The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-12
STOCKS MAKE GAINS
STEADY UPWARD MOVEMENT DE-
SPITE WEAKER FOREIGN
ADVICES.
U. P. WAS THE FAvORITE.
ADVANCE OF OVER 8 CENTS ON RU-
MORS OF A BIG TRANSCONTI-
MENTAL DEAL.
CHANGERS ALSO IN DEMAND.
Advance All Along the Line Helped
on by the Excitement in the
Wheat Pit.

NEW YORK, Aug. 1.-THE only Interrupt
ton to the upward course Of stocks today
was due to occasional profit taking by room
traders. The offerings on this account were
easily absorbed with only momentary halt,
after which the rise was resumed. London
prices came higher at the opening, after
but before the day over London had
turned seller, and 1t is estimated sold 25,000
more shares than were bought. The effect
Of this selling had no appreciable effect on
prices Low priced shares of non-dividend
paying stocks were largely bought by Lon
don, and were favorftes also in the local
speculation, the argument being that such
stocks are bound to advance if the promise
of better times holds good, and if it does not
they cannot recede far. Union Pacific was the
favorite in this class, and was the leader of
the whole market in point of activity, 81, 600
shares being bought during the day. The
stock was helped by a revival of an Old
story that the forthcoming foreclosure sale
would make the road a part Of a great
transcontinental system under one control.
The stock was heavily bought by profession
al traders for speculative account, and closed
with gain of 81 on the day. The excite
ment in the wheat market was reflected in
the stock market, and was large element
in encouraging purchases, especially of the
granger STOCKS, LHe sTdlA-CdiIyln6 iOdus III
the Northwest and Southwest all showing
substantial gains and great activity The
dealings in the high-priced grangers were OF
enormous proportions, and the Atchison secu-
rites and Northern Pacific preferred were
also prominent factors. Reports from West
ern points were of increasing demand for
car space to move the grain crop, and of the
necessity of great eXeruons on the part OF
railroad managers to prevent a car famine.
continue
& Nashville was active all day, but moved
within narrow limits until near the close,
when it jumped to leading place in the
advance, with net gain of 13s. A feature
of the day was the steadying of the ex-
change market, and the consequent cessation
of the talk of gold imports in the immediate
large number of stocks, "a in Metropolitan
Traction, 2ss in Minneapolis & St.. Louis
first preferred, 21a in p. c. G. & st. L., and
2 in Rubber preferred. Losses of over a
point were shown in Laclede Gas preferred,
81; Chicago & Alton, Consolidated Cas- Lake
Shore and Long Island.
The inquiry for railroad mortgages con-
tinues heavy and reflects the increased con-
fdence in the general situation. Issues of re-
organized properties forged to the 'front.' and
purchases of the middle grade liens were on
a large scale. The general market maintains
a very strong tone throughout The aggre-
gate sales were 81 800, 232.
Government bonds were slightly irregular
on dealings of $40 600.
shares, including: Atchison, 1909; do pfd,
43,S50; Burlington, 49, 1855; Illinois Central
1910; Minnesota and ST.. Louis, Abs; Mis-
souri, Pacific, 427O; Northern Pacific, 16 $685.
do pfd, 4O,22O;' Northwest, 1885; St. Paul.
46, 675; St. Paul and Omaha, $3.50; Union Pa
cifc 81 400; American Tobacco, 1920; Chi
cago Gas, 4500; Sugar 1856; Western Union,
%, $50; Chicago Great Western, $4,000.
The following were the fluctuations of the
leading railway and Industrial shares fur
nished by C. H. F. Smith & Co., members
New York stock exchange and Chicago board
of trade: