The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-07-17

NEW YORK. July 16.-The depression
caused on foreign stock exchanges by the
sinister reports from China had no effect
in the local market, and, indeed, did not
hurt the American securities in the for
eign markets. Good advances were es-
and for Baltimore & Ohio before the
opening here, and international houses
bought freely in this market Of those
and other stocks. The total purchases
for London account in this market were
estimated at $4,000 shares.
The movement in Union Pacific was
the handspring Of this market all day
and Baltimore & Ohio was also an active
feature. The movement in these stocks
was primarily based on the estimates for
the years earnings now made up. A
statement of Union Pacific earnings hay
ing the appearance of authority, states
that the net results for the year, eXclu-
sive Of land sales, amount to over $780,
OO10O0 which would indicate a balance
Of something like per cent for the
common stock. This statement and the
fact that inside interests were avowed
buyers of the stock gave color to the re-
ports that it is to be placed on four
The Baltimore & Ohio system has
yielded for the year net earnings OF
SIP, 3S4794, from which is to be deducted
fixed charges nearly S6.0OO,O0O and
preferred stock dividends of 81, 400, 0G0.
The fact that the net earnings for this
system have been increased over 81 per
cent LOT the year Is que TO the noaVy out
lays made by the receivers in the clos,
ing period of their administration and
charged to operating expenses last n ar.
This statement, coupled with the fact
of the recent return from Europe of sew
eral Of the directors was the occasion for
rumors that a dividend was to be declar-
ed on the stock. The stock readily re-
sponded to these rumors, and rose at one
time 35s.
Another potent influence In the market
was the copious downfall Of rains In the
corn belt. The amount of speculation
which has been based on supposed dam
by the violent break in the price of that
cereal and the rapid advance in the
stocks of corn carrying railroads. This
helped the Union Pacific movement and
that stock rose an extreme 2ls. Other
gains ran from l to IA for the corn
grangers, Burlington being conspicuous.
Rock Island was held back by sympathy
with the weakness in Brooklyn Transit,
which was a target for the bears all
day, and which lost 13s net. Missouri
Pacific broke badly in the late dealings
on disappointment that no action on the
dividend was taken at meeting of the
directors held today. The extreme de-
cline was 1B. and, coupled with the
weakness in Brooklyn Transit and the
disposition to take profits, reactions OF
about a point were caused in q number
Of stocks.
The closing was heavy at the reaction.
Outside of the grangers, the Pacifics and
ranscontinentals generally, the market
continued dull and narrow. An early
advance in Sugar was due to the rise
in the price of the refined product, and
there was some late strength in the steel
stocks on reports of new orders being
placed for iron products. The further
advance in sterling exchange ara the
admission by international houses that
they expected to ship gold this week.
seemed without effect either on the stock
market or the money market.
The bond market continued dull and
prices moved both ways. Total sales,
par value, $9S0,000 United States re-
funding 2s when issued, old As, the s5s
and 5s registered. advanced "; 3s cou-
pom II and As Is in the bid price.
STOCK QUOTATIONS.
Furnished by Charles H F. Smith 6.
Co., members of the New York Stock ex-
change, Pioneer Press building, who have
direct wires to Chicago and New York.
Closing prices are bid: