Evening star., 1898-08-17
The Days Business Was the Largest
of the Year.
MONEY POURING into WALL STREET
Burlington's Big Advance Helps En-
tire Granger Group.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, August 1.-THE expansion
In the volume of legitimate security busI-
ness is assuming proportions which fully
justify recent predictions that Wall street
was in the initial stages of an unusual
speculative campaign. The total volume Of
business during the first two hours today
aggregated 4a5ooO shares or more than
two-thirds of yesterdays achievement for
the full session. Profits were taken on
such liberal scale during the opening
hour that reaction of substantial proper
tions seemed imminent. At every conces-
sion. however. there was a demand nearly
equal TO the supply, and once the volume
of offerings was reduced, prices were re-
stored with a promptness Indicative Of the
prevailing disregard for temporary de-
clines.
The financial commrnity is dealing with
an unprecedented array of facts and high
prices are the cnly means of EXPRESSING
values under thA new conditions Earnings
ahoVe all fixed charges and dividend re-
qcifenents ana surplus account OF steady
growth against the lean period. howeys-
near or re note il may be- are the factors
Whict are attracting money into Wall
street Instead Of hearing Of this improve
H.eht ana hnding only disappoin tmert when
tle Iacts We're made known. there has been
cor istant realization of predicted results.
, heafs OF disappointment create moro
shtpliCS than a few months Of prosperity
anu Ialr dealing can overcome, however
anu anu TO-DAY ; events afford a striking in
stance OF this fact. Boston houses and
traders had sold Burlington in round
amounts Tor two days on the theory that
the reported increase in dividend would
lall TO ma terialiZe. At one time during he
morning the price was depressed TO ll4-.
anu the selling was described as good
Inc entire granger group declined under
GE-T he ~
per cent TO- Burlington would chill the
ehllfe market In the midst Of this waak-
~ ness the directors declared 1i2 per cent for
lne quarter or the equivalent Cf an ad-
vance OF per cert in the yearly rate Short
stock was hastily covered new buying an
large scale set in, and in less than one
nour alter the ann Uncement of the change
per cent had been added TO the low level
OF the morning. In St. Paul . per cent
vas added, and Rock Island Northern
raclhc ana al! the recently active issues
resumed the advaI ce.
Another feature of significance was 70
fected by the addition of the coal shares "a
the active list and at advancing nric.s
humors Of q settlement of trade hiffpr.,.s.,
ana general Improvement in ira le co,tai-
uohs accompanied the advance The on
eratons of pool in Texas Pacific brought
those shares into some prominence and at
higher prices. Tennessee Coal and I'm
was opened up sharply and was h-uebt IN
round amounts throughout the dav There
are Indications of concerted action in al
Ndhcltis the price of this property. Having
earned hxed charges in the duh times sub
sti'ntlaI Improvement is looked for und..r
present conditiors
Ihe short interest i'm Sugar was made 70
cover during the afternoon at a sharp ad-
vance IN price. Tobacco and Rubber con-
tlnue to 40 well, and no general SELLING Il
reported in either The days trading was
the largest for the year. and while profit
taking was practically continuous there
was sufficient new buying TO equaIize real
iz.ng the old. Government rs were re-
ported a trifie easier as the result of in
creased offerings