The times., 1899-08-21

Several matters regarding the granger
lines and their securities are OF particular
interest at this time. As has been stated,
the group was the feature of Saturdays
market, with great buoyancy, apparently
largely induced by the reports of poor
Russian and Indian wheat crops, which
seem to make it certain that American
surplus wheat will find an eager market
at good prices in Great Britain and on the
Continent. In considering the probability
il the grangerS Will advance to a higher
level than the present which is the best
since last February, and for some of the
stocks the best in many years, 1t is well
TO have clearly in mind certain facts. That
the grangers will have a most profitable
grain business now seems assured. With
the immense corn crop and the large wheat
crop likely to be sold at high prices. and
with other grains nearly all promising
bumper crops it will not be surprising
| if this branch of the grangers' traffic is
the largest and most profitable by far in
their history More than this, however,
the farmers are already. prosperous from
their last years overfiowing crops. and
this years crops will make them compar-
atively rich. There will be tremendous
! buying of general merchandise tools, ma
! chinery, clothing, and luxuries, and this
will give the railways an East to West
! traffic even more important than their
1 grain business, as far as net profits are
! concerned. And the farmers will travel,
! too, as they always do when they are pros
porous, and the passenger traffic will in
crease rapidly. Present prices have been
/ attained by this group because of increases
/ in their earnings. This increase will con-
tinue in all probability, and il seems fair
to assume that if it does stock prices will
go higher still. When it is pointed out by
! the bears that the graRgerS are now selling
at the highest prices of the year there is
always the neglect to state that in former
periods of prosperity no greater than the
present and not so great as the country is
likely to see, Burlington and st. Paul and
Rock Island all sold many points higher
i.than their present level. And these high
prices were attained, too, when money was
much dearer than it is at present.
One of the reports in the street is that
there is to be an extra dividend of l per
cent on St Paul with the regular dividend
next month. The company is earning 10
per cent and such an extra disbursement
| of profits does not seem in the least un-
likely. The same report is heard regard
ing Rock Island, but the foundation for
the latter rumor seems less substantial.
Col Aldace F. Walker, chairman of the
board of directors, and e. p. Ripley, Presi-
! dent of the Atchison, Topeka and Santa
Fe Road are now in California in the in
| terest of the company, preparing for the
completion of the San Joaquin Valley Road.
which will give the Santa Fe an entrance
/ into San Francisco. Colonel Walker has
Just returned from Honolulu, where he was
studying the trade of the Hawaiian Islands
in connection with the steamship line Low
being operated in conjunction with the
Atchison road. Work is progressing SO
RAPIDLY on the line of the San Joaquin
Valley road between Stockton and Oak
land that il is expected that the Atchison
will be able to begin the operation OF
through trains between San Francisco and