The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-08-26
EFFORT TO BOOST STOCKS
IS ONLY PARTLY effective.
RETURN OF LEADER HELPS
SPECULATION IN SPOTS.
Otherwise, Apprehension Over the
Condition of Money Market
ia Acts as a Damper.

New York. Aug. 26-To-day's stock mar
ket reflected a very determined demonstra-
ton for an advance, but effective operations
were confined TO a very limited number OF
stocks. The speculation was clearly under
the same auspices as that which originated
in Southern Pacific last week, and which
was predicted upon the return to the street
of a ~well-known speculative leader. The
holiness and the dash of to-1ay's opera
tons were Indicative of the personal direc-
ton of this leader. The early advance in
Southern Pacific was taken advantage of,
the effect being very heavy proht-taking.
which completely wiped out the opening
gains. Instead of resuming the campaign
Immediately In that stock 1t was shifted to
fits affiliated stock. Union Pacific and to
Baltimore and Ohio in the East. The SYM
pathetic response of these movements was
almost wholly confined to stocks immediate
ly related. In the case of Baltimore and
Ohio these were Pennsylvania and Chesa-
peake and Ohio. Southern Pacific made
some recovery in sympathy with Union Pa
ci1c-
Gains Among the Changers.
There were gains here and there amongst
tons. Northwestern's 2A point rise in re-
Spouse to the favorable annual report was
q made on a single transaction.
advanced violently bA. without explanation
and Evansville and Terre Haute SA-point
y was hhC8RNSlCo- III ANS ~ ASN
other gains were few and amongst obscure
stocks. The express stocks again made a
notable advance in concert with no news
TO throw light on the movement. Amongst
the specialties. Western Union, Manhattan
and 7. & l. were the most conspicuous. It
was a notable feature that a large mass of
securities of very prominent railroad COM
panies lay specially dormant throughout the
session. This Discrimination to follow the
bold leadership preferred by the active
stocks was due to the uncertainty of the
money situation.
Money Situation Is Uncertain.
On Saturday afternoon after the stock ex-
change. the Subtreasury was called upon 10
transfer $4,000. which was deposited for
the purpose. to interior points. To-day
$4,000 additional was deposited for this
purpose. OF this amount $4,000 goes to Chi
caRo and the rest to New Orleans. New
York exchange at Chicago remained at a
discount to-day OF 20c.
This is pretty conclusive evidence that
the interior demand for currency has set in
In force. Had 1t not been for the aggressive
leadership in the few strong stocks to-day
It is to be presumed that the stock market
would have reflected some apprehension be-
cause of this rapid depletion. Last weeks
moderate replenishment of the surplus was
loan contraction. To-day's foreign eX-
change market was easier in spite of higher
discount rates in London, lower sterling at
Paris and considerable rates of stocks for
London account here. The grain market
showed large seaaoard clearances. and
there was considerable supply of spot cot
ton bills in the exchange market. The rate
for call money was undisturbed. offered at
. Psr cent and yieidirR below that rate.