The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-08-21
BROAD STOCK MART
1T is STRONG AND MORE ACTIVE
THAN ON THE PRE-
ViOUS DAY.
HAND OF THE PROFESSIONAL .
is QUITE MANIFEST
Strength Divided Very UnevenIy and Not
Consistently Malntalned-lt Is Distinct
ly a Morgan Market-Fai th in Pierpont's
Ability to Straighten Out All SnarIs.

a NEW YORK, Aug. 20.-Today's stock
market was more broad and active than
that of yesterday and generally strong, but
the strength was very unevenly divided
and was consistently maintained. The
hand of the professional was quite mani
fest in the market. After one group
extent they would meet selling orders to
realize. The aggressive appearance of
strength was developing in some new
quarter, thus encouragi continued buy
ing by outside spectators in the stocks
already advanced and thus facilitating re-
alization.
Ii was distinctly a Morgan market That
is to say, the buying of stocks was based
upon the assumption that Mr.. Morgan has
returned to Wall street ready to take up
the broken continuity Of many important
projects which he had under way when
he left for his vacation. Some of these pro-
Jects have got into snarl, legal, financial
or speculative: Professional spectators
in the street have an abiding faith that
Mr.. Morgan Will promptly settle them all.
His immediate appearance at his office,
going directly thereto from the steamship,
gave additional strength to the conviction
that he would give immediate attention to
pressing problems.
Some Expectations Absurd.
It is needless to say however, that
some Of the expectations expressed by the
active spectators in the market as to
Morgans measures reached a degree of
absurdity. The undeniably Strengthening
effect upon confidence of this capitalists
return to active direction of affairs was
promptly taken advantage of by various
speculative pools to make demonStra lions
in their favorite stocks by rapidly adVan-
ing prices. A distinctly easier tone to
the money market facilitated the opera
ton for the advance. The ruling rate for
call loans was 4 per cent, as against q
per cent yesterday and the market for
time loans was also called easier. The
foreign exchange market naturally hard
ened in consequence. Continued selling
of stocks for London account was also
factor in the demand for exchange.
The interior demand for funds seems
still to be delayed and bankers report
that outside leaders We're placing their
ready funds on call in today'S market.
Owing to the large pension payments
and the decline from the recent high level
Of government customs receipts, the sub
treasury has contributed over $500 900 to
the money market this week Today that
institution paid out $500. 900 on account of
gold deposited at Pacific coast points,
which is presumably Klondike gold.
Deficit Cut Down.
The treasury statement from Washing
ton, however, shows a surplus of revenue
for the day of ST. 593, 469, which cuts down
| the months deficit about three quarters.
Unfavorable crop weather, the futility of
settlement and the violent break in Col
orado Fuel on account of the internal con
flct in the company were ignored in the
trading. The special strength of some
| Colorado railroad stocks was supposed to
| be connected with the liquidation of Col
Orado Fuel Recent rumorS of a merger
of Southern roads, of Canadian Pacific S
| alleged intention to secure an entrance
| to Chicago and of a prospective absorb
| ton by large railroad systems of, supdry
| small systems were all manifest Influences
| in the market. Profit taking was general
| during the last hour and the closing was
| active and irregular.
| Bonds were generally firm Total sales,
| par value, 81, SOC, 900. United States bonds
were all unchanged on the last call