The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-08-09
STOCKS ARE FIRMER
CLOSING QUOTATIONS IN Wall
STREET GENERALLY AT A
HIGHER Level,
STEEL TRUST ISSUES ACTIVE
Sold Some Two Points Above
Wednesdays Close st One Time,
Closing a Point Below
the BGSt.u
Chasing

axs Closing.
Bar silver. New york., D.. r5 So. W 50:
Cali money, New York; ~ ..2-2i2 PIG
NEW YORK, Aug. S.-Developments in
the stock market today favored operators
for the long account. and the demand
which was broader than Cor some time
carried many properties TO substantial
ly higher level. indications We're not
wanting to show that traders were at
taching more Importance to the eharac-
ter of the crop news and the high ratio
of railroad earnings. These considera-
lions oCtWeighed the earl 'er represSiye
influence on the market by the announce
ment OF the steel strike, and stocks were
purchased with, an apparent great show
OF confidence. Unusual prominence was
given 10 the trading in the United States
S.eel stocks, owing to the frequency With
which large blocks changed hands at
rising scale. Professional operators were
inclined to cover shorts in these issues,
owing to the resumption of work at some
plants and the official announcement of
the absorption of the Shelby Tube works.
When the price of steel stocks began to
mount upwards and reached a level "a
terday's close for the common and pre-
ferred, the general market kept pace
with the movement and exceeded those
gains in some instances. There were
many Interruptions to the general rise
during the day by profft-taking and short
selling by the room operators, but the re-
cept for the United States Steel stocks,
which ended about a point below the best
when report circulated that a promi-
nent operator was unloading stock pur-
chased at a much lower level. This SELL
ing soon affected the other market, but
semi-stagnation soon resulted and the
closing dealings showed steadiness Con-
spicuous strength was displayed by st.
Paul, Union Pacific, Missouri Pacific,
Sugar and Lackawanna which were from
Ia to points higher, and led the gains
in their respective groups. The decfara-
ton of only the regular dividend on Union
Pacific was without effect on the stock,
the price, in fact, ruling at-97A, the best
price of the day, when the announce
ment was made. No explanation was
made of the rise to 9S1ss at the close by
a speculative interest was responsible for
the movement. Stocks, which usually do
not attain much prominence in the deal
ingS, attracted some attention TODAY Ow-
ing to the material character of their ad-
vances, the list including Geeat Northern
preferred, General Electric, Consolidated
Gas, Hooking Valley, CUlor2do Southern
first preferred, Cleveland, Columbus. Gin
cinnati & st. Louis, st. lawrence & Ad-
irondack and Lake Erie &. Western, which
were 2q5 higher.
Monetary conditions were viewed in a
favorable light, owing oytle steady gain
by the banks on subtreasury operations,
this mornings statement showing a gain
Of over SCOO,COO on the week thus far.
OCSIlIHS eACHdHSe rates continued up
ward, demand bills being neld quite gen
orally above Sass, While si&ty-day drafts
brought $4s55s Commercial bills con-
tinue in scant supply. and as there is a
very heavy demand, the question OF gold
exports is being discussed. So far moth
ing definite in this connection has devel-
oped, but some authorities consider that
price of $4SS12 for demand would start
an outflow of gold to Europe. The week
ly statements of the Bank of France and
the Bank of England showed a strength
ened condition which may possibly pre-
vent early exports of gold, as they are
not considered likely to offer any espe-
cial inducement for it.
The bond market was steady, the fea-
ture being Mohawk &S Malone incomes,
which advanced nearly 6 points Total
sales, par value, $1,5G0,OC0. United States
bonds, were all unchanged on the last
call. eea@1 80
STOCKS.
Furnished by Charles H f. Smith &
Co, members of the New York Stock
Exchange, Pioneer Press, building, who
have direct wires to Chicago and New
York. Closing prices are bid: