The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-07-24
PROBABILITY OF INCREASED EARN
INGs RAISED THE STOCK OVER
THREE POINTS
CHANGERS ALL HELPED OUT.
AVERAGE NET GAIN OF ONE PER
CENT DESPITE WHEAT
SLUMP.
SPECULATIVE POSITION.
1t VIII he Developed by the Settle
ment Due There the First
of the Week.

NEW YORK, July 23.-Dscussion as to the
probability of increased earnings benefited
Burlington 49, per cent and all grangers to
the extent on an average, of one per cent,
although wheat suffered an approximate aver
age decline Of &c, with decreased engage
ments for exports for the day. 1t was argued,
however, that when the farmers
riched by the good prices expected for their
products they would so spend portion Of the
proceeds that transportation channels would be
benefited by heavy return traffic as well
as a large grain tonnage to meet the de-
mands of Europe and South America. While
their motives are hardly disnterested, some
bulls likened present conditions with those
prevailing seventeen years back and would
have it believed that the boom Of 'S0-'S1 may
be duplicated in 1923. London bought
some 10000 shares, against 1900 sold yes
terday. These purchases may have been due
to the fact that tomorrow Is a holiday in
London and the traders there will have only
until Monday to cover carry over stocks
into the new account. The first of next
week will disclose Londons true speculative
position, showing whether recent transactions
there have been short sales Of Americans or
liquidations by professionals as British ad-
vices that the public for the first time
in year two is becoming interested in
American securities. Traders here rather ig-
export, they were more than balanced by
receipts of the precious metal from the Clon-
dyke region and impending imports Of gold
from Australia to discharge obligations for
American grain imported became known.
Sugar fell off &c only effort to
have it appear that the sugar schedule but
inadequately protected the company and that
the company was to experience increased COM
petition. The stock rose 31a per cent, trade
journal predicting that insiders would disclose
riches and prospective profits after the tariff
became law. Subsequently Sugar lost half
point on its previous gain. The fact that the
company had advanced the price of refined
sugar may have had some bearing upon the
3ss net rise In the common and IL in the
preferred. Southwestern Railways were in
brisk demand. Some shares which figured
conspicuously in the recent advance lacked
support and lost fraction, including Chicago
Great Western and Chicago Gas. Tobacco
was benefited to the extent of ~ per cent
for the common and 8 per cent for the scrip
by the refusal Of New York states executive
to call an extraordinary term of the GRIM
inal branch of the supreme court to retry
the Tobacco case. The principal gains of a
point or more net higher than enumerated
were Consolidated Gas, IN; Detroit Cas- 2;
Minneapolis & ST. Paul and st. Louis first
preferred, 2; Morris & Essex, 511; Adams Ex-
press Brooklyn Gas, Lake Shore, Pullman,
Oregon Navigation preferred and U. S. Elk
press
Trading in bonds continued in considerable
volume, and further substantial improvement
occurred in many issues. Purchases for con-
tinental account embraced the more prominent
liens. The aggregate sales were $2,260, 900.
Government bonds ruled strong and light
transactions.
Total sales of stocks today were 397 1876
Shares including: Atchison pfd 5,05S; Bur-
lngton, sS,7s7; L. & N. 1896; Missouri Pa
cifc, 9,915; Missouri, Kansas & Texas pfd,
1870; Rock Island, 1855; St. Paul, AZ, 565;
Texas & Pacific, $3.50; Union Pacific, 1878;
Tobacco, 1855; Chicago Gas, $500; General
Electric, 10000; Lead, 7,S40; Sugar, 57,577 Chi
| cago Great Western, $685.
The following were the fluctuations of the
leading railway and industrial shares fur
nished by G. H. F. Smith & Co., members
New York stock exchange and Chicago board
of trade: