The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-08-15
SHOW MARKED Strength
LEADING RAILROAD SToCKs occr
PIED COMMANDING POSITION
IN THE MARKET
LOCAL MONEY! MARKET EASY
Business by Arbitrage Brokers Was
ON a Large Scale, and for the
Most Part on the Long
Side.
LOCAL MONEY! MARKET EASY

l'11l money, New York ........ IL IL
NEW YORK. Aug. H.-Today's market
gave marked exhibition of strength, re-
fiecting. as it did, an upward movement
in all classes of securities. No doubt the
chief impetus to the rise was manipula-
tive orders. particularly so in the steel
group. Reports of possible amicable
adjustment of the wage schedule was re-
sponSlble for rise of three points in
American tin plate and 1W1h in kindred
properties. The buoyancy OF this group
radiated throughout the entire market
ana influenced pool operations in other
stocks. AS yesterday. the leading rail-
road shares occupied a commanding posi-
ton in the market exceptionally large
cities being taken at improvements rang
ing from a fraction to rs in St Paul
Practically the only laggards to the
upward trend of railroad stocks were
Baltimore & Ohio and Southern Pacific
The first mentioned was sold heavily on
Its July earnings. which fell off 1929, 126
net. An effort was made to raid South
ern Pacific on the announcement of the
death of its president. c. P. Huntington.
but the opening offer Of a block Of $500
shares at 33A. which was q of 1 point
under yesterdays close was readily alb
sorbed. Indications that the stock was
to be supported Influenced bears to trans
fer the attack to Sugar. This stock dis
played good deal of irregularity and
ended rs off. AS the effective buying of
the railroad stocks became more marked,
many of the inactive stocks participated
III Tic uGelilSS, ana improved materially.
Despite the exceptionally heavy gold
engagements for export tomorrow, aggre-
eating $S.lG2,0 0O, no change in the local
monetary situation occurred. Abroad
however, a reflection Of the gold drain
from this country was noted in a decline
IN money and discount of exchange at
Paris and Berlin also yielded. Some re-
coVery was made early In the day in
sterling exchange quotations. but subse-
quently the market became easier on
sales OF bills against temorrow's ship
hh ntrno cfo
showed net cash GAIN of S3.014.000 on
yesterdays operations, while its debit
balance at the clearing house today in
arbitrage brokers was on a large scale
and for the long side Of the account It
is estimated that the purchases on bal
ance were fully $4,000 shares, and en-
braced pretty much all the international
issues.
The government foreign trade statement
for the month Of July, and for he seven
months of the calendar year. showed an
excess of exports over imports of mer-
chandise and products of s36, ,2S, and
5000, 491 $40 respectively. This exhibit
demonstrates anew the commanding DO
sition Of the United States in the matter
of trade, and will insure return in the
autumn months of the present alfiux Of
gold. Statements of theI tonnage In east
bound shipments Of provisions and &C.
reals by the leadingIlt trunk lines, indicate
a heavy gain over the previous weeks
movement to the sea board In the clos
ing dealings of the stock market there
were indications that the short lines
were being reduced and prices ended at
about the highest.
An increase was nored in bond trans
actions today. but the inquiry was gem
orally for the Semi-specuatIve issues.
The general tone was quite firm Total
sales. par value. $735, 006. United States
ref. Is. ". i. and old 4s advanced Il, and
the IS "a in the bid price.
STOCK QUOTATIONS.
Furnished by Charles H T. Smith &
Co. members of the New York Stock eX-