The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-08-18
T1EAKcE AID rRAgx
Th' Fsaiare. o ihs ''aa'y sd .'''

The Featarea Of thr J:easT sui e'nrH
Markets.
NEW YORK. August i7.-Money on
can arm at 15za2h per cent; last Loan
11s per cent. Prime mercantile paper
sXa4 per cent Sterling exchange
easier with actual business in bankers'
bills at a s5H@4 s5ss for. demand and
at 81 ss&@4 81 for co days. Posted
rates 81 s4na4 IS and 81 5000 Ssls,
Commercial bills $lssis. Silver pertla-
cafes 5sE@59sse. Bar silver 59&c
Mexican dollars 4ec.
The feature OF the day in the stock
market vas the action Of the directura
OF the Chicago, Burlington & Quincy In
advancing the quarterly dividend on
the stock 70 the six per cent rate. Al
though this action has been rumored
ana had been industriously discounted
in the advance OF the stock for many
DAYS past, and profits already taken on
the advance, the announcement to-day
was met by a furious outburst Of spec
ulation in that and all the other gran
gers 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 maintain earnings
at last years high level. limitations
are given that the forthcoming state
ment OF July earnings will show last
years large average maintained. The
statement Of 81. Paul for the second
week in August Is corrobOrative Of the
confidence In the earning power OF the
grangers. The Increase in earnings
over last year Is $56.21s, and over 1892
Cthe largest previous corresponding
week In the roads history the increase
ID over $1,000. Such showing by the
roads most effected by the present
very light movement OF grain Is con-
vlnclng evidence of the large general
traffic which the awakening Of business
is bringing to the railroads. The re-
newed Impetus given to the advance in
prices was n natural consequence. The
Burlington news came on 4 yielding
market. due TO an enormous llquldating
Of profits on the recent advance. This
realizing had been going on for over an
hour to take advantage Of the very
heavy outside demand for stocks and
had resulted in the marketing of up
wards Of a third of million shares OF
stocks with only a fractional impress
sion on prices, which were, however, at
the low point with the exception OF some
OF the industrials. notably Tobacco,
Leather, Cotton OIL, Rubber and stocks
OF the iron and steel companies. Bur-
llngton bounded up from the low point
about points, St. Paul Sh, and each
stock in the group advanced sharply.
After a period of rather feverlsh iluc-
tuation these stocks settled down to a
firm and quiet tone near the top. while
the urgent demand for stocks went seek
ing through the list, advancing first one
group and then another Scracely a
stock failed to move, even the neglected
and despised coalers coming In for gains
OF to points. The only exception 10
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 conspicuous examples. a
squeeze in shorts in Sugar and shak-
ing out OF weakly marglned holdings
In Tobacco were features OF the late
trading. Top prices were clipped by
profit taking before the close In The ma
iority of CAGES. but the closing was
steady only slightly below the best.
The easing 81 the sterling exchange
rate was probably due to the falling or
OF buying OF stocks In Londjn f1r New
York account. Sales for London az
count In this market continued large
but not so large as yester1avJN There
was good demand for bonds at hlsttr
prices. Tltal sales Sl.O65.OOO. u. s. 20
when irsue1 advanced Y In she sid
bid prise. Government bonds we're vth-
erwIse unchanged.
The total sales OF stocks to-day were
SS7, $50 shares.
BONDS AND STOCK QUOTATIONS.