The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-08-04
STOCKS WERE HIGHER.
Speculation Was Slow, However and
Conditions Puzzle Traders.
bonds In Demand.
FINANCIAL SUMMARY.
Prev.
Close. Day.
Bar silver, New York. ....... SO 5SA
Call money, New York.1A@11a 1A@1k


NEW YORK, Aug. 3.-There was no great
outburst OF speculative enthusiasm in the
stock market today, as result of the peace
news. The market broadened out materially
quiring observers feel considerable doubt
whether the peace prospects had much to do
with the rise. Of much more effect is the
generally growing conviction that the Gull
ness of the local money market IS not at all
due to sluggish trade conditions, but rather
to the abundant supplies OF money at interior
points to meet the requirements of expanding
business and the movement thus far of the
crops. Yesterdays gold imports resulted in
stiffentlg foreign exchange and in aDpre-
ciably easier money rates for time loans. EX-
change experts are not able 20 figure any
profit on the gold import operation at the
present level of exchange and the separations
must be accepted as anticipatige of future
conditions. If the importers anticipated high
leave their funds there without drawing the
exchange. 1t seems doubtful, therefore,
whether the present low rates of money here
would invite such operations. Prospects of
an enlarged demand through awakened bust
ness activity must be looked to to explain the
present gold movement.
The general tenor of talk heard in Wall
street is all of expected increase of trade and
West-bound freight movement and favorable
reports from experts in the different trades
are accepted against the shrinkage in the
grain movement, and resulting decrease in
ings for the fiscal year are being brought
out simultaneously with those of the month
of July, and heavy outlay for betterments and
improvements shown by these exhibits indi-
eating possible economies in the future serve
to neutralize the decrease in current earn
ings.
The general view in the street Is unmistai-
ably bulIish. The general strength of the
market was taken advantage OF to realize
profits in some of the recently manipulated
Industrial specialties, but there was broad
ard comprehensive demand for the standard
stocks, the grangers and the favorite divi-
dend payers leading.
Dealings in bonds were also active and we'll
distributed. A feature of the day was the
rise to par of the Northern Pacific fours. This
is one of a large class of similar bonds issued
recently for reorganiZations which have been
favorites in the bond market The Northern
Pacific mortgage is the first OF them to rise
to par There was very large absorption of
other railroad bonds which have been gaining
added security from the largely increased
earnings by railroads in the last fiscal wear
Total sales. $5,575,000 U. S. As, the IS and
the old As registered advanced Il, and the
80 when issued V in the bid price.
Total sales of stocks today 322.7O0 shares
including: Atchison pfd.. 1860; c. p, 1850;
Burlington, q, $40; Manhattan, 1850; M X.
& T. pfd., 1900; New York Central, 1882;
Northern Pacific, 4520; Northern Pacific pfd..
$780, Rock Island, 11,160; st. Paul, 1880;
Union Pacific, pfd:, 1890; U. p, D: & e.,
Tobacco, l41s5; Chicago Cas- APO; Peoples
Gas, $3.50; Lead, 5000; Pacific Mail, 1926; Su-
gar SO 499; Leather pfd., 6,040; Rubber 16, 1925;
Rubber pfd 1893; Western Union, 1850.
The following were the fluctuations Of the
leading railway and industrial shares. fur
New York stock exchange and Chicago board
of trade: