The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-06-08
STOCK MARKET TOOK ON A MID
SUMMER AIR OF NEGLECT
THAT CAUSED DULLNESS
BUYERS LITTLE CONCERNED
Declarations of Dividends by the
Sugar Company and by the Atcht-
SON Caused Marked Strength
ening In These Stocks, of which
Sugar Had the Call Railroad
Bonds Hardened In Sympathy.

NEW YORK, June IA midsummer
lassitude hung over the stock market
through the greater part of the day and
the trading drifted aimlessly in the dol
drums. Wall street will take advantage
of a hot day to curtail it's iabors when
there is doubt about the outlook which
composes what is called a waiting mar
ket. But a hot day does not deter the
ever watchful eye of capital from avail
ing itself of offered opportunities. The
burst of animation in the last hour of
today's stock market indicated that Wall
street was not so dead as all the earlier
appearances gave reason to suppose.
Speculation was almost at a StandStill
during the morning session, even the pro-
fessional traders waiting for action on
the Sugar dividend, and also on that of
Atchison preferred. The almless drifting
Of Sugar certificates prior to the the an
nouncement of the dividend and the
smallness Of the transactions seemed to
indicate that the speculative community
was wholly at sea as TO what the action
of the directors would be. The price drop
ped below the last night after the open
Ing advance, but recovered sharply some
three points before the news became
known. The announcement of the regu-
lar dividend caused realizing sales and
drop of two points. The shorts were so
eager to cover TINT the decline was check
y,
recovery amounted to about five points.
The drop after the dividend announce
ment seemed to give the shorts some de-
gree of confidence, and the pressure to
buy was not urgent at the advance. Con-
sidering the length of the bear campaign
based on an implied doubt of the regu-
lar dividend, 1t car scarcely be that the
short interest has succeeded in anywhere
near covering the lines put out during
the pampaipn he declaration the
regular dividend has by no means con-
verted all of the bears, who still argue
dire effects from the trade war.
The declaration of Ia on Atchison pre-
ferred was the most potent influence in
putting up prices In the latter part of the
day, though the effect must be regarded
as surprisingly small considering the re-
cent activity of the bears on the doubts
they expressed that a dividend would be
Forthcoming on this stock. The dividend
is called regular semi-annual, and comes
out of the earnings of the last fiscal
year, with the statement by the directors
that sufficient remains for another similar
dividend in January next. There was
large demand for the Changers, which adj
vanced prices in the group from 1 to ~
points, which spread to other points in
the railway list. Fort Worth & Rio
Grande was marked up points and the
New York municipal stocks rose sharply.
Stocks which have been recent favorites
In London, such as Anaconda and the
Southern railroad stocks, hung back I'M
der the influence OF depre ssion in London
on account of the unconciliatory attitude
Of resident Kruger The iron and steel
stocks also hung back, Steel & Wire at
one time dropping 8 points on published
doubts of a forthcoming dividend. The
obstinate resistance of railroad stocks to
the decline, the present and prospective
easy conditions of money and the more
cheerful view Of the crop prospects, all
contributed to the late strength of the
stock market.
Railroad bonds hardened in price, In
sympathy with stocks, but business was
not on large scale. Total sales, par
value. $2,100,000. United States So declin-
ed Il in the bid price.
STOCKS
Furnished by Charles H. F. Smith &
Co., members of the New York stock ex-
change, Pioneer Press building, who have
special wires to Chicago and New York
Closing prices are bid: