The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-07-12
STOCK MARKET Stronger
BULL MANIPULATION IN UNION PA
CHIC TURNED PRICES To-
WARD ADVANCE
EARLY LOSSES WIPED OUT
Profit Taking Alone Caused a Re-
cessiOn I'm Prices, and That To-
ward the Close OF Days
Session.


NEW YORK. July 1.-THE bull manipu-
latlon in Union Pacific turned the mar
ket from reactionary course TODAY and
MADE the tone during the latter part az
Inc session of the Stock exchange strong
throughout. The later strength was moi
sufflcient In all cases to entirely wine
out the earlier losses, but they were in
all cases much reduced. There were times
during the day when Union Pacific was
practically the only stock which stood
firm against the time of reaction The
support of the stock was very determined
and the absorption very confident and on
an enormous scale. There was no sne-
ctal news to explain the movement. aside
from the general conditions in its terri
Iory ana IT'S finances. No suggestion was
made that the dividend rate is likely to
De increased over that of ~ per cent for
the last semi-annual period
The government crop report was a
prominent factor in the stock market all
day. An effort was made to ignore its
significance in the early dealings. on the
ground that the weather bureaus weekly
summary, reporting abundant rains in
the West must be accepted as modifying
the conclusions of the government
monthly report, as it covered a period a
week later than the latter. But when
trading began or the Produce exchange.
the jump in wheat there nulkified this ar
gument-
st. Paul's heavy decrease in earnings
for the first week in July added to the
weakness in the granger group and there
was sharp declines in all the principal
members OF the group. The corn carrying
roads were relatively firm and the hears
who have sold short in the Southwest
ems on cotton crop prospects were driV
en- to cover. With this exception and
some strength in the local traction group,
and in Sugar and Tobacco. the market
became generally heavy, but the persis-
tent strength of Union Pacific finally
encouraged growing buff feeling, which
manifested itself first in Rock Island
and then developed in Southern Pacific
and Missouri Pacific.
In spite of the continued strength in
the wheat market and the sharp ad-
continued pretty steadily upward from
that time until profit taking by room
traders in the closing dealings caused
the Irregular tone with which the mar
ket closed. The extreme advance in
Union Pacific was 31a. Rock Island is
up IL and Missouri Pacific and Southern
Pacific large fraction. Otherwise the
net changes in the leading railroads are
net.
The decision of International houses
not to ship gold on Tomorrow steamer
had some favorable effect The low
discount rates abroad leave no profit on
the operation. Large receipts of gold
from the klondike are fast becoming
available for reserves for New York
banks and the shipment of 81, 500000 from
Australia will shortly be added. Of
ferings of government bonds for ex-
increase of late, and the payment of
premiums on these offset the demands
of the subtreasury on the banks These
conditions quiet apprehension over the
future of the money market.
The market for bonds continues very
dull and changes were irregular Total
sales, par value S.165,00O United States
IS. coupon, and the 5s advanced "a in
the bid price.
STOCK QUOTATIONS..
Furnished Dy Charles H. F.. Smith b
Co, members of the New York Stock ex-
change, Pioneer Press building, who have
direct wires to Chicago and New York
Closing prices ara bid: iie