The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-07-19

tell what would be the effect under these
circumstances of the selling out of re-
cent speculative purchases
Apparently the principal reason for the
cessation of bull manipulation was the
demonstrated futility Of the attempt to
attract outside buying Predictions of
dividend action on Baltimore & Ohio are
so far discredited that the stock went
backwards today, and even Union Pacific.
which has been advanced by much more
aggressive management, fell back almost
as much the latter losing IL net and
former 1as. The increase in the dividend
rate Of Illinois Central apparently did
not add to the credence given to predic-
tons Of other dividend action.
Yesterdays violent rise of 4 per cent
In Pacific Mail, and the strength Of Pa
cific railway stocks was more fully ex-
planned by today's detailed reports of the
chartering Of steamships in the Pacific
by the United States government, and in
the Atlantic by the German government,
for use in the Pacific, to transport mill
tary supplies to China But the inviting
prospect thus offered of lucrative traffic
for the transcontinentaI railroad lines
was offset today by some other consid-
erations Of the results to accrue from war
In China Wall street has not given much
attention hitherto to the check in export
a.
ment in China.
The uneasiness caused abroad bv re-
ports Of Boxer inroads upon Russian. ter
rltory brought sales of securities in New
YORK for foreign account, and reminder
that forced liquidationl abroad might
through considerable burdens upon the
New York stock market
The days shipments Of gold were a re-
nectlon of the money needs of foreign
markets, which are not unlikely to grow
acute II, the government expenditures for
war preparation should become large TO-
days engagements, amounting to 81 eOO.
wv We're more than a million less than
was anticipated. A further sharp adj
vance In sterling exchange at Paris, a.
reduction in the Bank of England's price
Tor American eagles and a slight decline
In the London rate of discount, as we'll
as a soften1ng tendency in the local ex-
change market were all DEVELOPMENTS
towards lessening OF the attraction at
Paris for gold. An advance in the Bank
OF England rate of discount tomorrow is
not felt to be so certain now as yester-
day. The immediate continuity of the
gold export movement is thus felt to be
In some doubt. But if military opera lions
are to be carried on in China the needs
or foreign governments for capital will
pretty certainly converge upon New York
as this is now the cheapest money market
In the world. But uneasness Is caused
by the conjucture as to the effect upon
the New York money market when the
interior demand for moving the crops is
added to the foreign demand.
The money market in New York con-
tinues very dull. but funds for time loans
for the longer periods are scarce
The bond market continued very dull
and the fluctuations were uneven. Total
sales, par value. 1906 coo. United States 3s
registered declined " and the new As "A
In the bid price. The IS coupon advanced
4 and old As Is per cent
STOCK QUOTATIONS.
- Furnished by Charles H. r. Smith &
Co, members of the New York Stock ex-
change, Pioneer Press building, who have
dlrect wires to Chicago and New York
Closing prices are bid: