The Montgomery advertiser., 1903-08-14
WALL STREET REVIEW
A BUoxANr UPRusH OF PRICES
 oCII-.-.
Lively and Urgent Demand for Stocks and Bonds of All Kinds--Dis-
 tressed Shorts Anxious to Cover.

NEW YORK. Aug. l3.-The recuperative forces m the stock market gathered resources today with the result of q buoyant up-rush in prices of very animated buying movement
 The race of activity during the forenoon ses- sion Of the market promised the largest days nusiness for the current year. The market af- terWard showed some signs of weariness at the rate of the movement The recovery was the result of series Of incidents rather than any one development. Natural reaction from the recently prevailing extreme depression was an important factor The mere sentimental eff rect or the recovery after the gloom and appre- nension that have prevailed 90 long in Wall the constant threat of forced liquidation or of
 Dankruptcy. which Is not unfair to assume
 has been hanging over some houses naturally predisposed the whole financial community to take more cheerful view of prospects, Where emorts for long time past to market securi- ties nave met with almost no demand there
 was substituted . lively and urgent demand
 The urgency of some of the buying and the
 violent advances in prices showed clearly
 enough that efforts by distressed shorts to
 ried prices beyond their reach were an inl-
 portant element in the market. Bidding up of
 prices by opposing professionals to force higher
 prices out Of the bears vas another paipable
 there was large and substantial buying ele-
 ment in the market which was taking over
 stocks of all classes with freedom and coni-
 oence. It is not to be presumed that the buy
 CTS have so suddenly changed their opinion of
 the financial and business outlook. But the
 conviction has been growing that the long
 decline in prices has been more than sufficient
 to offset the unfavorable factors in the situa-
 tion and that the necessities of the money sit-
 uation have been forcing the selling of se-
 curities to below their true values. The event
 proves the contention of those wha have main
 tained that there was a large waiting demand
 for stocks which would come into the market
 freely when the liquidation seemed to be con
 cluded and prices definitely turned upwards.
 The taking over of the Seaboard Air Line in
 the Rock Island interest had stimulating
 effect upon the speculative imagination. In
 furnished proof that not all the large in- terests were hard pressed to hold their undi- gestsd securities and that the financial neces-
 sities in some quarters might prove the op- portunlty in others for extending influences and consolidating control. Rock Island itself, as well Southern Railway, Illinois Central and Louisville and Nashville all shared in the days strength refiecting the impression that the new arrangements tend to community of in- terest In the southern railruad fsfd. num- Der of stocks of minor railroads, supposedly available for absorption by that powerful neighbor, were strong. The feature of the day was Reading. Its sensational rise of S% gave rise to many rumors regarding new projects for division of control and guarantee of divf- dends. very favorable showing of July net earnings is expected for the road as well as for other coalers. Baltimore and Ohio's in- terests in July net earnings of S3tt t,625, thus helped the soft coal group. But the rise in prices comprehensive as to require no apecincatiOnS. The UnlIe0 states steel stoCks did not share fully in the days strength, al- though they were bought on large scale The conference of members of the Senate Finance Committee with the President gave rise to as sumptions rgarding the scope of plans for financial legislation which were used with ef- feet to further the advancing tendency of prices The buying movement showed some signs of exhaustion at the last and the market closed irregular and below the best
 Bonds were strong. Total sales tpar value), S4, PAS. 900. United States bonds were un- changed.
 New York Stock List.