The Saint Paul globe., 1900-06-12


NEW YORK. June n-After a day of
great irregularity in the movement of
prices, and an extremely narrow interest
in the market, prices OF stocks closed gen
orally lower and on the down grade.
There were one or two periods of firm
ness and a few special features of
strength, but practically all the gains
were wiped out. The market opened gen
orally higher, in sympathy with a bet
ter tone abroad. The estimates by ar
bitrage houses of buying for London ac-
count place the number OF shares of the
general list at upwards of 20,G00. Advan-
tage was promptly taken of this, Lon
don buying to realize, and the market
fell below Saturdays close. Missouri Pa
ciTic ran off over a point, and the grang-
els were under pressure on the ground
of continued drought in the Northwest, TO
which was attributed the furiously active
and excited wheat market. Buying of
Reading first preferred. and of Northern
Pacific turned the tide of prices up
ward again.
The trunk line railroad stocks. led by
Baltimore & Ohio, showed some degree
OF strength. The late reaction in the mar
ket had its inception IN Northern Pacific.
The stock fell away on the announcement
that the meeting to consider the rate of
dividend that had been fixed for Wednes-
day had been postponed to Friday to
await the arrival OF an influential mem
Der of the voting trustees.
Coupled with the opinion reported by J.
J. Hill that lit will be well for us ali to
go little slow" in increasing dividends,
fears were awakened in the minds of
traders that q disappointment is forth
coming about the dividends on Northern
Pacific common, which they have expect
ed Woud be increased to a regular semi
annual rate of per cent. Baltimore &
Ohio showed the closest sympathy with
Northern Pacific, on account of Mr.. HilfS
large influence in that company. The eX-
treme decline in the two stocks was 13s
fS,,. n Tf.,f flo ID,INs
more & Ohio.
The whole market ran off and closed
about steady, but without any tendency
to recover Some of the strength of
Americans in London was due to report
that there had been rains in the spring
wheat belt, but the later developments
in the wheat market, of course. counter
acted this.
The principal influence in improvement
of foreign stocks was the more cheerful
tone of the Berlin market and the be-
lief that the crisis in money affairs there
was past The strong return for the
week of the ImperiaF Bank of Germany
emphasized this feeling. But discount
rates in Berlin advanced again today, and
in New York both the sterling exchange
rate and the rate on Berlin rose a frac-
ton, Notwithstanding the purchase here
Of stocks for foreigh ACCOUNTS.
The late Weakness of the market was
no doubt partly due to the report which
found currency near the close, that gold
to a considerable amount will be shipped
by next Thursday steamer for the con-
tinent. Statistics Of railroad traffic from
Chicago show a further falling off in the
receipts of grain at that point, although
the east-bound movement of freight was
considerably better than the week be-
fore. The comparative firmness of the
trunk line stocks was thus explained.
The bond market was very, dull and
was inclined to be heavy, though there
were few exceptions. Total sales. par
value, 1.625, 900. United States new As ad-
vanced Y in the bid price.
STOCK QUOTATIONS.
Furnished by Charles 1TI!9 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: