The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-24
STOCKS NOT INVITING
INTEREST IN TRADING SEEMS TO Be
AT THE MINIMUM
Prominent Features Of the Market Are
Still the Pac.fics-stocks Are Sid Up
Late in the Day and Close Is Near the
Top

NEW YORK, Sept 23@There is evil
IDENTITY a progressive diminution in. the in
terest in the stock market. Today
transactions fell about half a. million
dealings in over million shares. This
leaves but one day of this week in which
transactions reached that aggregate. Sen
timent seemed altogether Indifferent to
the market, and it was allowed to drift
for the most part on very meager deal
lngs- There was not even the congested
has kept up the level of the dealings for
several days. The Pacifics, however, con-
tlnued the prominent figures in the mar
k KEN CrG o ion Of OF runners regarding
the week. was not in evidence today.
Perhaps for that reason the strength Of
Union Pacific seemed to impart some
strength to others in its group by SYM
pathy. Atchison was not notably affect
ed.
The days news was favorable to corn,
with warmer weather reported over the
belt and with the price in the market
lower. Cotton, on the other hand, was
strong, and there seemed to be an at
,mosphere of anxiety in that market lest
last few days may be the herald of an early
fall and of resulting hazard to an I'M
matured cotton crop. But the strength
OF cotton did not prevent number of
the cotton carriers from making con-
spicuous advances, notably Louisville &
Nashville and Atlantic Coast Line. The
only explanation of this movement was
some formless rumors Of financial meas
ures in connection with the relations be-
tween these two properties. No details
were offered. The Eastern railroads were
not conspicuous, but they overcame the
early slight depression which affected
them and which was partly due to SELL
ing attributed to London account.
Probably a Drag
The falling off in net earnings for Au-
gust, reported by the Baltimore & Ohio,
may have acted as a drag on, the group.
Also some views on the conditions of
the soft coal trade not calculated to
inspire the owners Of coal properties. A
rather langufd interest was taken in the
bank statement. although the halt In the
market operations may have been with
desire to know the complexion of to-
morrow's statement. before extending
operations. The doubtful factor is the
loan item, as usual. The currency move
in cash up to Thursday night. There is
some probability of q contraction in the
loan item, as it is said that the trust
companies have been placing loans dur
ing the week. This is q process that de-
yelops. as money rates rise above the
rate on deposits allowed by the banks.
The effect is to transfer loans from the
banks to the trust companies without
the aggregate deposits of the banks and
trust compa MES, which are almost wholly
on deposit with the banks. The result is
favorable, however, to the surplus re-
serve showing Of the banks. The lack of
pressure ON the market during the day
prompted a brisk bidding up of stocks
late in the day to the best prices. The
closing was steady near the top.
The bond market was firm. Total
sales, par value, s3,335, 900. United States
Is, the IS and the old As advanced "A per
cent on CALL
TIocinn let