The times., 1899-10-22

the returns 10 farmers anu bpfi atbAS
among the largest in the cOuntry's history.
The trade balance in favor Of America is
growing at the rate of $500 600 yearly.
Yesterdays bank statement was mega
lively good. The predictions made yester-
day morning in the street made the de-
crease in the surplus reserve for the week
anywhere from 81 600 600 to 1900 Geo and
the statement showed a gain of $3.50, 600.
There was loss of cash. however. The
figures Of the statement are as follows:
Reserves, increased ed..................... S2G&.I52
Loans. dGCrea- 3,@3t Ul4
Specie, decreased .--..--- l,663 4bj
LcZaiS, increased. 1ol-3.u
Deposits, decreased. 6,5.5,3J1
Circulation, i0Cre1 ed ed...-..----,....-... l40,3tU
The best showing made during the week
as far as actual net advance is concerned
was by Sugar. The stock closed az ~ on
Saturday, October 10 and yesterday it
closed at 14g is. The price reached yes
terday was the best since early in Sep
tember The sharpness of the advance in
Sugar is particularly noticeable. not only
because the general list has made no such
gains but because there has been marked
absence Of news regarding the trust. or
even of views" Some spectators are in
clined to believe that the decision of the
Illinois courts against the glucose company
may have created sentiment in favor of
the Sugar Trust. Another theory is that
the buying of the stock may have been by
the bull leaders for the purpose Of creating
bullish sentiment among the public. One
tip given out early in the week was that
Sugar, New York Central, and Tennessee
Coal and Iron would be taken as leaders
by a big bull clique. The tip has been full
filled admirably so far as Sugar and New
York Central are concerned, and il only
81 4
Iron viii join these stocks this week on
their upward course.
The Yanderbilts have been largely in
terested in the recent buying. whether With
the clique or not cannot, perhaps, be said.
They have bought large amounts of New
York Central. and it is believed that they
have sold none Their presence in the
market is one Of the best of bull argu-
ments. Central's course during the week
has been upward almost every day, and the
net gain for the week is good. The closing
price a week ago was 1913 3-4 and the close
yesterday was 13S. the high price OF the
week having been q point or more above
this figure The Union Pacidcs have also
made good gains in price, the commission
houses having taken them up yesterday,
as a result Of the advance in Central on
Friday as was predicted in this column
to IS IA during the week and the preferred
stock advanced from 20 3-S to II. North
west advanced from 165 TO 172, and Omaha
had a good gain, although it was very little
dealt in The Vanderbilt securities as
group were much the strongest and most
buoyant on the list.
Pullman stock has continued TO be one
Of the interesting features of the list Dur
ing the early part of the week there was
talk of melon" 10 be cut, to divide
portion Of the immense surplus Of the com
pany among the stockholders. Later whis-
pers Of a combination with the Wagner
Company were heard, and, as stated at the
time in this column, there was every rea-
son TO believe that the consolidation would
take place. The meeting Of the company
occurred, and a statement of the years
business was given out that made a fine
showing, despite some loss of profit owing
to competition with the Wagner concern.
It was said by officers of the Pullman Com
pany when the meeting adjourned that no
combination with the Wagner Company was
likely This denial was not believed and
yesterdays developments show that the di-
recJoTs had been using the truth lightly
The stock OF the company has iuctuated
somewhat widely, but il has held its own
we'll, and many people of intensely specu-
lative inclinations are disposed 10 buy il
further on account of the melon" which
has not yet been cut. There are several
millions OF surplus and Of property of
various kinds owned by the company that
are likely 10 be turned into cash. and even
if the surplus is not be divided at this time.
it certainly makes the stock attractive.
The advances made by the grangers dur
ing the week were not large but the tend
ency Of prices was steadily upward in the
group. 81. Paul made net gain OF
points, closing at 125 "a; Rock
Island net gain Of IT'S closing
at 113 3-S; Burlington a net ad-
vance of l 3-4 closing at 131 IA. and At
Gibson preferred a net gain Of > Is closing
al Ga Il The developments of the week
were all favorable 10 the group. The gross
earnings statements for the second week Of
October were excellent. and the September
statement of Chicago Great Western was
again phenomenal The predictions are ali
that the other September statements Of
the group will be equally fine. Business
on all these lines is immense, and rates
are being held up SO that the prospects foI
the coming months are all that could be
desired by the best friends of the group.
The coalers have been inactive during
the week.
Much optimism is expressed regarding
the Tennessee Coal and Iron stock in
various usually well informed quarters.
! The actual fine showing Of the company
\ for the months Of August and September
/ IS used as the basis for these ball tips but
| il seems quite likely that they are put out
/ actually by the T. c. I. pool which it is
said, intends to begin a campaign in the
! stock this week. The facts regarding the
earnings Of the company are that they
/ have made a steady increase month by
month as the prices paid for iron under Old
| contracts advanced. Thus a comparison
/ Of the earnings of the first six months OF
| the year and Of the three months follow
/ ing shows that the figures for the latter
/ period are larger. The total net earnings
/ for the first six months of the year were
| $3.50 400, and the net for the past three
| months were 1858, ,300. The company is no
vet receiving anything like the present
/ price for its products, but every molth the
| old contracts are for higher figures In
/ September the average price was about
| SIS For the balance OF the year it Will bC
1 SIG or more, and contracts for 1900 are a
the present quoted prices. This showing
! gives the best ground for belief that tn,
earnings OF the company for the year vii
be more than 10 per cent.
The gross earnings Of the Norfolk an,
/ Western for the second week of Octobe
were $3gI. .l28, an increase Of 1921. Tht
gross earnings from July i have beer
S3 sos, ia, an increase Of $602, 203. Bit
Four's earnings for the week show an in