The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-23
STOCKS ARE LOWER
BUT UNION PACIFIC AND SOUTH
ERIN PACIFIC ARE ACTIVE -
Speculative Missivings Arise OF the
Doubtful Status OF c.-.ain Rua,ers--
Effect of Corn New --cIose is Easy.

NEW YORK. Sept. 2.-Speculative
mlsgivings obtained the upper hand today
and carried prices to a lower. level The
rate of activity of the trading was much
curtailed in spite of the inordinate activity
of Union Pacific and Southern Pacific, es-
pecially in the earlier part of the day.
al conditions of affairs, regarding which
the day $ news was rather favorable than
otherwise, but bore on the doubtful status
of some of the runors lately prevalent
and which had been made the basis eff
operations in the market. This was es-
peeially true of those bearing on Union
and variety as to offer their own refuta-,
tlon by their inconsistency, one with an
other The result was to increase the
suspicion left towards thepp
The one most prominently advanced
this morning was that dividends on the
new Southern Pacific preferred stock are.
10 be promptly inaugurated and soon to
mon stocks This would be of equal bene-
Mt to Union Pacific with the expected dis
trlbution on Northern Securities which
was used to lift the stock yesterday. AS
long as Union Pacific advances the. rumers
seem TO be given certain amount of Gre
dence, at least by the inundated shorts
n IN tne + STOCK * This strengthens the sus-
signed for the discontinue Of the shorts.
But when Union Pacific today begun ! to
run or In face of Southern Pacific's one
'Poln1 aasanee the conclusion immediate
lions In the stocks must be out of Joint
with the rumors and doubts, and caution
ensued; There was "a report.which was
not reiished by the bulls. that several
hundred thousand shares Of stocks are
now af1oat from Londen for delivery in
New York,
Perhaps Fictitious szsS
), 1t is customary for foreigners to sell
Iheir holdings in NewsSY ori1 on orders by
cable while their brokers here borrow
them for delivery until the arrival of the
actual certificates, thus adding to- the
borrowing demand for stocks Some part
41 ene recent appearances of a large short
plled TO be fictitious. This report also
serves to diScredit recent reports of hi,v
ing mere Tor London account and to point
orders wy 1iis
The influence of the crop news was not
AGAINST stocks. 4. favorable influence was
caused by the Price Currents estimate Of
900 000. 900 of corn assured and 40 sas ar
cent OF the crop beyond the reach of dam
age Warmer weather in the corn l1eH
Vas relief to apprehension of frost dam
age, but the reports were received with
disappointment owing to need of warmth
20 hasten the ripening of the grain.
thho o,,e was reported a trife easier, al
lHouSn quotations were not p1eceptihly
isn The lighter speculation in stocks
mas lessened the demand for loans. f'he
supJreasury is, also taking less from the
market than last week, owing to t fi,e
monthly high tide in the disbursement far
pensions. Sterling exchange also confinu-
ed TO decline, The existence of appeals
from two parties among the stockholders
Iqr proxies for the annual meeting preb-
ABLY accounted for the sudden demand de-
WHY'S xTvioPeu iate In the day for Ontario &
elsewhere and was lost again before fbe
closing, which was easy. 80 : ZIG
bonds We're irregular. Total sales. mar
value, $3.50, 600. United States bonds
were unchanged ON call. oo .'el
Closing List