The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-01
MORE DOING IN STOCKS
IMPOSING STRENGTH AND ACTIVITY
EARL YIN THE DAY.
But These Do Not Abide, the Demonstra-
tfon of Strength Being Due to Concerted
Action by Professional Traders-More
Confidence Felt In the Money Situation.

NEW YORK. Aug. 31-There was a
considerable growth in the volume of
business in stocks and the show OF
strength was quite imposing. but neither
the activity nor the strength lasted the
day out. The aggregate transactions rose
to the half million share mark, but the
largest part of this was done in the two
hours before noon.
During the active period of the market
advances over Saturday of 1 to points
had become quite numerous. but the last
prices of the day show very few gains
IN excess OF point. The demonstration
OF strength was evidently due largely to
concerted action by professional traders.
uncovered bears became discouraged by
the dull resistance of last weeks market
10 any attack. and the bullish traders be-
came -correspondingly encouraged and
1esslonal sentiment was more cheerful on
account of improved factors in the gen
eral outlook, but there was nothing to
show that any considerable outside de-
mand for stocks played a part i'm the
DAY movement. There is no doubt that
commence over the money situation has
Deen greatly increased since the intima-
ton Of the readiness on the part of the
secretary of the treasury to deposit $40
100000 of the government money now in
the treasury in depositary banks.
Safeguard Against Strineency.
This is felt to be an effectual safeguard
against threat of violent stringency in
money, and money lenders are decidedly
less exacting in their conditions for time
loans. Quoted rates are only slightly
lower, but the stringent conditions which
nave attached to the making of loans for
some time past are relaxed. These con-
ditions were prohibitive except to favorite
borrowers on the part of some of the
banks. The limits of the available supply
have been considerably extended, and with
the present surplus reserve held by the
banks confidence is pretty firmly estab-
liShed in the ability of the money market
to meet requirements upon it. Encourag-
mo- n frof fA1o L.,
weeks cheerful tone over the general
trade situation on the part of the mercan-
tile agencies and the belief that quiet
absorption of securities by investors both
foreign and domestic, has been going on
has had to do with the stronger feeling in
the stock market.
This morning much was made of the
transfer OF the holdings of the underwrit-
ing syndicate for Metropolitan securities
to order dominant interests in the prop
erty tending to consolidate the control.
traders from this transaction of coming
consolidation Of all the traction and light
ing interests in Greater New York and in
outlying territories.
Heavy Realizing in AmaIeamated.
A considerable stimulation to the spec.
ulation was the result but heavy realiz=
ing in Amalgamated Copper and the in
ference drawn from that of the attitude
towards the market of the controlling in
terest checked the advance, with the re-
suit that followed. The market became
almost stagnant in the later stages, but
closed heavy. Some buying for London
account. which was large in Erie, helped
the early advance. Reading hung back
on account of the utterances attributed to
the executive head of the system point
ing to an accumulation of steam sizes of
anthracite and possible curtailment of
the production in consequence. st. Paul
was the leader in the railroad list. and
enjoyed an extreme advance of points.
The strength in the corn market and re-
ports of unreasonable temperature had
their influence On the reaction in stocks,
owing to the importance now attached to
the outcome of the corn crop. The bond
market was firm. Total sales, par value.
81 ,335, 000 United States bonds were all
unchanged on the last call.