The age-herald., 1898-08-18
sugar
In Wall Street,

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 divi- Gend on the stock to the per cent. rate. Although this action has been rumored and had been industriously discounted in the advance of the stock for many days past. ana profits already taken on the advance, the announcement today was met by a furious outburst of speculation in that and all the other granger stock which carried the price of Burlington fully points over the previous higl 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. Intimations are given that the forthcoming statement of July earnings will show unusually large averages man- tained. The statement of St. 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 s36, ,213, and over 1892 (the larg- est previous corresponding week in the roads history) the increase is over 5000. Such a showing by the roads most affected by the present very light movement of grain is convincing evidence of the large traffic which the awakening of business is bringing to the railroads The renewed impetus given to the advance of prices was a natural consequence. The Burlington news a yielding market, due to an enormous liquidation of profits on the recent advance The realizing had been going on over an hour to take advantage of the very heavy outside demand for stocks and had resulted in the marketing of upwards of a third of million shares of stocks with only fractional impression on prices which were, however, at the low point with the exception of some of the industrials, notably Tobacco, Leather, Cot ton Oil Rubber and stocks of the iron and steel companies. Burlington bounded up from the 10 point about points, St. Paul 3A and each stock in the group advanced sharply After period of rather feverish. f1uctuation, these stocks settled down to a firm and aiet tone near the top, while the rgent demand for stocks " mt seeking through the list, advancing first one group, then another. ~ ss Scarcely a stock failed to move, even the neglected and despised coalers coming in for gains of 1 to points. The only excep- tions othe strength were the stocks ad- vanced yesterday and the day before, which were held back by profit taking. The Northern Pacific and Union stocks were conspicuous examples. A squeeze Tn shorts in sugar and shaking out of weakly margined holdings in tobacco were feat ures of the late trading. Top prices were clipped by profit-taking before the close in the maJOrlfS A cases, but eHc SiooihS 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 yesterday.
 There was a good demand for bonds at higher prices Total sales $4,065,00O
 United States 3's, when issued, advanced hd bid price. Government bonds were oth- erwise unchanged.
 Money on call firm 11s@2k per cent Last loan 1R.
 Prime mercantile paper 3AG4 per cent.
 Sterling exchange easier with actual business in bankers bills at s4.S5l4G$4.S .S51a for demand and at s4.S3al al6$i.S4 for sixty days
 Posted rates s4.S41a@$4.S5 and siS6d$i.S6i2. Commercial bills $4.S3A. Silver certificates 5SAq59hc.
 Bar silver 95ssc.
 Mexican dollars ACC. Government bonds steady.
 State bonds dull. Railroad bonds firm.