The Saint Paul globe., 1904-08-20
STOCKS PROSPER NOT
SPECULATIVE INTEREST SHOWS A
FALLING OFF
Decline In Activity Reduces the Demand
and Results in a Heavy undertone,
Without Marked Pressure to Seii-An
Occasional Rally

NEW YORK, Aug. IA considerable
falling OFF in speculative interest was the
noticeable fact about todayss stock mar
ket. The volume OF dealings contrasted
with the fluctuations in prices were mar
rover and more sluggish The decline in
activity reduced the demand for stocks
and resulted in heavy undertOne without
any marked pressure TO SELL The general
action of the market was still much the
same as for the two previous days Sus-
tanning points of strength at the opening
proved insufficient to hold prices, but
later dealings reflected the occasional
rally of the forces behind the market.
The spread of the price war in the steel
trade failed to secure any wide movements
in the prices of securities, but it was the
occasion OF great concern nevertheless.
United States Steel preferred was evil
IDENTIFY supported and its decline thus
limited to 7s but the heaviness of that
stock proved of marked sympathetic ef-
feet.
Rumors of cuts and the meeting of cuts
in prices of wire and Of structural steel
stimulated the fears OF a spread of the
trouble. Some OF the rumors current
during the day pointed to a weakness
1,n,.as in steel rails M by, by a shading % of
Sugar was still an unsettled IN
| f1uence by its further recession in price
and by the sources pointed to for the
selling by the suppositien of operators on
the floor of the Stock Exchange. The
most effective sustaining factor early was
the large demand for Pennsylvania, which
carried it to 124A,, the highest figure
touched since the long decline reached
after the new s75, 100000 stock issue.
Encounters Many Difficulties
This stock met some very free realizing
on this advance and encountered diff
culties outside Of the dragging effect of
Steel and Sugar. The calamity reports
from the spring wheat crop came in a new
flood and the response of the wheat mar
ket made some impression on sentiment
in stocks. The news of corn was better
and helped the resistance to depression
in stocks. The estimates of the weekly
currency movement indicated another adj
it is clear that the current is turning in
favor of the interior. Government opera
tions continue to yield large sums to the
New York market which will be safe
guard against depletion by the interior de-
mand so long as the treasury authorities
shall not feel constrained to withdraw
deposits with the national banks in order
to replenish their working balance.
With the high prices for grain ruling
it is not likely that the interior crop
giving demand will be less than usual
! The advance in exchange today was suffi-
c1ent to revive some discussion of gold
export possibilities. Probably these pros.
pressive effect on the speculation, all
though the money market was unaffected
The further advance in smelling and the
strength of the Mexieans Were of a spe-
eial character and of little general effect
The grangerS Succumbed to the spring
IngS and helped to make the closing
easy.
Bonds were firm Total shares. par
value, $2,S15, 000 United States bonds
We're unchanged on call. t8'
Closing List