The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-18

NEW YORK. Aug. 17.-There was
continuance of irregular strength in to-
days stock market. but it was attended
by a degree of hesitation throughout:
confidence in the buying as was the case
last week. The principal strength of the
market was concentrated in a few stocks
and the largest proportion Of the days
transactions was also in these stocks.
The professional traders professed doubts
whether the recovery from the extreme
depression had not run too fast NJ last
week inviting to renewed reaction. There
was doubt also whether the market was
ripe for a demonstration of positive
strength beyond the normal limits of
sion.
Except for the fact that most of the
necessary liquidation which had depressed
the market seemed completed, there was
not enough indication of positive change
in the conditions which forced the liqui--
dation to make an indefinite upward
movement look safe or attractive.
Mo Mercantile Credits Involved.
There is some revival of apprehension
over the money outlook. and the best
command to 6h per cent. while com
missions in some cases raise the interest
rate considerably above this. There does
not seem the slightest reason to suppose
any question of mercantile credits in
volved in these rates. 1t is simply a pres
sure upon the available money market
supply. Rates for time money show the
same frmneSS and some lenders refuse to
quote rates, pointing out that the terms
are matter of individual adjustment be-
tween lender and borrower.
The tendency of interior exchange fore
shadows the coming demand for crop
moving purposes and stronger tone In
foreign exchange made the outlook for
imports of gold not SO assuring. The
price of gold was raised in the London
market and discounts were inclined to
harden abroad. The situation abroad was
affected to some extent by the events in
Southeastern Europe. The opening de-
the London market, although there was
some profit-taking for domestic account
prompted by the extent OF last week
rise and by disappointment over the Sat
urday bank statement
One Fear Is Quieted.
1t was feared that some of the stocks
bought for support last week would come
on the market now, and there was some
apprehension that the large banking in
terests would frown an any further ad-
quoted by the character Of some of the
early buying. which was given the APP
jearanee of absorption by some of the
large banking interests. Professional
leadership was evident in, the skill with
which the effective buying was distributed
and was shifted from one quarter to
another. Erie was in conspicuous demand
early and glowing forecasts We're heard
of the showing made in the forthcoming
annual report. Southern Pacific, Rock
Island and Amalgamated Copper were
successfully brought into prominence:
Copper was advanced Nc lib here and G2
5s a ton in London. The late buoyancy
of AmaIgamated Copper and of Rock
Island, which rose 25s and 81 respective
ly, sustained the later market which was
disposed to go off on profit taking The
closing was in consequence irregular ana
below the best all around
Bonds were irregular in sympathy with
stocks Total sales, par value, $1,70O, 000
United States bonds were unchanged on
the last call.
Closing List.