Arizona republican., 1900-07-21
FINANCE AND TRADE
Stocks Were Dull and Prices
 Stationary
The Union Pacific the Single Ex- ception-Uncertainty of Affairs In China a Controlling Influence. Spectators Taking No Risks.

New York, July 2O.-A lack of new business and a disinclination on the part of traders to engage in new risks resulted in a stupid and inconsequen- tial price movement this morning. The foreign markets Were irregular and in clined to small dealings as the result of the uncertainties in China. Local buying was of character suggesting previous sales. Tho various pools sup ported prices. but bought only what was necessary to that end.
 The bank statement was a decided improvement over last weeks state mept. and contributed to a slight re- covery in prices. The gain in lawful money is $4, SS1, ,0O0, nearly all in specie. Loans have decreased s1, ,654 300, and the deposits have increased $1, $40, 300. The net result is shown by an increase Of $4, 370 1925 in the surplus reserve. The monetary situation has improved i'll every respect with the exception of the sterling market, in which rates are again at the gold shipping point. Local houses may be tempted to accept the small margin of profit on shipments during the coming week, but it is not likely that the market will give the matter any special attention in the ao- sence of other discouraging news.
 The feature of the week has been the recovery in Union Pacific common on it's prospects of an enlarged dividend. The stock closes today over Az per cent above last weeks figures. and was de- cidedly the most favored stock in the market There is some difference of +I Ia dfc for eaCt l h. fishing the common stock upon a divi- dent basis equal to the preferred. Those who do believe in it are buying more stock than those of the opposite belief are willing to sell. Conservative man. agement is always desirable. but a stock earning 8 per cent might pay one half the amount to shareholders with out impairing such a reputation.
 In Baltimore and Ohio there is an important movement pending as the result of the dividend on those shares, a contest between a and a per cent rate being assured. The meeting next Wednesday may throw some light On the subject, but the regular period for the dividend is August. The common stock is already per cent higher than Atchison preferred, which is paying , per cent, and the room for improve ment, if the best happens, is not large, unless the latter stock is selling under value.
 There is manipulation to depend upon of course, but the present market is not a wholly one-sided affair, and there is no enthusiasm. There is a good ab sorbing demand for Northern Pacific common, and the selling party may be forced into a spirited covering move ment, once the general character of the news will admit of such an underta&- ing.
 There is almost no prospect for a sub stantial recovery in prices and instead of a general movement there is only a chance for a special movement in one or two issues at a time. This Week Union Pacific was the feature and is likely to share the distinction with Bal timore and Ohio during the next ten days Dullness will overtop all other factors until the vacation season is ended.