The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-27
STOCKS MOSTLY IDLE
I'm FEW CASES DO PRICE vARiA.
TiONS REACH ONE POINT
Iayed Vacations, Being No Longer
Afraid to Leave the Market-Money
Situation Is Attracting More Attention
Than Stocks.

NEW YORK, Aug 26.-Nothins
worthy of extended comment was ac-
complished by today's meager bidding in
stocks either in the way of distribution
of securities or price changes The vol
wards absolute stagnation, with a total
wards absolute stagnat ioni with total
for the day of only about 200, 600 shares,
and the cases in which the price varia tons
reached a point We're very few. 1t was
observed that the telephone calls on the
exchange and the annunciator call to
members by number were extraordinarily
few, which is regarded as evidence that
very little business originated outside the
exchange.
Even the professional operators of
larger. calibre are going away for delayed
vacations. which have been prevented
heretofore by the troubled state of the
market and the smaller class of room
traders have the market to themselves
when they offer prices down they are
unable to force any renewal of liquidation,
and that they soon meet supporting Or
ders, while, if they attempt a turn on
unable to find a satisfactory market to
realize On at any advance in prices.
Undertone Is Heavy.
The undertone of today's market was
heavy. but the only apparent reason for
this was that yesterdays movement was
upward. thus exhausting the limits of the
small traders in the decline.
Attention in the financial districts Is
centered on the money market rather
than upon stocks. Today's official adj
mission that the efforts of the Consolidat-
ed Lake Superior company to secure sub
scriptions to its bond issue had failed
was another example of the extreme diff
ficulty at present of inducing capital TO
assume any fixed form There is con-
tinued unwillinghess to lend money on
time and rates are strongly held al
though there is little demand for loans
of this class, owing to the extreme dull
ness in the stock market.
But commercial paper of the highest
grade finds a difficult market. There were
further offerings of bankers finance bills
in the foreign exchange market today,
O. hardening tendency in discounts at
London and Paris. Attention was at
tracted to the returns of the Canadian
banks for July. which show falling off
in the loans on call in the United States
by these institutions of more than $14, +
900 600 in twelve months, while current
loans in the United States were reduced
by about $6,000,000 &.
Strength in Silver Feature.
This helps to explain the persistent
maintenance of the loan accounts Of our
OVID banks in the face of the heavy
stock market liquidation. The marked
strength of silver is also a feature of the
situation. toGay's rise to 56ssc an ounce
November, 1901. 1t is believed that the
London dealers have oversold the mar
ket and are now covering and there is
some special buying for mintage purposes
by the French government. Atchison
had some advantage from its July state
ment of earnings. an increase. of 1926 r931
in the net conserved out of an increase
of $7S9.SS5 in the gross. Erie and Read
pectation of a very favorable showing in
the forthcoming annual reports. There
was profit-taking in cotton, but wheat
advanced on unfavorapIe crop news ana
corn showed some strength.
The bond market was exceedingly du1,
but steady Total sales, par value,
81 26O, 900. United States Is advanced "a
per cent on the last call.
The stock exchange will be closed Sept.
S, the Saturday before Labor day.
Closing List.