The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-08-23


NEW YORK, Aug. 22-Today's stock
market rallied from yesterdays depres-
sion and closed at materially higher
prices than last night. There was
the trading, and it was not until late in
the day that the disturbance to senti-
ment caused by yesterdays break in
prices seemed entirely overcome.
This was partly due to the evidences
of continued liquidation in Colorado Fuel,
which made it. a necessity to unload
stocks elsewhere in the market. The APP
pearance of support in that stock and its
rally to more than point over last night
was an important factor In reassur1ng
sentiment, and its effect was emphasize
by the renewed strength in Louisville &
Nashville, which was supposed to be re-
lated in a speculative way to the move
ment in Colorado Fuel. The points of
strength in the early part of the day We're
somewhat scattered and might be attrib-
uted to special causes. In the late deal
irgs the strength became more general
and the market brOadened out under the
immediate influence of a two point rise in
Southern Pacific.
No Explanation Obvious.
The explanation of the strength in this
stock was not obvious, beyond the fact
that the speculative leader who has made
due to arrive from Europe. Ontario &
Western continued it's advance with ru-
NOR that it was being sought by Cana
dian Pacific for connecting link with
New York city, thus supplementing recent
rumors of Canadian Pacifcs purpose to
enter Chicag go, which were subsequently
denied.
The firmness Of the Western Union
continued to excite remark and conjee-
ture as to a possible combination Of tele-
graph interests When Colorado Fuel
made its recovery there was fairly gen.
eral advance among the Independent iron
and steel companies, from which the
United States Steel stocks were conspicu-
Gus exceptions, the movements of the lat
ter being restricted to narrow fractions.
The grangers, Pacifics and SouthWesterns
quite generally participated in the late
movement in South Pacific. The reac-
ton in the wheat market NAV have help
ed this movement. Yesterdays furry in
September corn, while without any bear
ing on the coming crop, is significant of
the very small movement of the tag-end
OF last years crop, which has been re-
Elected in late returns of gross earnings
of railroads in the corn territory. The
freedom from furry in the money market,
with the demand for loans to carry over
until Monday had a reassuring effect and
aroused hopes that the bank statement
condition.
Transfer of Credits.
If this proves to be the case, it must
be by reason of loan contraction by trans
fer. of credits to the trust companies and
to foreign leaders The interior currency
movement still seems to be slightly in
favor of New York. The subtreasury
operations, which had yielded to the
600, took from the banks yesterday
$1,l68, 000,. thus nearly wipfng out the
previous balance. The net result prom
ises a gain in cash for the week of less
than $1,000 900. Another transfer was made
to New Orleans today of $3.50, 000 and
New York exchange at Chicago dropped
to zoe discount after having recovered to
| par earlier in the week. The advancing
quotations for government bonds are be-
lleved to be due to the expectation that
the treasury may take early steps for
the relief of the money market, either by
increasing deposits with the banks or by
redemption of bonds.
Bonds were firm. in sympathy with
stocks. Total sales. par value, 81 $40 000
United States refunding 2s the old As and
the IS advanced II per cent on the last
Stocks.