The Birmingham age-herald., 1903-08-26
SEMI-STAGNATION
 IS UNREL|EVED Dealings in Stocks on Even
 Smaller Scale MANY MEMBERS ABSENT Yacht Race Divides the Attention of the operators-No News to Explain Advancing Tendeney-Money
 Rates Are Firm.
 
MANY MEMBERS ABSENT

New York, August 25.-The semi-stag- nation of the stock market was unre- lieved- today and the dealings were in smaller volume than yesterday. There was some revival of activity towards the last and the market closed strong. The majority of the stocks was made up or the great bulk of the meagre trading ieft off 1 to points higher than last night. The strong features were Missouri Paci- fc. St. Paul, Atchison. Amalgamated copper and Tennessee coal There was no news to explain the advancing tend ency of the market and the true cause seemed to be that the room traders reached the limit of their ability to de- press prices yesterday and so covered their short contracts.
 Attention was almost wholly diverted to the yacht race throughout the day. There was a large list of absent mem bers and those on the floor spent their time watching the bulletins of the yacht race Morning reports from London showed some disposition to buy American stocks there and the opening advance here was In sympathy Erie was con  count The development of this foreign demand is of special interest in it's bear ing on the exchanges situation. There was large re-sellng of foreign holding of our securities taken at the bottom of the decline when the rally here showed signs of eliminating and the renewal or the demand on the reaction has not yet assumed important proportions. The easier tone in todays exchange market was largely due to the appearance in that market of bankers finance bills which are connected with borrowing abroad. The foreign banking concerns are also an important source Of supply for funds in the time-money market. Rates for time money and commercial paper continue very firm.
 The present abundance of call loan funds Is largely caused by the placing on deposit of trust company funds with the banks to secure the interest on depos- 1t accounts, which is higher than the pres ent call loan rate. Any rise in the call loan rate would be promptly followed by the withdrawal of these trust compa- nv deposits from the banks for placing in the call loan market, which would ne- cessitate a shifting of. the loan accounts of the bank also and some probable dis turbance in the money market. This contingency is a repressive influence on stock market speculation. There is anx- lety also on the closing up of the cotton corner, which it is generally believed Is vet to be achieved and which will neces- sarily be an operation of some peril.
 Many rumors are still prevalent of ef- ? forts being made by large industrial cor porations to secure temporary loans. The recent heaviness of New York Cen tral, which was a depressing factor for time this morning also seems to be ad- iusted by the petition to the stock ex- change to list s6,O00,000 additional gener- al mortgage bonds These are in connec- lion with the continuing operation Of .he company's refunding plan Lake Shores statement of earnings for the June quar- ter showing a decline in surplus of TbS,- s1s, compared with $1,7T,S54 for the cor responding quarter of last year, may al SO account for the recent depression of New York Central. The weekly crop bulletin was bullish on cotton and bear lsh on corn and wheat. Some old rumors were revived of control of Tennessee Coal by the United States Steel corpora ton, but were without confirmation. Confidence in the copper trade outlook was assigned as a cause for the strength of Amalgamated Copper.
 The bond market was dull and steady.
 Total sales, par value, $S150O0. United States bonds were all unchanged on ,ne last call.