The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-29

aNEWHYORK, Aug. 2S.-The stock mar
ket had its upward turn again today. The
volume of dealings was considerably
larger than IN yesterdays almost stag
rather wider but the market retained It's
highly professional character and gave
little evidence of any interest originating
outside the board room. The principal
reason for this movement of the market
seemed still to be that it was a reversal
of that of the previous day, the obvious
tendency being to oscillate narrowly about
a fixed point.
Thus the morning news that the squad
ron of American warships had been or
dered to proceed to Beirut. Turkey, pre-
pared to exact reparation for the muir
der Of our vice consul there did not Gre
ate SO much as ripple in the stock
market although the report of an APP
peal for protection for American mis-
complication. There is an undisguised
confidence in the financial district, how
ever, that this incident is capable Of
adjustment by diplomatic means. The
nored with the Turkey war news.
There is growing confidence in the
money market outlook which was foster
ed by several of the days developments
and this was probably the principal factor
in advancing prices Of stocks. The re-
ports from Washington that the secre-
tary of the treasury had accumulated
some $40, 900 of internal revenue pay
ments which would be available for de-
post in national banks was a greatly re-
assuring factor as the possible means Of
relief for the money market by the treas
ury department has been a 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 deposits or
the further acceptance by the secretary
of the treasury of municipal and state
bonds in resumption of last years policy
which has been considered of doubtful
expediency. The incidental explanation
that the $40, 900, 900 accumulation was a
contingent provision for Panama canal
payments was received as an official
confirmation of the unlikeness Of the pay
ments being called for II this year ar la
by Union Pacific, was attributed to the
obstacles thus indicated for the Panama
project. The principal movements of
currency for the week show VI that the
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 was as much as that,
and for the year before was about $780,
600. With this delay in the interior de-
mand for currency the banks themselves
are showing signs of weakness with the
loans at rate below that (Which they
are paying to trust companies and inte-
rior banks for their deposits.
Fewer Offerings Of Funds.
The result was shown today in some
what fewer offerings Of funds for time
loans and an appreciably easier tone in
in somewhat improved demand. Prices
of active stocks advanced pretty gener-
ally between IL and IL points and con-
siderably larger gains were shown by
ton. The strength of Amalgamated was
in sympathy with copper securities at
other points and with an improved senti-
ment in the trade for that metal The
market closed heavy and somewhat below
the best.
The bond market was dull mad irreg-
ular Total sales, par value, $1,265, 600.
United States Is advanced Is per cent,
and the old Is II per cent. The new As
registered declined Il per cent. on the
last call.