The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-08-15

NEW YORK, Aug. IA Today's
dealings in stocks were larger than
those Of yesterday, and there We're
more Of the usual market leaders that
were conspicuous in the trading. But
the market remained uneven and the
special features Of strength did not
have news to explain them beyond the
reported activity Of speculative pools.
The Gould stocks continued to be we'll
looked after, Texas Pacific and Mis-
souri, Pacific being largely dealt in,
but the leadership Of the market was
assumed by Southern Pacific, in which
the dealings were more than twice as
great as in anys other stock.
The argument advanced for the rise
was that the market leader, who has
made fayorite of this stock for some
time past, is about to embark from
foreign shores for home. Rock Island
was marked up 3ss and Louisville &
Nashville advanced 2 points on ac-
count of the meeting Of the directors
today and the expectation that some
steps might be taken towards COM
pleting the transfer of the company to
the new interests in control.
Minor Railroads Strong.
A number of minor railroad stocks
available for. possible absorption were
strong features. The grangers and Pa
cifics generally were affected in SYM
pathy, but the dealings were on a
small scale. In the industrial list SUI
gar made conspicuous upward
movement without explanation, and
the express stocks continued to move
widely, in spite of official denials of
reports of a merger. Amalgamated
Copper, Peoples Gas and Brooklyn
Transit were conspicuously heavy all
Day.
The brilliant prospects for the coun-
try's crops were the underlying in
huences in the strength of Western
railroad stocks. But the most impor-
tant development of the day was the
abundant supply Of foreign exchange
bills which appeared in the market,
causing a sharp break in rates and
removing all apprehension of further
gold exports for the present. Buying
of stocks here for London account
supplied some of this exchange, and
the improved foreign demand for
W heat also made some exchange. But
the most important element in the
weakness of exchange was the in
creased offerings of loan bills.
Foreign Call for Grain.
The foreign demand for grain en-
cCuraged the offering of bills against
future shipments. There were large
offerings also for simple borrowing
purposes, based on the present attrac-
tive difference in the interest rates
here and abroad. The hardening of
discounts in London today reflected
the tendency of this process to equal
ize rates.
The present situation Of the foreign
exchange market is highly abnormal,
owing to the large falling off in our
exports during the last few months,
which upset the calculations of large
previous borrowers abroad and neces-
STATED the renewal Of their recently
maturing loans. But 1t must be recol-
lected; that the foreign trade balance
in our favor, although less than ex-
pected, is nevertheless accommodating
notable increases as soon as the crops
ability in sight Of a change in this
course Of things, so that borrowings
abroad to discount it are effected with
comparative ease. The listing of a
Russian government bond on the New
York Stock Exchange marks a de-
parture which, it is hoped, will deve1-
op into a regular market for foreign
government securities. The fact that
the step was due to the initiative of
the Russian authorities themselves
may be accepted as a recognition of
the growing Importance of New York
as a supply Of capital.
The bond market was dull, but
steady. Total sales, par value, ST.
100000. United States bonds were all
unchanged on the last call.
Stocks.