The Montgomery advertiser., 1904-08-25
WALL STREET REVIEW
ADVANCES SCORED IN FACE OF
 BEARISH INFLUENCES.
Trading, However, Is Dull and Narrow, the Professionals Being Left in Control of the
 Market

New York. Aug. 24.-.In the face or conditions which ordinarily make Tor lower prices. such as increased exclte-
 ment in the commodity markets, a fur ther strain in the local lapor troubles and selling by London on the interna-
 tional political situation, today's stock market showed a general tendency t0
 ward higher prices. Trading was IS l ouil and narrow, however, and again large ly professional. At the outset the tone was decidedly bearish. The spec ulative element was apparently or the op.i'ion that a further reaction vas freedom with which stocks were of- fered for loan at the close of tte pre- vious day. Union and Southern Pa cihc we're among the early features oy reason of their strength but their rise failed to stimulate any immediate re- sponse and the market hung back The Gould or Southwestern group or rall- way issues became suspicious ana un, Kansas and Texas preferred and this movement was followed by general advance In many of the industrial and miscellaneous issues. Amalgamated gas and Brooklyn transit all moved up but the improved tone, while well maintained, failed to bring any real de. mand. The strength of the Goula prospective huge earnings accruinR from the large cotton crop. but in more conservative quarters there was ais position to look upon the movement as of d political character. Practically the same reasons were advanced in ex-
 planation of the rise in copper, though
 1t was not denied that trade conditions shoW some yeItinai elemeot
 with an important part in the rise Tn Consolidated Gas and Brooklyn Tran
 sit. The Readings were taken py
 houses with Philadelphia connections
 pDi strong
 active, though there seemed little jus
 tihcation for the report that the re-
 cent heavy buying was for inside ac-
 count. In the late session business
 while traders seemed less inclined to take a bullish view. 1t was clear that little long stock had come into the
 market. The specialties were taken up in the last Eour and there was an increased demand for the coalers. chiefly Reading and Jersey Central. {.
 Rumors of a plan to distribute cash
 dividend to holders Of Northern Securi- ties were current in exchange circles just before the close of the market. put
 they lacked official confirmation and after the close of the day an authori-
 tative denial was made. There were monetary situation, these Including a
 transfer of s50O.Ooo crop money to Chi cago the first of the year, and $l5O,0O0
 to Canada. These shipments, 1t Is un- larger transfers to the West and to Canada tomorrow and by further ex- ports to Cuba. Conditions indicate that for weeks to come the local banks will lose cash to the sub-treasury and to the interior. It is pointed out. how ever. that the unusually heavy reserves now held by these institutions pre-. clude the probability of any material hardening of money rates. In fact. l the cash holdings of the banks are so large that they could afford to lose as | much to the interior as last year and still have a larger surplus than they l had at the inception of that years crop l movement Today's market for bonds was steady. Total sales par value. 1 $2,525, 900.
 NEW YORK STOCK LIST.