The Birmingham age-herald., 1902-08-23
STOCK RALLIED
 FROM DEPRESSION Considerable Contraction in the
 Volume of Trading MORE STRENGTH IN L. & N Freedom From Flurry in Money, With the Demand for Loans to Carry
 Over, Had a Measuring
 Effect-Bonds Firm.
MORE STRENGTH IN L. & N

New York, August 22-Todays stock market rallied from yesterdays depres- tion and closed at materially higher prices than last night There was a considerable contraction in the volume of trading, and 1t was not till late in the day that dis tarbances to sentiment, caused by yes terday's prices, seemed entirely overcome. This was partly due to the evidence of current liquidation in Colorado Fuel, in which 1t was feared was creating a neces- sity to unload stocks in the market. Sup port In that stock and It's rally to more than a point over last night, was an im- portant factor in reassuring sentiment. and It's effect was emphasized by the re- newed strength in Louisville and Nash Vile, which was supposed to be related an a speculative way to the movement sn Colorado Fuel. The points of strength In the early part of the day were some what scattered and might be attributed to special causes. In the late dealings fhe strength became more general and the market broadened out under the i'm mediate influence of a two point rise in Southern Pacific The Explanation of the strength In this stock was not obvious beyond the fact that the speculative lead CT who has made this stock a favorite of late years, is now due to arrive from Europe. Ontario and Western continued It's advance with a rumor that it was be- ing sought by the Canadian Pacific for connecting link for New York city. thus supplementing recent rumors of Canadian Pacifc's purpose to enter Chicago which were subsequently, denied The frmness of Western Union continued to excite remarks and conjecture as to a possible combination of telegraph interests. When Colorado Fuel made it's recovery, there were fairly general advances among the Independent iron and steel companies, from which the United States steel stocks were conspicuous exceptions, the move ments of the latter being restricted to narrow fractions.
 The grangers, Paciflcs and southwest erns quite generally participated In the late movement in Southern Pacific. The reaction in the wheat market may have helped this move. Yesterdays furry in September corn, while without any bear Ing on the coming crop, is significant of The very small movement of the stage-end of last years crop, which as been re- Hected in lGsS returns of gross earnings of railroads in the corn territory The freedom from furry in the money mar liet, with the demand for loans to carry over until Monday, had reassuring ef- feet, and aroused hopes that the bank statement tomorrow would show strengthened condition. If this. proves to be the case, 1t must be by reason of the loan contraction by the transfer of credits to the trust companies and to foreign lenders. The interior currency movement seems still to be slightly in favor of New York The sub-treasury operations, which had yielded to the banks up to Wednes- Hay evening $1,325, GOO, took from the banks yesterday S1.16S,000, thus nearly wiping out the previous balances. The net. re- 6ult promises gain in cash for the week of less than half a million dollars. An other transfer was made to New York today of s1300O0, and New York exchange at Chicago dropped to 200 discount, after having recovered to par earlier in the week The advancing quotations for gov ernment bonds are believed to be due to the expectation that the treasury may take early steps for the relief of the money market, either by increasing de- posits with the banks or redemption of bonds.
 Bonds were firm in sympathy with stocks. Total sales par value S1,370,000. United States refunding 2s, the old 4s and the 3s advanced A per cent on the last call.