The Birmingham age-herald., 1904-07-29
RELATIONS ARE
 MORE FAVORABLE Market ReIaxeS at News from England and Russia GRAIN IS MUCH EASIER Auylne of. All Stocks Was Progressively Renewed and the Bears Are
 Routed and Driven
 to Cover.
GRAIN IS MUCH EASIER

New York, July 2S.-Todays stock mar ket turned to a large extent on the anglo Russian relations and was striking demonstration of how large an influence The same cause had in yesterdays market Not only securities but all other speeula- five markets responded promptly to the brighter outlook in the relations between the two powers.
 Grain markets here relaxed in spite or some rumors of unfavorable develop ments in the spring wheat regin Stefhhs exchange reacted decisively from the soao export point. Stocks in New Hork re- gained rather more than they lost yes terday London bought back from here fully as much as was sold yesteroay anu this buying was the main factor III noiu- ang the early advance, on which there was free realizing and consequent nat in the upward tendency. But buying ol all the prominent stocks was aggressive 1y renewed as the day advanced and the bears were routed and driven to cover Bear covering was especially In eVluehce In the Metropolitan traction stocks
 A standing argument with the bears In these stocks has been the assertion that heavy holdings had to be liquidated to set tie the estate of a recently deceased nli- aionaire. The publication of schedules of the estate revealed only nominal hold lngs in these stocks. This was assigned as the cause of the scramble to buy un- covered shorts today. United States steel preferred was not among the strongest stocks today, although 1t was one of the ncutest sufferers yesterday. It was strong, however and was helped by reports of an Improving demand for pig iron. The com- pletion of stock market settlement in London was a helpful factor to the mar kets, in addition to the relaxed tension in international relations, as an easier money market Is now looked for The Bank of Englands loan expansion of al- most $20,O00,O00 for the week Is an index of she pressure upon the money market there.
 That institution is also gaining gold rapidly and the fact that the governors refrained from advancing the rate today is accepted as assurance of better con ditions. The announcement that $l0,- DOG. 900 payment would be made next week on the Cuban loan with a probable de- mand for at least half that amount in gold for the remittance to Havana, seem ed to be accepted with equanimity, which was furthered by the assurances from the bankers concerned that care would be taken not to disturb the money market sn arranging for the further remittances. Reports of further curtailment of the output of anthracI1 did not prevent the coalers from sharing in the days strength with Reading as one of the leaders of the hdvance. The assassination of the Rus sian minister of the interior was not a perceptible factor in the market. The hpward impulse of the market was re- newed in the late trading in the expecta- tion that the early London market to- morrow would take profits at the higher level The trading became dull at the last, but the closing was firm and only slightly below the best.
 Bonds were firm. Total sales par value t2,145,000 United States bonds were un- changed on call.