crop. The crop
natures early in the district, which the Kansas
md Texas traverses and besides, as there are
no facilities for storing the wheat there. IL IS
marketed as soon as it Is harvested Inc roau
is showing large increase i'll earnings '
last year. - -, ;,eor
Missouri Pacific stock was carried up by infor,
nation that some of the capitalists anilateu
with the Goulds were buying 1t. The only stock
nn The active list TO show a loss of consequence
was General Electric. The stock was anecteo
by the decision against the company III the lioi-
ley case. r.,ss h,, ,you,d he
nassed later in the day had a beneficial inilu-
ence on values. - 900 . str;liny
The weekly bank statement was strihins ih
.xb;hit Compared with the statement OF the
nreceding Saturday it showed an increase III oe
posits Of 50 25S 500, and an increase III ~ loais 20
$500 200 There was an increase ia av. avs' hoid
cS S1 3o1 675 The associated banks now holu
In denosits $500 525 700, and their loans aihouh.
~ $40 O74 GOO The bank statement showeu
the deposits of the National City BANK 10 10 ha.e
oil of N.llb lN,I
80 stated as being $40 734 600, and its
snecie (gold) holding SS612,6 GOO The panK eo nsH'
in deposits is the National PARK, WIN @o'oo''
600 and with S25,296, 100 in loans. ,
'0Y, 1,snount " In paris tends to greater ease ana
this fact was partly instrumental IN DIMINISH
ing the amount of yesterday shIn shIa ~
cold from New-York. There is no demand d, d,
su in the Paris open market for gold' anu al
arrivals are taken to the bank In beIliii ,,,Ha
change is without feature ana theie % - ~ ~
movement of gold either way. Al vienna sA
change remains at the gold point ana LONDON
continues 10 lose to the AustIo aliar, @
Bank The bank pays for tins god III i'S o,uo,' um"
notes so that the percentage of specie TO clrcu-
lation continues to rise. Sterling at 81 fe'els-
burg is at the gold point and gold moves pa pi a.
tically all the time from Londoh; Inc iliiPc, p
Rank has received in new com from tht Dluo
soils mint a large amount of rubles OF the new
coinage Italian exchange Is once more 'eslu
ing against Italy. owing 70 punonaS;Ts ; ,bn note
issue of the Bank of Spain keeps eXchahee
steadily against that country: PortugaI Is III
the same position. Cnlan cHcHdiiSc oi ioiN
still rules below the basis OF resumption, an anu
there are some banking troubles In Valparaiso
TO IMPORT WHEAT.
Australia will have to import good deal of
wheat. and the easiest way of paying for 1t
will he by shipments Of gold to San Francisco
There Is. however little reason to expect any
movement Of this kind at present and uhder
current rates Of exchange. When the tme
comes the process will involve the shipment OF
gold by the Australian Bank engaging in the
business to San Francisco and the draWins
against IL Of bills London at Sixty Gays
sight These bills 1t Will be able 10 sell at
Substantial premium owing tC an arrangement
between the Australian banks when nave
nool in exchange business. The bank VIII tneh
buv in San Francisco siXty-day bills on London
at q substantial discount. which IT VIII remit
TO cover It's own bills, and thus make It's prollt.
less the cost Of transportation OF gold Inc cost
of shipping gold to San Francisco from Aus
tralia is about three -eighths of l per cent;
transaction would work out as 1olloWs' Inc
Australian Bank ships 1OOoO0 soverelghS 10
San Francisco and draws sixty-day bills on Lon
don for the amount of 100000. getting a pre-
MUM Of, say, quarter or cent on thenl. c che
consignment OF sovereighs rs woa't ~ ho dal
Quoted expenses Of freight and insurance IN
round amount 50 900. reducing the proceeds 10
S4S4 426. Commercial bills at sixty Gays sisl'u
con he bought In San Francisco at ~ Sl12 OF
"a SO showing a handsome profit. This was
what occurred last year. The process mighl De
worked from San Francisco by "a iiat DlG ,rolm
a San Francisco bank of three eighths OF per
cent premium on gold. to which, however would
have to be added the cost OF transportation;
The nroAt for the San Francisco bank would
come in the low rate at which it would be able
10 buy bills Of exchange. This country: OF
course. cannot legitimately import gold from
Australia or anywhere else as long as exchange
rates here are at par or above. .
Most Of the South American dollars and hal1-
dollars which flooded Paris some time ago came
from Costa Rica. which is establishing single
gold standard. No more Of them are now In the
market The nrice of silver in the Indian ba-
Zaars has weakened. but 1t is curious to note
that the decline there Goes not keep pace with
the decline In London. and consequently, silver
flows steadily into India The large amounts
of silver taken by India are cause OF concern
TO people in England, who realize the difficulty
that IT places in the way OF a reopening or the
,,,i,4 China rcf take silver. and