The Birmingham age-herald., 1903-08-29
STOCK MARKET HAS IFS UPWARD TREND Volume of Dealings Larger and Price Range Broader THE PACIFICS ARE STRONG Movement of Money Still In Favor of Wall Street as Against Interior.
 Bondo Dull and lrreg-
 ular. 

5 New York, August 2s.-The stock mar ket had its upward turn again today. The volume of dealings was considerably larger than yesterdays almost stagnant market, and the fluctuations were rather wider, but the market retained its high Iy professional character and gave little evidence of any interest originating out side the board room. The principal req son for the movement of the market seemed still to be that it was reversal of that Of the previous day, the obvious tendency being to oscillate narrowly about a fixed point. Thus the morning news that the squadron of American warships had been ordered to proceed to Beirut Turkey, prepared to exact repar- ation for the murder of our vice consul there. did not create so much as rip- pie In the stock market, although the report of an appeal for protection for American missionaries in Syria promised an additional complication. There is an andisguised confidence in the financial district, however, that this incident is capable of adjustment by diplomatic means. The discussion of measures for repression of trusts precipitated before
 
 ton might have caused great trepidation in Wall street in some of it's recent pre- yailing moods, but that and the western flood news were equally ignored with the Turkish incident.
 There is a growing confidence in the money market outlook which was fos- tered by several of the days develop ments, and this was probably the prin- cipal factor in advancing prices of stocks. The reports from Washington that the secretary of the treasury had accumu- lated some $40, ,0o0, 900 of internal revenue payments which would be available for deposit in national banks was a great reassuring factor, as the possible means of relief for the money market by the treasury department had been matter of considerable doubt and conjecture. As it is. the question remains of an adequate supply of government bonds by the banks as security to obtain these depos- its or the further acceptance by the sec retary of the treasury of municipal and state bonds in resumption of last years policy. which has been considered of doubtful expediency. The incidental ex- planation that the $4O, 1000, 900 accumula- tion was contingent provision for Pan- anna canal payments was received as an official confirmation of the unlkelyness of the payment being called for this year.
 The special strength of the Pacifcs led by Union Pacific was attributed to the obstacles thus indicated for the Panama project. The principal movements of cur rency for the week show that the move ment is still in favor of this center as against the interior, the indicated gain on that account being over $2, 000.000 In the last week of August last year the loss to the interior much as that and for the year before vas about $3,50o.0oO. With this delay in the interior demand for currency the banks themselves are showing signs of weakness with the policy of keeping their resources in call loans at rate below that which they are pay ing to trust companies and interior banks for their deposits The result was shown today in somewhat fewer offerings of funds for time loans and an appreciably easier tone in that market. Mercantile paper was also in somewhat improved de- mand.
 Prices of active stocks advanced pretty generally between eleven and twelve points and considerably larger gains were shown by some of the specialties with out explanation. The strength of Amal- gamated was in sympathy with copper securities generally at other points and with an improved sentiment in the trade for that metal. The market closed heavy md somewhat below the best.
 The bond market was dull and irregu- lar. Total sales. par value, s1, .O00.
 United States 2s advanced iS and the old fours A per cent The new As, registered, declined 4 per cent on the last call.