The Montgomery advertiser., 1904-02-26
WALL STREET. REVIEW
EFFORT TO TURN PDIcEs UP-
 WARDS SUCCESSFUL.
Favorahl. Condition Came from Abroad-Improvement of Mega tive Character-Japanese Successes Aggravate
 Russian Expressions.

NEW YORK, Feb 25.-The tentative ehort to turn prices upwards, which was in evi- dence yesterday and the day before m the stock market met with better success to-uay The more favorable condition came ron ron abroad again just as the adverse factors from that direction have defeated the previous et- forts to advance prices. The improvement was of negative character largely. consist Ing in an amelioration of the depression abroad. The numerous failures which occur red yesterday amongst banking houses at va- rious points on the continent served to clear the atmosphere and to create the Impression that the weak spots were now uncovered ana the mystery and suspense relieved. This was evidently the view taken in the foreign mar kets themselves. The extreme depression In Russian securities, which has been the cause of the financial troubles in France and Ger many, has been aggravated by the Japanese naval successes and the latest affair at Port Arthur was something of an antidote to this and helped the Bourses, which are largely committed to Russian securities. The begin nj ig of the fortnightly settlement in London to-day failed to uncover any weak spots, and this again disproved some of the fears which have conduced to the recent weakness there The buying of to-day was attributed largely to the short account. This assumption was based in part upon the fact that the turn in prices came without any change in the character of the news or in existing condi- tions. But unchanged conditions. even when they unfavorable, do not warrant an in dennlte deciine In prices Tne proIessiondl traders have been watching the market keen ly for several days for signs that the now considerable decline had reached proportions to satisfy the conditions. which started 1t, or whether in their own phrase, the market was oversold. Assertions were made that there was some slight buying from commission houses. attracted by the low level of prices. That 1t was not large is sufficiently attested by the volume of the market. The further rise in wheat and the fall in cotton were con- sistent in response to the war in Eastern Asia. The early strength in sterling exchange was an index of some further pressure on the for eign money markets but exchange eased of during the day on the realization that there may be considerable delay in the Panama canal payments owing to the questions raised in the French courts. There was less money offering here to loan time and demand for the longer periods. showed an appreciable n- crease. The average of the days gains for the most active stocks was above a point St. Paul. Amalganated Copper and Brooklyn Ra- pid Transit were the leaders of the market. and United States Steel preferred did not share fully in the strength. The closing was strong, but very dull. with rumors of a set- clement of the Western grain rate war
 Bonds were firm, but were lightly dealt in. Total sales par value SI.33o,ooo. United States 3s registered declined < per cent on last call.