The San Francisco call., 1898-08-18
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, Aug. 1.-The feature of the day in the stock market was the action of the directors of the Chicago. Burlington and Quincy in advancing the quarterly dividend on the stock from the per cent rates. Although this action has been rumored and has been in nius- triously discounted in the advance of the stocks for many days past and profits already taken on the advance the announcement to-day was met by a furious outburst of speculation in that and all the other Granger stocks which carried the price of Burlington full 3 points over the previous high level of the movement The action of the directors Is accepted as in- dicative of their belief in the power of the property to maintain earnings at last year s high level. 1ntmations given that the forthcoming statement of July earnings will show last years large average maintained. The statement of St. Paul, second week in August, ing power of the Changers The increase In earnings over last year is $36, 2l0 and over 1892 (the largest previous corresponding week week in the roads history) the increase Is over $3000. Such showing by the roads most affected by the present very light movement of grain Is con vincing evidence of the large general traffic which the awakening of business is bringing to the railroads: The renewed impetus given to the advance in prices was a natural conse- Quence. The Burlington news came d yield ing market. due to an enormous liquidation Of profits on the recent advance. This realizing had been going on for over hour, to the advantage of the very heavy outside demand for stocks and had resulted in the marketing of upward of a third of million shares of stocks with only a fractional impression on prices which were, however. at the low point with the exception of of the industrials notably rubber. leather. cotton oil and stocks of the iron and steel companies. Burlington bounded up from the low point about points St. Paul 3H and each stock in the group ad- vanced sharply. After a period of rather few ersh fluctuaton the stocks settled down to a firm quiet tone the top while the urgent demand for stocks went seeking through the list, advancing first group and then another. Scarcely stock failed to move even for gains of 1 to points. The only exceptions to strength were the stocks advanced yesterday and the day before which held back by profit taking. The Northern Pacific and Union Pacific stocks were conspicuous examples A squeeze in shorts in sugar and a shaking out of weakly margined holdings in tobacco were features of the late trading. Top prices were clipped by profit taking before the close In the majority of cases, but the closing was steady only slightly below the best The casing of the sterling exchange rate was probably due to the falling off of buying of stocks in London for New York account. Sales for London ac- count in this market continued large Tor bonds at higher prices. Total sales. $l.o6 .00S. United bid price Government bonds otherwise unchanged
 Total safes of stocks to-day. sSI, S7J shares including: Atchison preferred. l6570; Caradiar Southern, 542o; c. and O., 800; Burlington S7 9so: e C. c. and St. L., 511o; Denver anu Rio Crande preferred. 3325; Illinois Central S4s II, E. and w, 31,720 l.. and N, 15.200; Man hettan 12, 750: Reading preferred. II 20: Ms aouri Pacific 7522: M. K. and T. Preferred. 3J25 N T. C. 400; Northern Pacific. Al ,420: do pre- Tarred 27 900; o. and w. 12, 500; Req Ii lS, 70. 100: Rock Island 45 350: St. Louis and 5. F second preferred, 3f31; Union Pacific. '2,o5O; St