The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-08-07
STOCKS OPENED Strong
LATER THEY WEAKENED, LOSING
THE GAINS THAT HAD
BEEN MADE
NO SEVERE STRAIN IN SIGHT
More Cheerful Feeling Regarding
Iron Stocks Lifted Them in Price
Export of Gold Remains
Leading Factor.

Call money New York. .1Q1h 1@1h
NEW YORK, Aug. s.-The stock mar
ket today show ed symptoms of an en-
deavor to shake off last weeks weak
ness, but the market later, weakened
and showed loss of whatever gains had
been established. The final prices meas
ured in comparison with the high level
of the day, show some considerable
losses and are the general rule
The early movement was especially no
table in the PacifcS, Northern Pacific
taking the lead on the theory that the
price was not commensurate with the
level of Union Pacific and Missouri Pa
ciflc. Union Pacific also continued firm,
Reading 1st preferred was taken in quite
large amounts on the supposition that
the dividend rate would be increased at
today's meeting. The stocks fell back ~
when the declaration of the same rate Of
dividend as the last was announced. Su-
gar weakened on the report of the shad-
ing of several grades of soft sugar, which
was taken to indicate a renewal Of COM
petition in the trade. The more cheerful
feeling regarding the iron and steel
some time past, lifted prices In that
group. Colorado Fuel was conspicuous
The preferred stock was bid up from 120
to 125, at which price 100 shares changed
hands The bid price was then further
advanced to 1271a without bringing out
stock. This stock is cumulative and Is
entitled to 20 per cent in back dividends.
The movement is supposed to foreshadow
the payment Of an installment of the ar
rearage dividends. The steel group weak
ened later in the day. The circumstan-
tial accounts from Pittsburg of extensions
by the Carnegie company looking to COM
petition with some Of the new combina-
tons affected the group, and particularly
Federal Steel and Steel and Wire. The
nese situation had some effect on the
market, although the London exchange
was closed and the effect of the news
there could not well be measured.
I0yoYa ayof io,,e PnT-a own T-fc -
Wednesday were announced, although
definite engagements were made. Ster-
ling exchange rose fraction, but still
falls short a shade of what has been
The subscriptions in New York to the
new Issue Of British exchequer bonds are
generally regarded as the immediate
cause Of the outward movement 1t is
evident that these subscriptions would
not necessarily demand an outward
movement of gold. as the country's very
large credits abroad would be ample to
cover the subscriptions. but the urgent
need of the London money markets for
gold, may have led to some special pro-
vision. that the underwriting syndicate
should provide that metal in payment Of
the bonds There was large demand
for the bonds as matter Of course, in
view Of the fact that American railroad
bonds of high grade are finding their
way home by every steamer, and foreign
railroads and Industrial securities are
not in favor with American capital, ow-
ing to the declining tendency of earnings
abroad. Opinion here as to the effect on
the market has crystaliZed into a convic-
ton that no severe strain need result.
The feasibility Of any large speculative
movement, in view of the coming de-
mands on the money market. Is much de-
bated.
The bond market continued at a very
low ebb of activity and the movement
of prices was slight Total sales, par
value. $4,000 United States old As de-
clined u In the bid price
STOCK FLUCTUATIONS,
Furnished by Charles HI > F. Smith &
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: