The Saint Paul globe., 1904-08-25
STOCKS TEND HIGHER
MISUNDERSTANDING CONDITIONS
MOSTLY FAVOR A DECLINE
But Trading. Is Dull and Narrow and
Largely Professional - union ana
Southern Pacific Are Anonu the Strong
ones

NEW YORK Aug. 24-In the face Of
conditions which ordinarily make for low
er prices. such as increased excitement in
the commodity markets. a further strain
in the local labor troubles and selling
by London On the international political
situation. todayss stock market showed.
a general tendency toward higher prices
Trading was dull and narrow. however.
and again largely professional AT the
outset the tone was decidedly bearIsn-
The speculative element was apparently
OF the opinion that a further reaction
was due basing this belief largely on the
freedom with which stocks were offered
for loan at the close of the previous day.
Union Pacific and Southern Pacific were
among the early features by reason of
their strength, but their rise failed 70
stimulate any immediate response ana
the market hung back
The Could or Southwestern group or
railway issues became conspicuous uI-
der the lead OF Missouri PACING anu
Kansas & Texas preferred. and IhTs=
movement was followed by a general ad-
vance in many of the industrial and ms
celfaneous issues. AHalgamated Copper
Smelling Sugar Consolidated Gas ana
BROOKLYN Transit all moved I'D but the
improved Tone while well maintained
failed to bring aHE real demand. The
strength of the Could stocks was accom-
panied by reports OF prospective hage
earnings aecruing from the large cotton
there was a disposition to look upon
the movement as OF a pool character
Practically the same reasons We're aa-
Yaneed IN explanation or the rise IN COP
per though itzEas not denied that trade
conditions show some improvement
Ascribed to Politics
Runor credited the local political ele-
nent with an important part N the rise
in Consolidated Gas ana BROOKLYN iran
sit The Readings were taken Dy houses
ern Railway was strong and acLIYe-
though there seemed little JuSI1ueaI1on
for the report that the recent heavy ply-.
ing was for inside account. In the late
session business became more dull and
restricted and while traders seemed less
inclined to take buIllSh view II was
clear that little long stock had come into
the market. The Spee1dltIeS were taken
IN in the last hour and there was an in
creased demand for the cOaleFS, chlefT
Reading and Jersey Central
Runors of a plan 70 distribute a edSf
dividend 10 holders OF Northern SecIIrI-
ties were current in exchange circles just
before the close of the market but they
lacked official confirmation and after the
close OF the day an authorlIat1xe def1l.aI
was made There were some IntHfeStIfg
DEVELOPMENTS IN the monetary SITUATION.
these including a transfer OF S919,0t0 crop
money 10 Ghicago-the nrst of the year
ard $50 600 to Canada These shipments
it is understood. will be followed by even
larger transfers TO the West and TO GaT-
ado tomorrow and by further exports TO
Cuba. Conditions Indicate that Ter
weeks to come the local banks viii lose
cash to the Subtreasury and to the In-l
terror It is pointed out however. that
the unusually heavy reserves now held
by these institutions preclude the proba-
bility of any material hardening OF money
rates. In fact. the cash holdings OF the
banks are so large that they could afford
TO lose as much to the interior as last
year and still have a larger surplus than
they had at the inception of that years
crop movement
Today's market for bonds was steady.
Total sales par value were S2-525. .0e6.
feIneirarr- 4 isf