The Montgomery advertiser., 1904-07-06
WALL STREET. REVIEW
OPERATORS IN STOCKS DISPLAY
 MORE CONFIDENCE.
Market still . Dull and Narrow One, Bat It Is Lifted Quite De- cislvely from Its
 LetharEy.

NEW YORK. July 5.-operators in
 In today's stock market than for [; a
 long time past. The market was SUI III
 dull and narrow one. judged by old Nstandards. but 1t was lifted quite de-
 s,ssivsiy from the profounqh charsetsris
 tic. What developments there was in
 affairs to cause this change was not very manifest. The obstinate resist.
 ance of the market for some time past
 to news of an unfavorable kind has carried a suggestion that selling has been largely accomplished already in
 anticipation of those evils and the mar
 ket was offering an unyielding surface which would afford an advantageo ods
 basis for boider operations for rise.
 Bolder and more powerful todays ope. rations unQuestionably were. arouslng the usual surmises as to their origin,
 with nothing to afford a reliable an, an, buying was not in evidence from the outset, thus detractfng from suppo- sition that 1t was on account or orders accumulated in commiss,on houses ,m.srwa1 over Strength at the outset was largely con; fined to the local group. formal statement from an import holder sI Metropolitan securities pointing out the properties of combination, helped the rise. Brooklyn Transit was held back by its vexed question of transfer rights to passengers. It was after the reac. some selling for London account that the buying which impressed sentiment developed in Union Pacific and spread to other portions of the railroad list, resulting in a fairly general uplift or Union Pacific itself rose to an extreme 25-e. The clew to the movement could hardly be found in the crop news as the wheat market was more or less dis turbed by damaging rumors and by mixed Interpretation of the weekly bulletin from the weather bureau. Un- mixed encouragement was received from the cotton crop news. the Govern tsaa crop preeetatns % sharp declne in spite of a violent preliminary de- cline. The encouragement to be got from the statement of May net earn inss of the pennsyivans system tns was vas cline in gross earnings for the princi- pal lines east and west of PittsburR running to over a million. while the net decrease over last year was some $64s.000. officials of the Central Traf- fic and Trunk line railroads were also inclined to dwell upon the traffic lost to the newly resumed lake carriers. The effective cut shown in operating ex- cepted as an important indication ot the trend of affairs in railroading and was regarded hopefully. But officials of Western railroads were more unre- served than any time for several months in their expressed confidence that business conditions had changed for the better and that small increases In tran1c movement already noticed could be accepted as promise of more to follow. The improve ment in sentiAent in the market prob- ably originated from this point Sat- urday's decrease in the banking surplus did not disturb sentiment, nor did the suggestion of the remittance of $55 poo. 900 gold to Havana on account of the Cuban loan. The small realization on profit taking in the last hour when the buying was temporarily discon- tinued increase the confidence in the Snd the closing was active and fairly bouyant
 Bonds were firm. Total sales, par value. $2.s50,00 United States bonds were unchanged on call.
 NEW YORK STOCK LIST.