The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-08-26

NEW YORK, Aug. 25.-Todays stock
market reflected a very determined DEM
onstration for an advance, but effective
operations We're confined to a very limited
number of stocks. The speculation was
clearly under the same auspices as that
which originated in Southern Pacific last
return to the street of a well known spec
ulative leader. The holiness and the
dash Of today's operations were indicative
of the personal direction of this leader.
The early advance in Southern Pacific
was taken advantage of effect very
heavy profit-taking which completely
wiped out the opening gains. Instead Of
resuming- the campaign Immediately in
that stock it was shifted to it's affiliated
stock; Union Pacific and to Baltimore &
Ohio in the East.-15-The sympathetic re-
wholly confined to stocks immediately
related. In the case of Baltimore & Ohio
these Were Pennsylvania and Chesapeake
& Ohio. Southern Pacific made some
recovery in sympathy with Union Pa
cific.
Small Gains In Grangers. I'd
There were gains here and there among
the grangers, but on very light transact
lions. North w eSterns ~ point rise in
response to the favorable annual report
was made on a single transaction. Mime
apoiis,, st. Paul & Sanlt Ste. Marie ad-
and Evansville & Terre Hautes 3A point
rise was unexplained. In the railroad list
other gains made notable advance in
CO1ICCLI Will IlO NEWS TO throw IRlC on
the movement. Among the specialties,
Western Union, Manhattan and Tonnes
see Coal were the most conspicuous ex-
amples Of strength. 1t was a notable
feature that a large mass of securities
or very prominent railroad companies lay
practically dormant throughout the ses-
sion and there were some prominent ex-
ampleS showing net losses.
This dissemination to follow the bold
leadership preferred by the active stocks
was due to the uncertainty over the
0n1an CifY ~ Co. e.
after the stock exchange had closed, the
sub treasury was called upon to transfer
$500, 900, which was deposited for the
purpose to interior points. Today $400 =
900 additional was deposited for this pur-
pose OF this amount $4,000 goes to
Chicago, and the rest to New Orleans.
Heavy Discount.
New York exchange at Chicago remain
ed at discount today of 20 cents. This
is pretty conclusive evidence that the
interior demand for the currency has set
in in force. Had it not been for the ag-
gressiye. leadership in the strong stocks
stock market Would have reflected I' some me
greater apprehension because of this rap
id depletion. ~
Last weeks moderate replenishment of
the surplus was wholly due to reduc-
ton or deposits through loan contraction.
Todays foreign exchange market y was
easier. in spite of higher discount rates
IN London. lower sterling at Paris and
considerable sales of stocks for London
account here. The grain market showed
large seaboard clearances- and there was
a considerable supply of spot cotton bills
in the exchange market. The rate for
call money was also undisturbed, opening.
at per cent and yielding to below that
rate. The conspicuously strong Stocks
closed active and at the best making the
closing generally steady. =
The bond market was not very active
outside of Union Pacific convertibIes but
was strong. Total sales, par value S4.-
975, 900. United States bonds all advanced
Il per cent on the last call.
stocks. sis