The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-20

The stock market continues comparatively
dull and irregular. Tho reactionary element
proceeds With caution and bases Its operations
entirely upon reported or prospective damage
to the crops. particularly corn. Higher prices
for staple cereals are superficial corrobora-
ton Of tho views held or disseminated by
the bulls on wheat and tho bears on stocks. The
accuracy Of those views is impaired by the ex-
traordinary preparations that the railroads are
making to move the maturing crops. According
to all accounts tho spring wheat crop is virtu-
ally secured, and. should the yield DO less than
estimated. the amount required for export is so
great that the prices obtained will more than
Offset q smaller supply than had been expected.
So far as corn Is concerned. It should be remem-
bered that q large part of last years crop has
not yet been marketed, hence n shortage this
year, which 10 by no means certain. will bring
the remainder of the old crop to market, as
well as the surplus produced this year, at higher
prices than prevailed twelve months ago. The
fact should not be overlooked that Europe has
begun to consume American corn. hence II
wheat rises to prices that foreign consumers may
regard as eKtravaRant or prohibitory they will
follow the precedent Of last year and import
large quantities OF corn. The price OF corn has
already begun to reflect this possibility. and
should the surplus of last years crop begin to
move toward tho seaboard the carrying capacity
Of tho Granger trunk lines will DO severely
taxed.
Distressing reports regarding the crops were
again to-dny the stock in trade OF the profess
sional element. which was unanimously bent
upon bringing about further reaction in prices.
1t lie significant that in spite of vigorous efforts
to hold the market in check. tho majority
Of tho list was atrong until shortly before
the close. when u raid upon values. presuma-
bly, for effect upon London. wiped out in many
cases the improvement that took place in
the middle OF the day. London, by the way,
did very little In this market, although the
speculation OF that centre was adversely
affected by the political troubles In India and
ears OF an active money market. As fore
Swallowed in this column this morning, the
frmness Of the sterling exchange market
here prevented an advance in the Bank
Of England's minimum rate OF discount to-
day. Cable advices indicate that tho
bank is making strenuous efforts to
postpone exports OF specie and to throw the first
burden OF them. when made. upon tho CONT
nent Railway gross earnings for tho sec
ond week In August, that were reported
to-day. show gratifying increases over last
year. The most important returns were
those Of Chesapeake and Ohio. tho Chi.
cago Great Western. tho Louisville and
Nashville and tho Southern Railway compa.
mics. Other favorable developments wore tho
report Of the Brooklyn Rapid Transit Company
for its fiscal year, published this morning; tho
foreshadowing OF an excellent traffic statement
by the Reading Company for July. and unoh-
cial advices as to the present earnings OF tho
Granger trunk lines.
Sugar Refining made a now record to-day, soil.
ing at l5o. Missouri Pacific was exceptionally
strong and 30 were all of tho anthracite coal
stocks, particularly Reading securities. The
most trustworthy information regarding the
anthracite coal trade is that it is In excellent
condition and Ia constantly improving.
BESIDES, general business In Pennsylvania,
which has been slow to participate In the re-
Vi'"iot activity, owing to the losses sustained
III iron ana other industries. Is now beginning to
recover ana In consequence increased earnings
are expected from all the railroads operating in
that STATE. 1t Is learned that tho Pennsylvania
haiiroad Is preparing to use every one of Its cars
mat can he made available by reasonable ex-
pehoitures Tor repairs. In spite of The final re-
"o''oh IN prices, material net advances were re.
cofued Tor Brooklyn Rapid Transit. Metropoli.
ian traction. Consolidated Gas, Reading secu.
TUES, 81. Joe and Grand Island issues, and
chicago and Eastern Illinois.
INC oime money market attracted unusual at-
eehuoh To-day because a large demand for ac.
eomodations for three months and the balance o.
umo year was supplied, and In consequence
Nv market became decidedly easier. To-
uays largo borrowings on time doubtless
loresh"dow new ventures on tho long
side OF the stock market. Gold 10 the
amount OF $i00 900 was deposited in tho Clear.
ing House vaults to-day. making tho total
amount on deposit $50, $50 900. The Sub-Treas.
ury lost $500 900 gold for shipment to Canada.
inc closing OF the stock market was in the main
ssoauy. ana net fluctuations, which rs a rule
were unimportant. favored both accounts.
Final sales COMPARE with those of yesterday
~ follows:
aug 49, Aug, 10. Aug. is. dug. 10.
@IAsFe lbS @ NatLeAd.. 10 35Is
a'SeFsp 3l'a Nor Amer. 50 5a
.mSU'on' 10 p Norf 4 p 34a 34lu
80 rA4e's 1882 \ W eom"..ll9h 49,
AAaoo,"' es~ 90 n PAo com. 1911 l7a
nuppH"' l2b ID y Pac pf... 90 4eL