The evening times., 1899-07-29
stocks, with Industrial stocks 90 cents per
share higher.

share higher.
The prices in the stock market ut the
opening and during the first half hour
were the highest of the day. There was
an advance between the closing prices yes
quarter to a point, aveSaging perhaps
three-eighths, and at this high level the
majority OF small traders began to take
profits. The resulting declines were not
important in most cases. and even when
the bank statement appeared and was con-
sidered unfayorable by the Street gener-
ally there was nothing like serious
break. The close was near the close yes
terday in majority OF cases, showing
slight net gains. The market was broader
and larger than on any day before except
yesterday, and it is evident that the pub
lie is becoming interested in the advances
of the week. On the whole, however, it is
perhaps rather to be expected that there
will be sagging market early next week
after high opening on Monday perhaps
1t is not believed by conservative people
that the leaders are yet ready to begin
any steady advance In prices.
The bank statement cannot be said to be
satisfactory, although 1t is not distinctly
bad one. There is a decrease in the re-
serves of million and quarter dollars
and decrease in both legais and specie
amounting s4, 100000, in round numbers.
heavy reduction on the loans prevents
larger decrease in the reserves. The figures
are as follows: Reserves decreased 81, 244,-
ATS; loans decreased S9, 1874, 800; legals de-
creased sls7, 300; deposits decreased, s12,-
7S9, 300; specie decreased s4.24f,4 400; circu-
iation decreased $4,000.
2
There was more talk of the grangers
again today. These stocks as a group
have been triie neglected for a day or
two, apparently on the belief that their
advance had been sufficient for the time
being. This morning, however, there was
new bullish news regarding them and a
renewed activity in consequence. There
can be little doubt that when the bull mar
ket begins the grangers will be very near
the head of it, notwithstanding the fact
that they are already selling proportion
ately higher than other securities. There
! are the best OF reasons why they should.
They are the arteries of the country that
began first to revive from the lethargy of
recent years and that is certain to be in
| the lead of the revival this year. Their
earnings are phenomenal and their pros
poets even more so. The rains so much
needed in the corn States continue, SO that
an immense crop is now assured beyond
| all reasonable doubt. The earnings Of
| Burlington for the month of June show
gross increase, s56S,7S6; net increase
| s432, ,47S. The railroads generally through
out the West are losing business for want
OF sufficient freight cars, despite the fact
| that they have been increasing their equip
ments largely recently.
President Stickney, of the Chicago Great
Western, the Little Granger" is quoted
/! as saying that the coming year will be the
| best in the history OF his line, as far as
anyone now can judge. Crops in the sec
| tion through which the Great Western rims
| are better than anywhere else almost. The
past year has been an excellent one for
! the system. 1t is one of the certainties
| that in any bull market the securities of
| this company will have good advances.
Louisville and Nashville was again
| strong this morning. getting as high as
| 76, the equivalent of rs with the dividend.
| The buying was increased by heavy Lon
! don purchases of the stock this morning,
| which carried the price there to above T6,
| American parity. The close on this side
| was within a quarter of the top, and the
] friends of the stock expressed the utmost
confidence that it will go higher next
| week. Louisville is said actually to be
| earning more per car mile than st. Paul.
| There is much bulIish gossip regarding
| Southern Pacific. 1t is stated by a good
! authority that the system is to make large
| improvements at Galveston and make that
| point the Eastern terminus OF the line. A
| line of Cuban steamers is also to be pur-
| chased. The Southern Pacific stock has
| had less advance since the break early in
the year than almost any other stock on
the list. The stock has been stronger this
| wpak nd clinIa ha a
Norfolk and Western gross earnings for
the third week of July increased s69. .24S.
| The increase since the first Of July was
$115,7T1.
Pennsylvania was strong this morning
Pan Handle. though erratic, showed good
buying at times.
American Tobacco made the largest ad-
| vance of the day getting above 103, gain
of several points during the week.