The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-08-01
STOCKS WERE UNSTABLE
HEAVY BREAK OF FouR PoTNrs
IN SUGAR STAGGERED THE
MARKET
FOREIGN MARKETS A HELP
Union Pacific Dividend and Atchi-
sons Increased Earnings Would
Have Given the Market Great
Help, but Confidence Lacks.

NEW YORK. july S1-tSome animation
was given to the closing dealings in the
stock market today by the conflicting
movement of prices, engendered by the
upward squirt in Union Pacific, and the
realizing in Sugar The break in Sugar
proved the more effective in its influence.
and the market closed weak at about the
low level Of the day, after having shown
considerable gains in many stocks at an
earlier period. The trading was dull and
continued entirely in professional hands.
The early strength was reflected to
some extent from the foreign stock mar
kets, which showed decided relief over
the reliable tenor of the news of the
safety of the ENJOYS in Pekin. The
small commitments on the bear side put
out yesterday were closed up, helping
the rise. A number of statements of rail-
road net earnings for June, published
over night, were factors of strength.
This was notably true Of the Pennsylva-
MIA report, on account of the extent Of
territory covered by its lines, and the
exceedingly varied character of its traffic,
which make its statements valuable, as
accurate reflections of general conditions
in the railroad world, The stock of the
company advanced 112 points under this
influence, and the price was well held
throughout the later Yicissitudes of the
market, affording a rather striking con-
reports of some other railroads were re-
ceived.
The large net increase shown by the
Atchison system did not avail to hold
the stock, and Burlington, after rising
a sharp fraction, fell below last night s
level on realizing, when It's statement
appeared. The 2 per cent semi-annual
dividend on Union Pacific had been
counted upon with certainty, on account
Of the authoritative character of the
promises made The dividend action was
Immediately followed by large and ag-
gressive buying for inside interests.
which carried the stock up 1B points.
This strength was ineffective in pulling
up the rest of the list, in which the high
level of the morning had been awaited OF
to renew yesterday s. realizing movement
Sugar fell abruptly toe 1904, an ex-
IRENE decline of A points, and American
Tobacco suddenly dropped points IN
sympathy. Metropolitan showed marked
weakness, and the whole list fell to the
lowest Union Pacific yielding a fraction.
There was some evidence OF specuia-
tive contest between the friends or Union
Pacific and Baltimore & Ohio, on account
of attempts on the part Of the bulls on
Union Pacific and bears on Baltimore q
Ohio to draw unfavorable comparison be-
tween the price of Union Pacific, With
dividends declared at the rate Of per
cent, and Baltimore & Ohio with diVi-
dend action yet to be taken
Brooklyn transit continued rather &C
tive today, but the movement was not
wide and the stock saves fractional
net gain There was slightly firmer
tone to sterling exchange today, in spite
of a shading of the London discount
rates. The question OF gold exports TINS
week remains undecided, with today 9
conditions against the, probability.
The bond market was firnIer today, but
very dur Totaf sales, par Talue,' 1892. :
OOO
United states refundfng Is when issued
declined ", and the threes, old tours ana
fives, n at the last call TO-DAY.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &
Co members Of the New York STOCK exo
change, Pioneer Press building, VINO 1 Laxe
direct wires to Chicago ana new AolA'
Closing prices are bid: