The daily morning journal and courier., 1898-08-05
Einanctal.
The stock Market.

New York, Aug. At was very ob- days stock market that wealthy and powerful speculators were placing very large amounts of money in the granger stocks in anticipation of a rise in prices. There were many indications also that some of the funds which were being placed in the grangers were derived from sales of some of the more promi- nent industrial speoialties which have shown recent large advances in price so as to yield a handsome profit on the sales. The shifting of speculation is an episode which invariably occurs in the course of long continued advance in prices. The preliminary movement in the highly speculative industrials Is generally quiet apart from any general condition of business and industry. The later awakening of the more sub stantial railroad stocks is looked upon as indicating a more vital stage of speculation and investment. There was broad and confident demand to- day through the whole of the railroad list, much of which must have come from the outside, public. In many stocks this growing demand was met by a steady stream of offerings which left prices, in spite of quite large vol ume of transactions, only slightly higher than last night. This outside buying gave marked impetus to the speculation in the grangers which were taken up one after the other and bid up quite confidently to a level nearly a point over last nights close. The shift ing of speculative accounts involving profit-taking in the industrials eneour- aged bear attacks, particularly in The whole railway list held remarkably firm in face of. the weakness in the specialties, the closing showing a strong tone at or near the top. Rock
 
 increase over last year, in the net in spite of largely increased operating ex- penses was one factor in encouraging speculation in the grangers, but the statement of the Chicago, Burlington and Quincy for June and for the fiscal year was the decisive influence. The earnings on tkls stock for the year were over 7h per cent. after sinking fund requirements and after an expenditure for operating expenses of over $5 000, 900 in excess of those made the previous year. This showing coming after the similar showing by Northwest and St. Paul serves to relieve apprehension over the current decreases in earnings in this group on account of the de- creased grain movement, as the large betterments and improvements effected leave room for future economies in op- erating expenses. The assurance of peace and the passing of the critical period for the crops making sure the harvesting of an unprecedented volume of products. give assurance of contin- ued prosperity to the country after year of unexamped foreign trade. This general condition is of course the basis or the 1ncepLloH ol dil upward move ment of prices and securities due inn medately to a speculative initiative in the grangers.
 There were very heavy dealings in railroad bonds to-day, the demand be- ing very widely distributed but most urgent in the reorganization per cents The total sales, $7,940,000 is said to be the largest days business on record.
 There were large dealings in the gov ernment threes to-day at 105, one block of $415, 900 going at that price. A small bond of the issue sold for 105 1-2 United States old fours coupon ad- vanced 1-4 in the bid price, There was no other change.
 NEW YORK STOCK Md.RET. Opening, Highest, Lowest Quotations On rhe New York Stock Exchanve reportel