The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-18
CHANGERS FLYING HIGH
ESTIMATE Of EARNINGS EXCEEDS
THE GREAT BUSINESS OF 1892.
Shares I'm Western Stocks I'm Strong
Demand and Strength Generally
Marked-LocaI Trade Active.

At New York. yesterday, money on call
was firm at 112G212 per cent; last loan, 1s
per cent.
Prime mercantile paper, 34Q4 per cent.
Sterling exchange was easier with actual
business in bankers exchange at s4S4A@
ass; posted rates, $4S4Q4.S5 and $4.S61a; COM
mercial bills, $4.S3i4.
Silver certificates, 5S%@5935c; bar silver.
$3.50; Mexican dollars, Acc. At London bar
silver closed at 2719d an ounce.
Total sales of stock SS7, $50 shares, incud-
ing $3.50 Atchison preferred, 5,42O Canada
Southern, 1866 Chicago, Burlington &
Quincy. $50 Cleveland, Cincinnati, Chicago
& ST. Louis. 1925 Denver & Rio Grande pre-
ferred, $40 Illinois Central, 81, 720 Lake Erie
& Western, 1920 Louisville & Nashville,
II, $50 Manhattan, 11,270 Reading preferred,
1922 Missouri Pacific, 3,525 Missouri, Kansas
Texas preferred, 400 New York Central,
Al ,420 Northern Pacific, 27 500 Northern Pa
cific preferred, 1880 Ohio & Western, 10100
Reading, IS, 301 Rock Island, SAL st. Louis
& San Francisco second preferred 1860
Union Pacific, 1O2,655 st. Paul, 421O ST. Paul
& Omaha, $3.50 Southern preferred. 297O0
Texas & Pacific, 2295O Union Pacific pre-
ferred, 1920 Wabash preferred, 1890 Cotton
Oil, z7,72O Tobacco, 11,195 Chicago Great
w SSlern, OoZU 16OplS 0dS, 0J,ooV sugar,
$1,000 Tennessee Coal and Iron, 25,O5O Leath-
or preferred, 1866 Rubber and 2,75S Western
Union.
The feature of yesterday in the New York
stock market was the action of the direc-
tors of the Chicago, Burlington & Quincy
in advancing the quarterly dividend on the
stock to the 6-per-cent. rate Although this
action had been rumored, and had been in
dustriously discounted in the advance of the
stock for many days past, and profits al
ready taken on the advance, the announce
ment was met by a furious outburst of spec
ulation in that and all the other granger
stocks which carried the price of Burlington
fully three points over the previous high
level on the movement The action of the
directors is accepted as indicative of their
belief in the power of the property to main
tain earnings at last years high level In
timations are given that the forthcoming
statement of July earnings will show last
years large average maintained. The state
ment of st. Paul for the second week in
August is cOrrObOratiVe of the confidence in
the earning power of the grangerS. The in
crease in earnings over last year is $36 ,213,
and over 1892 (the largest previous CORE
spending week in the roads history, the
increase Is over 1900. Such a showing by
the roads most affected by the present very
light movement of grain is convincing evil
dence 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 natural conse-
quence. The Burlington news came on
yielding market due to an enormous liQuida-
ton of profits on the recent advance. This
realizing had been going on over an hour
to take advantage of the very heavy out
side demand for stocks and had resulted in
the marketing of upwards of a third of a
million shares of stocks with only frac-
tional impression on prices, which were,
however. at the low point. with the excep-
ton of some of the industrials, notably To-
bacco, Leather, Cotton OIL Rubber and
stocks of the iron and steel companies.
Burlington bounded up from the low point
about points, st. Paul SA and each stock
in the group advanced sharply. After a
period of rather feverish f1uctuation, these
stocks settled down to firm and quiet
tone near the top, while the urgent demand
for stocks went seeking through the list,
advancing first one group, then another
Scarcely a stock failed to move, even the
gains of ! to 8 points. The only exceptions
to the strength were the stocks advanced
yesterday and the day before, which were
held back by profit taking. The Northern
Pacific and Union Pacific stocks were con-
spicuous examples. A squeeze in shorts in
Sugar and shaking out of weakly margined
holdings in Tobocco were features of the
late trading. Top prices were clipped by
ity of cases, but the closing was steady, only
slightly below the best. The easing 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 account in this market continued
large, but not so large as Tuesday
higher prices. Total sales. $4O65, 600. United
States threes, when issued. advanced 1sc in
the bid price. Government bonds were
otherwise unchanged.
Louis, Room II. Board of Trade, shows the
range of quotations: