The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-22
STOCKS ARE UNCERTAIN
MARKET WATERING, FEvERIsH AND
SLIGHTLY LOWER
Union Pacific, on Account of Northern
Securities Holdings, Spurts and Falls
Back With News OF Dividend Distribu-
ticn

NEW YORK, July 21-There was
marked hesitation and uncertainty in the
tone OF speculative sentiment today and
neither the occasional advances nor the
intervening reactions proceeded far on ac-
count OF the dn1idity OF the room trading
element about following the movement.
The sudden slump at the very close
last night involved losses for some trad
ers who overstayed their market on ae-
count OF the deceptive appearance of
strength I'D to that time. while a similar
~ delayed rally on the evening before
mad left warning for bearing traders
which made them tiTnid about putting out
snort lines. The consequence was con-
Stant waVerrng OF prices which gave the
market decidedly unstable appearance,
but without developing any marked weak
ness on the reactions.
The depressing influences reflected
upon the opening market from London
were vigorously resisted. and Union Pa
cff1c's aggressive rise of point reawak-
ened some OF the confidence felt in the
promises that the stock was TO touch
par on the movement. but the heavy real
lzlng winch was encountered on this adj
vance aroused new skeDticiSms over the
stability of the market.
Ihefe was an attempt to read into the
action OF Northern Securities directors
III opening the books for transfers of the
registers of holdings an intimation that
a dividend distribution was to be ar
ranged IN some way which would not
conflict with the-judieial- Injunction upon
the company. Union Pacific would es-
peeially benefit from such an arrange
ment, owing to its large holdings of
Northern Securities through the medium
of the Oregon Short Line
After Union Pacific had fallen back.
the upward movement in Reading begot
little enthusiasm in any speculative fol-
lowing. The nominal reason for the ad-
vance In Reading was the repetition of
long prevailing rumors that the dissolu-
ton of the voting trust was inducing an
accumulation by present dominant hold
erS and that the retirement of the sec
ond preferred stock in exchange for COM
mon and hrSt preferred was in conteu-
plation The news of the day. seemed
to be little regarded in the trading al
! though there was much discussion of It
IN the Wall street district.
The infianled sentiment aroused in
Great Britain by the acts of Russian
ships in the Red sea offers paIpable
danger of the development of trouble
that would have far-reaching eouse-
quences in the worlds affairs. But anx-
: lety over the matter was evidently not
very deep-seated, and the action of the
markets must be construed as rejecting
! confidence that peaceful outcome will
result. The renewed fears of too much
moisture for wheat in the West and
southwest helped the pressure upon grain
carrying railroads.
The settlement OF the meat packers
strike was of very slight effect. and was
Offset by the reported determination of
textile workers in New England to go
out on strike. a fall of III in Amalga-
mated. Copper measured the disappoint-
ment OF those who had expected an in
crease over the regular dividend dec
laration. The sale of 81 600. 900 in three
year . per cent notes OF the Westinghouse
Electric and Manufacturing company
was reminder OF possible corporation
borrowings yet to come. but call money
was offered with great freedom at / per
cent. An advance in sterling exchange
! mere was accompanied by the news OF the
shipment OF a million dollars in gold from
Australia for San Francisco. Prices sold
on 10 the lowest late in the day but the
closing was quiet and steady.
Bonds were heavy. Total sales par
value. $2.410.e0o. United States bonds
We're unchanged on call
Closing List