The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-15

unusual prominence this week, and Tor good
reasons. Abundant crops aro very nearly as
surod. ana rising prices caused by the ex-
traordinary foreign demand for our sur
plus cereal products arc a guarantee that
oil tho Rrain-carrying rosds are about to
enjoy a period of great prosperity. The move
ment In tho Granger stocks has included
shares heretofore neglected, as, for exam
plo, Chicago Great Western: and to-day
there wero indications Of its extending
to the st. Joe and Grand Island securities. That
company, owing to the material reduction in its
fixed charges. accomplished by the re-
organization, has, during tho FIRST Ave
months Of tho present calendar year.
earned all OF Its fixed charges for tho
entire year and shows a substantial sur
plus for It's nrst preferred stock. Some
Of the railway earnings reported to-
day furnish q basis for estimating what
the traffic returns Of tho Granger roads
may be during the next few months. For
example, the Illinois Central company
reports an increase in gross earnings for July,
as compared with last year. of s254.0Oo. Tho
complete statement Of tho company for
juno 10 Of interest because of the large
increase In operating expenses. 1t is ex-
planned that this increase is the result OF
heavy expenditures for improvements In equip
mont and other facilities that have been made
with tho view Of handling the unusually large
traffic in sight. The company has, according to
official statements, been making expenditures
Of this character for o long time past and
charging them to operating expenses. Among
other changes, 1t has replaced all Of It's smaller
freight cars with those Of the largest capacity,
either by rebuilding or purchases Of new equip
mont.
All of the Western roads are rapidly appre-
Chatting the desirability Of using in their
freight traffic cars Of the largest size. and
also the necessity. II profits are to be
secured, Of increasing their train load.
This method OF handling freight has
been introduced on the Missouri. Kansas and
Texas road and Is being adopted by the North
ern Pacific Company, q circumstance that
doubtless encourages hope that that conf
pany may pay a dividend upon its pre-
ferred stock within tho next twelve
months. Additional evidence regarding the
earnings Of the Granger roads was furnished in
unofficial advices from Chica go to-day that
tho gross receipts Of the Rock Island system for
tho first week in August show an increase
over last year of $4,000. The earnings
Of Southern railroads reported this week show
that they are doing fully al well as transporta-
ton lines in the West; and 1t is to DO noted in
both cases that the movement of staple
crops in both sections 10 not yet fairly
under way. As the export demand for
breadstufs has been the important factor this
week. the fact may DO mentioned here that
clearances of wheat and flour for the week from
all ports were equal to 4ia million bushels.
In view Of constant criticisms that the ad.
vance in prices on tho Stock Exchange is too
rapid. attention Is directed to the net changes
for the week. Among the active stocks
the largest net gains are 4le points in
Union Pacific. 34 in Northern Pacific, 2s in
Sugar Refining. 2& in Missouri Pacific.
and Oh In Ch{cooa croat yVnatarp
few stocks closed fractionally lower. ard
a still smaller number. notably American
Spirits. American Tobacco, and Manhattan
Railway. have sustained noteworthy net de-
clines. In the last named q large short interest
has boon driven to cover, while American To-
bacco has, as usual. been manipulated by
insiders against the comparatively small
number of operators who trade in the stock.
American Spirits has been neglected, IN spite of
favorable trade developments, which include a
probable advance in the price Of the company's
product next week. The dealings in stocks
this week, counting Saturday as a full
day, have averaged 550. 900 shares a day, an
increase of 1OO.0O0 shares per day over last
week, when the average was 1OO. 900 shares
larger than for the previous week. A similar
increase in the volume Of business done is shown
In tho records OF the bond market, whore
the dealings have averaged three and one.half
mlllloIib par Sdiuc huhy-du tuCEcdbc Ot TOOO,OOO
q day compared with last week. The distribu-
tion of business In stocks was the greatest in the
history Of the Exchange, the number OF issues
dealt In being l91.
The weekly statement of averages of the
Associated Banks shows that the interior
Is beginning to draw money from this CEN
ire. The net loss In lawful money was
q little moro than 81. 900, 900. all OF it
in legal tenders. A more important change
ms mn AAn
which. as was the case last week. is due to
more liberal purchases Of commercial paper
and the extension Of other mercantile
accommodations. as we'll as to the greater
activity in the stock market. The net
result reduces the surplus reserve over
100000. but this circumstance cannot DO
regarded as foreshadowing a more active money
market In view of the certainty Of imports Of
specie in tho near future.
As compared with tho final prices OF last Sat
urday the majority Of stocks are higher. The
more important net advances are in Union Pa
ciic, 4la . cent; Burlington and Quincy. 37s;
Atchison preferred. 3as: Northern Pacific pre-
ferred. 81; American Sugar Refining. 27s; Mis-.
souri, Pacific. ga Chicago Great Western, 2os;
Pacific Mail, Oh; New Jersey Central and U. 8.
Rubber, ll2 zach; Atchison. st. Paul and West
ern Union. 1s each; Chicago Gas and Louisville
and Nashville. 1ls each; American Cotton Oil,
National Lead. and Reading LIST preferred. y
each, and Omaha o.. The noteworthy net do
clines are in American Spirits, Oh y cent; Can.
ada Southern. 2; American Tobacco, Ia; Man
haitian Railway. 1la; Now York Central. /; nli-
nois Central, 7s; General Electric. susquehanna
and Western preferred. and Tennessee Coal and
Iron, u y cent. each.
Final sales compare with those Of yesterday
as follows:
Aug. 10. Aug. -. Aug. 10. AUG. IA.
A.T&SFe. l6Ss l6a Nat Lead pfl o lodlo
A.T&sFsp 3l5 aga Nor Amer. So 81.
Am Cot OIL. los 1874 MORT & wp 35 3as
Am s Ref E. l46a l477s y W rom, >. 1901
Am S Ref pll6a ll6 N Pae com. l7k l7ss
Am Tob.... 92 92k Pao pf... 4oa o
Am sp M. 13S l3$ NY cent...lo6S 1901
Am Bp N p. 32h 32is W Cent. 90 e6L
Brook Il T., 3ls% 31k Omaha com 6B GAL,
Canada So. Sd Ont q W.. l7is IN
C,C.C&StL 80 80 Pas Mall. 49, 33b
n RAO QaA Q7z.IRock Ialand OIL orr