The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-31

MONDAY. Aug. 80.
To-day's market was about what might have
been expected to follow the steady improve
ment in prices during the latter part Of last
week. The opening was strong and prices ad-
vanced during the first half OF the day.
Higher quotations for American securities
in London had some effect upon local
and professional sentiment, but tho prin-
cipnl force under the market consisted of
q demand for securities that had accumulated in
commission houses over Sunday. AS a matter
of fact London did very little in this market,
that Is. through the medium of arbitrage houses.
The effective buying was domestic and was the
result of q growing appreciation of the large and
constantly increasing wealth of this country
and also of It's enormous commercial strength.
The improvement in prices that took
place in the early dealings naturally invited
profit taking on a fairly large scale. That opera.
ton was at once followed by an attack all alorg
the line by professional traders. whose sales for
both accounts were accompanied by rumors OF
damage to the corn crop. Rumors for several
days past have been that the next noteworthy
movement in the cereal markets would BIO
an advance in corn. based upon metcoro-
logical conditions unfavorable to the ripen-
ing Of q large portion Of the crop. 1t looks.
therefore,, as II the Western spectators In
~ocrCt's. having exhausted their local ammuni-
ton in the wheat market. were about to repeat
the tactics which they used to advantage in the
wheat market. In various groups on the Stock
Exchange to-day the alleged damage to tho
corn crop was made a good deal OF. In
other quarters 1t was maintained that
crops had been damaged by excessive
rains. while others argued that the
crop is suffering from want OF moisture. Ac-
cording to Western railway managers, the yield
OF corn this year will be much larger than usual,
and. besides, the railroads have a largo amount
of last years crop that is awaiting Transports
tion. The receipts OF grain at Chicago to-day
were the largest in the history OF that centre.
This means that the old crop is beginning to
come to market.
The dealings in stocks were tho largest re-
corded on any day since the sharp advance in
prices two or three weeks ago. and it is also in
teresting to note that tho business was very
nearly as well distributed as on the banner
day Of tho week before last. The Granger
stocks were again the favori.os, with st,
Paul leading with respect to activity,
but Rock Island was foremost In point Of
strength. 1t now seems to be n ~foregone conclu-
sion that both the Rock Island and St. Paul com.
panies will increase their dividends within tho
next few weeks. Something OF tho sort must bo
contemplated by both companies this fall or the
shares would not have advanced to present fig
ures. Tho earnings of all OF the Granger
companies that arc upon q dividend basis
foreshadow net receipts that will warrant
a more liberal distribution of profits than
heretofore. Next to st. Paul, tho heaviest
trading was In Chesapeake and Ohio. That
stock was unusually active and scored an excep.
tional net advance. Other features of q com.
paratively uneventful speculation were Atch.
ison preferred, Missouri Pacific, Pacific Mail,
Reading securities. and a Number of usually In,
active stocks. The closing was dull and super.
fcially heavy.
Final sales compare with those of Saturday al