The evening times., 1899-07-22

Today's market was quiet and without
incident, but fairly strong. The opening
prices were on par with the close yester-
day and in some cases fractionally above
that level. The fluctuations during the
day were unimpoftant in most instances,
the close being near the opening figures.
The bank statement was the chief matter
around which the speculation of the day
centred, but even it had no great effect
on the market. The figures of the state
ment are not particularly indicative in
either way, an increase in reserve of ST.
500, 900 in round numbers being shown, a
decrease in loans of sS,500,00 in round
numbers, and heavy decrease in deposits,
something like $12,000,000. These figures
are much like those of last week, showing
clearly that the banks have been able to
cut down their loans and thus increase
their reserve proportionately. The fact
that this has been accomplished without
money rates on the whole a tri1e easier
than heretofore is encouraging. The out
look for next week is not a gloomy one,
but it seems probable that there will be
little further advance in prices early in the
week if any.
The grangers, the Vanderbilts. and the
Pacifics were the strong features this morn
ing, the railway list generally being the
leaders of what little trading there was
There were slight declines in these Sc
curities after the statement appeared. The
grangers, on the whole, may said to be
still the favorites of investors and traders
alike. Rock Island and Burlington are es-
pecially well liked on account of the ex-
cellent statements soon to appear and the
fine prospects for coming large business.
The earnings of Chicago Great Western
for the year were given out yesterday af-
ternoon 1t is needless to say that the
showing is fine one. The gross earnings
have increased per cent and the net q
per cent, which increase follows an ever
greater percentage in the previous year
The company has not only earned the diyi-
dend on the preferred A stock, but con-
siderable sum on the preferred B issue
The common stock was bought well this
morning, apparently on account of the
statement.
The outlook for great corn crop is un-
doubtedly one Of the factors that is hav-
| ing its effect in buoying the grangers. The
spring wheat yield is we'll nigh assured
but there is the prospect of record croI
| of corn. Railway estimates, which art
generally as near to the truth as any
| Others make the outlook now for 1,700,.
| 000,0 900 bushels, or about SOC, 900 bush.
els more tnan last year. Tne worst per1Oc
| for corn is over and these estimates arr
fairly sure. The effect that such q croI
| will have on Rock Islands earnings, for in
stance, is well worth considering by thos,
who contend that the present level o
prices Is high.
| There is some disposition in the Stree
| to believe that Tennessee Coal and Iror
will lead the advance of the iron and stee
issues during the coming bull movement
There are not wanting bears on this prop
erty, after it's years of failure to pay divi
dends, but on the other hand the presen
prosperity of the concern Is beyond ques
tion. There is talk now OF gathering
opposition on the part of the common
stockholders to the cumulative dividend
on the preferred stock, but it Is not be
lieved that anything can be done to pre-
vent its payment when there are funds il
the company's treasury to do it with. TIL,
entire six years dividend on the preferre.
is only half million dollars.
The unpleasant effect of the decision
against the payment of the Federal Stee
dividends was felt more yesterday and to
day than on Thursday The preserre.
stock has been sold heavily and the com
mon is weak and dull. The sell
| ing of these securities is not sur
prising, because similar things are al
ways happening in the stock market, bu