The Birmingham age-herald., 1902-08-26
STOCK MARKET
 HAS BOLD FRONT Effective Operation Confined to Limited Number of Stocks COURAGE AND DASH SHOWN
Among the speolaItIss. Western Union Manhattan and Tennessee Coal Were the Most conspIeu-
 ous Example of Strength.

New York. August 25.-Today's stock market reflected a very determined demonstration for an advance, but eff fective operations were confined to a very limited number of stocks. The spec uIation was clearly under the same au- spices as that which originated in South ern Pacific last week and which was predicted upon the return to the street of well known speculative leader. The boldness and the dash of today's oper- ations were indicative of the personal direction of thls leader. The early ad- vance in Southern Pacific was taken ad- vantage of to effect very heavy pront taking which completely wiped out the opening gains. Instead of resuming the campaign immediately In stock, 1t was shifted to It's affiliated stock, Union Paciflc and to Baltimore and Ohio In the east. The sympathetic response of these movements was almost wholly confined to stocks immediately related. In the case of the Baltimore and Ohio there were Pennsylvania and Chesapeake and Ohio Southern Pacific made some re- covery in sympathy with Union Pacific. There were gains here and there among the grangers, but on very light transac- tons. Northwesterns PA point rise In re- sponse to the favorable annual report was made on single transaction. Minneapolis, St. Paul and Saul Ste. Marie advanced violently 5% without expla- nation and Evansville and rerre Haute's SA point rise was unexplained. In the railroad list other gains were few and among obscure stocks. The express stocks again made notable advances in concert with no news to throw light on the move ment.
 Among the specialties Western Union, Manhattan and Tennessee Coal were the most conspicuous examples of strength. It was a notable feature that large mass of securities of very prominent railroad comps nies lay practically dor mant throughout the session and there were some prominent examples showing net losses. This disinclination to follow the bold leadership rroffered by the ac- tive stocks was due to the uncertainty ever the money situation. Saturday after noon after the stock exchange closed the suh-treasury was called upon to transfer $62O,00O which was deposited for the purpose of interior points. Today ,000 additional was deposited Tor this purpose Of this amount $75O,OOo goes to Chicago and the rest to New Orleans. New York exchange at Chicago remained at a discount today of 20c. This s pretty conclusive evidence that the Interior oe- mand for currency has set In force.
 Had it not been for the aggregate lead ership in the tew strong stocks today It is to be presumed that the stock market would have reflected some greater ap- rrehensicn n because Of thls rapid deple- ticn Last weeks moderate replenish- ment of the surplus was wholly due to a reduction of deposits through loan con- traction Today's foreign exchange mar ket was easier in spite of discount rates in Lopdcn, lower sterling at Paris ana considerable sales of stocks for London account here. rks grain market showed large seaboard clearsnces and there was a considerable suprly of spot cotton bills in the foreign market. The rate Tor call money was also undisturbed, opening at per cent and yielding to below that ,ate. The conspicuously, strong stocks clcsed active ard at the best, making the closing generally steady
 The bond market was not very actiVe outside of Union Pacific converuples' put was strong Total ssles. par value S4 e7e .OOo United States bonds all advanced A per cent on the last call