The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-11-02
MARKET DID NOT RESPOND
EXTRA DIVIDEND IN PENNsYLvA-
MA FAILE1aEo LIFT THE
RRME
DAYS BUSINESS WAS SMALL
Undertone In waIIstreet was Firm,
However, ana the List Gen.
orally CIpsed at an
AdvHnce.
DAYS BUSINESS WAS SMALL

NEW. YORK. Nov IA striking evil
dence of the conSfFa4ht upon speculation
was given by the9saefion Of the market
today on the announcement of the decia-
ration of an extra dividend of one per
cent on Pennsylvania railroad stock Pre-
vious to the announcement the stocks
had been lifted a point and then reacted
When the news was bulIetined there was
a spasmodfc rise in the stock to 1867
but one sale was made at that price,
after which it fell back Early in Oc-
tober Pennsylvania sold below 12S. r
has been actively traded in by energetic
bull interests since that rime and a great
variety of assertions have been made as
to the forthcoming benefits to the stock.
1t was alleged, for instance that the
stock would certainly be placed upon the
six per cent basis. Another story had
a large portion of the great surplus in
the Pennsylvania treasury. On the
other hand the belief has prevailed gen
e eFaliiy t ma +o eSe a5TeT s were exelu
that the company would persist in the
regular dividend rate of 21s per cent,
sern1-annually, which has prevailed ever
since 1894 Reviewing these past condi-
tons, it is fair to assume that today's
action was a disappointment to some of
the active bulls in the stock, while it was
conservative element in the street But
when it is considered that the net earn
lngs of the PENNSYLVANIA railroad and
of the lines directly operated by il have
Increased during. nine months of the wear
more than $6,000,000 over the correspond
ing period of last year, today's rate is
distribution seems moderate; The extra
dividend will involve the disbursement of
a little over $1,5Q0,QQ0. The stocks net
gain was a, and the trading was re-
markedly quiet There was a consider
able show of strength In Sugar. The
advance was attended by rumors that
break in the price. of refined sugars is
imminent. Business in the market at
large was too small 10 have any import
effect nriPlG thn1Oh fIoo ya+
closed with the leIeT somewhat above
last night, having been at one time 4
shade lower. A single lot of Lake Shore
sold just before The tclose at 230 after
having sold yesterdayEat 210. The closing
bids We're -quotedst at 2l0A Nothing
could be learned to.aceount for this small
but urgent demanf.o The repression of
speculation is still attributed to the in
fluence of what are9 called the .'controll-
ing interests in theomarket. The rise
in the call loan rate today to five per
extreme bearishnesS Aof the speculation.
The stock market demands upon the
money market during the week have
been extremely moderate, and further re-
ceipts today of imported gold brought the
total up to nearly So, ,0OO on that ac-
count. Not a dollar has been transfer
TRY since last Friday. That call loans
should have stiffened today under these
circumstances argues some special de-
mand on the money market. The demand
is probably due to the making of ar
rangements for November dividend dis
buEsements, and will therefore be tenn
porary. and followed by an abundant re-
turn 10 the market Within few days
The bond market shared in the dali
ness. of stocks, and prices moved irreg-
ularly. Total sales, par value, $1,240, 600.
United States bonds were unchanged on
last call. l@7
STOCK QUOTATIONS.
Furnished by Charles H 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 hid; "a aGBjs, ezssss
...tsEs.s14 zrl l5le....g Closing