The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-08-15
LARGER DEALINGS
IN STOCK MARKET
More Of the Usual Leaders
Come to the Front
SOUTHERN PACIFIC FIRST
Louisville and Nashville Advanced
Points on Account of the Meet
Ing Of the Drectors-suear
Took an Upward Jump.

New York August 14.-Todays deal
lngs in stocks was larger than those of
yesterday and there was more of the
usual market leaders that were eonspie-
nous in the trading But the market
remained uneven and the special features
of strength did not have news TO ex-
plain them beyond the reported activity
Of speculative pools. The Gould stocks
continued to be well looked after. Tex
as and Pacific and Missouri Pacific being
very largely dealt in. But the leader
ship of the market was assumed by
Southern Pacific, in which the dealings
were more than twice as great as In any
pther stock. The argument advanced
for the rise was that the market lead
ers who have made a favorite OF this
stock for some time past is about to en-
bark from foreign shores for home Rock
Island was marked up 39s and Louisville
and Nashville advanced points on &C
count of the meeting of the directors
today and the expectation that some
stops might be taken towards complet-
Ing the transfer of the company TO the
new interests in control. A number or
minor railroad stocks available for pos
sible absorption were strong features.
The grangers and Pacihcs generally were
affected in sympathy, but the dealings
We're on a small scale.
In the Industrial list Sugar made a
conspicuous upward movement without
explanation and the express stocks con-
tinued to move widely in spite of denials
of reports Of a merger. Amalgamated
Copper, Peoples Gas and Brooklyn
Transit were conspicuously heavy all
day. The brilliant prospects for the
eountry's crops were the underlying
influence in the strength of western
railroad stocks.
But the most important development Oh
the day was the abundant supply OF for
eign exchange bills which appeared IN
the market, causing a sharp break IN
rates and removing all apprehension OF
further gold exports for the present. Buy
Ing of stocks here for London account
supplied some of this exchange and the
improved foreign demand for wheat also
made some exchange. But the most I'M
portant element in the weakness or ex-
change was the increase in the offerings
of loan bills.
The foreign demand for grain Increased
the offerings of bills against future ship
ments There were large offerings also
for simple borrowing purposes, based on
the present attractive difference in the
interest rates here and abroad. These
hardenings of discount in London today
reflected the tendency of this process to
saualize rates. The present situation OF
the exchange market is highly abnormal,
owing to the large falling off in our ex-
ports during the last few months, which
upset the calculations of large previous
borrowers abroad and necessitated their
renewal of their recently maturing loans.
But 1t must be recollected that the foreign
trade balance in our favor although less
than expected, is nevertheless accumulat-
ing week after week, with the promise
of notable increases as soon as the crops
begin to move out. There Is no probable
Ity in sight of a change in this course of
things, so that the borrowing abroad to
discount 1t are effected with comparative
ease The listing of a Russian govern
ment bond on the New York exchange
that marks departure, which 1t is hoped
will develop into a regular market for
foreign government securities. The fact
that the step was due to the initiative of
the Russian authorities themselves may
be accepted as a recognition of the grow
Ing Importance of New York for sup
ply of capital.
The bond market was dull but steady
Total sales par value, $205o,000. United
States bonds were all unchanged on the
last call.