The Washington herald., 1910-08-10

New York, Aug. 9.-The upward move
ment in stocks was greatly accelerated
to-day. From tho beginning TO the close
the trend was toward higher prices. the
advance being interrupted at no time by
more than factional recessions. The mar
ket had broader range than on any pre-
vious day since the upward movement
began. Gains were more widely distrib-
uted through the active stocks and
through specialties or purely investment
shares. and the tone was more buoyant.
Undoubtedly II was careful considera-
ton Of the crop prospects. as presented
by the government crop report and the
extremely favorable weather prevailing
since the date OF which the report was
made, that was principally productive Of
the improvement
Yesterday. because Of the confusion
created by conflicting reports OF the gov
ernments return on the corn crop the
market had little time TO reflect the fav-
orable sentiment created by the govern
ment figures To-day II was seen on Pc
rusal Of those figures that the Indicated
yield Of the three principal grain crops.
corn, wheat, and oats. is in the aggregate
greater I'm quantity than the actual yield
last year. increases in winter wheat, corn,
and oats having more than compensated
for the loss In spring wheat
Good Tonnage Provided.
The total Of these crops. contrary 10
TO the expectations entertained when the
reaction in the stock market was IN prog
ress last month. will provide the railroads
with greater tonnage than the entirely
satisfactory traffic derived from the crops
last year. Accordingly. spectators who
had RETAINED from purchases Of stocks
on account Of the uncertainty attending
the crop outlook found the restraint re-
moved to-day. and buying was conducted
confidently and aggressively.
To-day the continuity Of the advance in
stocks as much as the extent OF the adj
vance must have been disconcerting TO
bearish operators and reports were cur
rent az the close that though the short
interest had been considerably diminished
IL remains extensive enough to provide
strong support IN all the active stocks.
AS a result Of the assurance Of good
average crops and a consequent good
average traffic for the railroads. two of
the eastern trunk lines placed orders for
new equipment The orders were not
large. but nevertheless attracted favor
able comment because OF the retrench-
ment policies made effective by most Of
the railroad companies since increases
in freight rates were suspended.
Increase in Dividend.
Other developments contributing to the
more cheerful feeling was an increase
in the Canadian Pacific dividend from Z
TO s per cent per annum and the declara-
ton OF the regular dividend on Sloss-
Sheffield common which was one Of the
dividends Wall street spectators cut
in two when the reactionary move
ment struck bottom. Railroad reports
were Of mixed character.
Illinois Central. reporting for June
showed an increase Of $4,000 in gross
earnings. but a decrease Of S5O1, 900 in net
earnings and for the year a decrease OF
$4,000 in net earnings. The statement
was the poorest in the recent history of
the company.
On the other hand the Erie Railroad,
reporting for the year. showed the larg-
est gross earnings in the compsnys his
tory, and the largest net earnings with
the single exception of 1903. From net
earnings the company appropriated $751;
coo for additions and betterments and had
left as surplus s5.o69.OOO an increase OF
S2.5O3.OO0 over the surplus at the end OF
the previous fiscal year.