The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-26
STOCK DEALINGS FEW
NO RELIEF FOB THE SEMI sTAeNA-
TON IN WALL STREET
Most of the Stocks That Make Up the
Bulk of The Meager Trading Leave Off
Higher, However-Room Traders Seem
Unable to Depress Prices Further.

NEW YORK, Aug. 25.-The semi-stag-
nation of the stock market was unrelieved
today and the dealings were in smaller
volume than yesterday. There was some
the market closed strong. The majority
of the stocks which made UP the great
bulk of the meager trading left Off TO
2 points higher than last night. The
strong features We're Missouri Pacific, 81.
Paul. Atchison, Amalgamated Copper and
Tennessee Coal.
There was no news to explain the ad,
vancing tendency of the market, ana ana
room traders reached the limit of their
ability to depress prices yesterday, anu
50 covered their short contracts. Atten-
ton was almost wholly diverted to the
yacht race throughout the day. There
was a large list of absent members and
those on the floor spent their time Watcn-
ing reports from London showed some
disposition to buy American stocks there
and the opening advance here was IN
sympathy Erie was conspicuously in de-
mand for London account.
Foreign Holdings ResoId.
The development of this foreign de-
mand is of special interest in its bearing
on the exchanges situation. There was
large reselling of foreign holdings of our
securities taken at the bottom of the de-
cline when the rally here showed signs Oh
eliminating and the renewal of the de-
mand on the reaction has not yet assumed
important proportions. The easier tone
in today's exchange market was largely
due to the appearance in that market or
bankers finance bills, which are connected
with borrowing abroad. The foreign bank
ing houses in New York also are an I'M
portant source of supply for funds IN
the time money market. Rates for time
money and commercial paper continue
very firm. The present abundance OF can
loan funds is largely caused by the plac-
ing ON deposit Of trust company funds win
RI he interest &c
post accounts, which is hlgner tnan tne
present call loan rate.
Any rise in the call loan rate would be
promptly followed by the Withdrawal fraS. .h OF
banks for placing in the call loan market,
which would necessitate a shifting or the
loan accounts of the banks also and some
probable disturbance in the money mar
ket. This contingency is "a repreSSlve
influence on stock market speculation just
now. There is anxiety also over the Cos
ing up of the cotton corner, whlch = Is :
generally believed is yet to be achleYeo
and which Will necessarily be an opera
ton of some peril.
After Temporary Loans.
Many rumors are still prevalent of eff
forts by large industrial corporations to
secure temporary loans. The recent heav-
mess of New York Central, which was
ing also, seems to be explained by the
| petition to the stock exchange to list
Sc, 600 900 additional general mortgage
bonds. These are in connection with the
continuing operation of the company's re-
funding plan. Lake Shores statement OF
earnings for the June quarter showing a
| surplus of $75S. 21S. compared with $177,854
| for the corresponding quarter of last year,
may also account for the recent depres-
sion of New York Central. The weekly
crop bulletin was counted bullfsh on cot
ton and bearish on corn and wheat. Some
old rumors We're revived of coming con-
troll of Tennessee Coal by the United
States Steel corpora ton. but without con-
firmation. Confidence in the copper trade
outlook was assigned as cause for the
strength of Amalgamated Copper.
The bond market was dull and steady
Total sales, par value, S815.090. United
| States bonds were all unchanged on the
last call.
Closing List.