The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-03
STOCKS VERY DULL
Only a Small Activity Is
Noted Throughout the
Whole List
SPECULATION is LIGHT
Large Operations In the Money Market
on Account of July Settlements
Said to Be the Chief
Cause.
SPECULATION IS LIGHT

NEW YORK, July 1.-The stock mar
ket was extremely dull today and the
only notable activity was concentrated IN
few stocks. In some of these there
We're no new developments to give an os-
tensible cause for their strength In
others there was an appearance of man
lpulatlon With the purpose of sustaining
the general market. The speculation
was light, owing to the large operations
IN progress in the money market on &C
count of the July settlement and of syn
dictate operations. There were large
transactions all day in Missouri Pacific,
which sold ex the semi-annual dividend
or / 1s per cent, but the price range all
day was restricted to fraction. Louis
Vile was in active demand at an ex-
IRENE advance of 8 Is. The movement
seemed to be based upon the formal an
or the company of the Chicago, Indian
apolis 81 Louisville was in effect. Color
ado Fuel made another squirt which was
supposed to be due to struggle for con-
troll, but which incidentally involved
forced buying by a distressed short in
terest. Short covering was also an ele-
ment. in the advance in Sugar and the
rise in the price of raw sugar also help
ed that stock. The buying of Anal
gamated Copper was attributed to a
more confident feeling over the trade
outlook. The United States Steel stocks
were firm because of the increased net
earnings reported for the last quarter
The statistics OF iron and steel produc-
ton for the past year issued by the
regarded as an astounding exhibit of ac-
tive and prosperous conditions in the
trade. The steel stocks nevertheless met
considerable volume of selling at the
advance, large portion of which was
for London account. The statement of
the May net earnings of the Pennsy-
vahla system showing an increase of
over $1,000, 900 compared with May
OF last year, was taken as an index of
the large profits accruing to the soft coal
carriers as result of the anthracite
strike. The May statement of the Nor
folk & Western corroborated the show
ing and led to the f1rmness of the soft
coal carriers, in which, however, Penn
sylVanla shared but slightly. The early
hrmness of the local traction stocks was
fostered by the increased net earnings
reported by the Brooklyn Transit system
and by hopes of large profits from the
coming holiday traffic The rate for call
loans showed further ease today, but
foreign exchange advanced. The Lon
ease but pressure was transmitted from
ParIS, where there was an abrupt de-
cline of two centimes in the sterling
rate Yesterdays money market oper-
between the clearing house banks this
morning Of $24 943, 457, which is the larg-
est on record for that item Payments
today to the underwriting syndicate for
sums to the market and the disburse-
ments or government interest affords re-
nef from any SubtreaSury requirements
Today there was paid out by that institu-
ton on account of Klondike gold 100000,
the first of the season. Advices are re-
ceived of an additional $4,000 to be
received from the same source this week.
The market closed dull and easy
The bond market was dull and irregu-
lar Total sales, par value, 81, $50 900.
United States bonds were all un-
changed on the last call.
Stocks