The Montgomery advertiser., 1903-09-01
WALL STREET REVIEW
SHOW or STRENGTH MADE AT
 OPENING.
Neither 1t Nor the Resultant Activ- ity Lasted the Day Out How ever-Few Gains shown in
 Last Prices.

NEW YORK. Aug. 3I.-There was a consid-
 erabe growth of volume in stocks today and
 show of strength which quite imposing.
 but neither the activity nor the strength lasted
 the day out. The aggregate transactions rose
 to the half million share mark, but the largest
 part of this was done in the two hours before
 advances over Saturday of Ia2 points had
 become quite numerous, but the last prices
 of the day show very few gains in excess or
 point. The demonstration of strength was due
 largely to concerted action by professional
 traders. Uncovered bears became discouraged
 by the dull resistance of last weeks market
 to any attack and the bullish traders becom-
 ing correspondingly encouraged and helped 10
 drive the bears to cover. Professional senti-
 ment was more cheerful on amount of inn
 proved factors in the general outlook. but
 there nothing to show that any consid-
 erable outside demand for stocks played
 part in the days movement. There Is no
 doubt that confidence over the money situa-
 ton has been greatly increased since the in-
 timation of the readiness on the part of the
 Secretary of the Treasury to deposit $40. 0oo.-
 900 of the Government money now in the
 treasury in depository banks This is felt to
 be effectual safeguard against threat of
 violent stringency in money and money lend
 CTS decidedly less exacting in their condi-
 tious for time loans. Quoted rates are only slightly lower but the stringent conditions
 which have attached to the making of loans
 for time past relaxed. These conui- tions were prohibitive except to favorite DOT rowers on the part of some of the banks The
 limits of the available supply have been con sderably extended and with the present sur plus reserve held by the banks confidence IS pretty firmly established in the ability Of the money market to meet requirements on It. Encouraging reports of railroad traffic today
 last weeks cheerful tone over the general trade situation on the part of the mercantile agencies and the belief that a quiet absorption or se- curities by investors both foreign and domes- lie has been going had to do with the stronger feeling in the stock market rms morning much made of the transfer or inc holdings of the underwriting syndicate TOT Netropolttan securities to other dominant il- terests in the property tending to consolidate inc control Very free differences were drawn by the traders from this transaction or com Inr consolidation of all the traction ana nBnt- inc interests in Greater New York and in out icing territories. 4 considerable stimulation to the speculation was the result, but heaVy reaIizIng in Amalgamated Copper and the ih- fnrence drawn from that of the attitude to- wards the market of the controlling interest checked the advance with the result that TOT lowed The market became almost stagnant m inc later stages, but closed heavy. Some ouy- ing for London account. which was large in Erie helped the early advance. Reading huhg h,ck on account of tho utterances attrlputeu to the executive head of the system pointing n an accumulation Of steam sizes of antnra- cite and q possible curtailment of the produc- ,ion in conseuuence. St. Paul was the ieaoer in inc railroad list and enjoyed an extreme au- vance of 2 points. The strength in the corn market and reports of unreasonable teinpera- ture had their influence onthe reactoh II, stocks owing to the importance now attdcheu 10 the outcome of the corn crop.