The Montgomery advertiser., 1904-08-30
WALL STREET REVIEW
A RECOVERY FROM IkREGULARITY IN
 TONE
Believed to Be Ahe Result of Manipulation
 on the Part of the Professionals. Trend of Prices.

NEW YORK. August 2s.-Largely. 1t is believed, as a result of renewed mauipula- ton, today's stock market recovered to m extent from the irregular tone manifested in the closing days of last week. and the trend of prices was upward a number of the more active issues making new high records for the year.
 Trading was at times active, though mod crate in volume, but she movement esn- braced a number of the minor and misC~l ianeous issues There were few over Sunday developments to account for the improve ment In the tone of .he list. Much oS the days news was calculated. if anything. to further depress prices. Fries annual re- port showed a heavy decrease in net earn ings. and other railway lines made returns scarcely more encouraging The Reading and Baltimore & ohio reports for July were again very active at further advance. As an offset to these adverse influences, how. ever advices from the West indicated a steady expansion of railroad traffic and of- ficials or the Granger roads almost with out exception. reported q highly favorable outlook, as result of the large crops. The proposed improvements on the New York. New Haven Hartford road were regarded as helpful to New York Central and Penn sylvania, both issues having decided strength Some commission houses reported not factor. although Americans were firm there. The days movement began with a fractional gain in most of the active stocks on buying believed to be for group of
 
 change credited this group with extensive purchases of United States Steel preferred on reports of improved conditions in the lake ore trade, but observers were inclin- ed to regard the advance as another drive against the shorts. Stocks like Toledo, St. Louis & Western, Missouri, Kansas & Tex as common and preferred. and Kansas City Southern preferred, all of which were sub Jected to pool operations last week, were taken up and advanced. The activity in Ontario & Western was attributed to Lon con buying. After some hesitation in which traders seemed to b." testing the list for short sale. more definite buying movement set in. Brokers who were prom tnent in last weeks purchases of the minor Vanderbilt issues took fairly large blocks of New York Central. After midday the tone became somewhat heavy. with a market re- duction of operations The list showed gen. eral recessions and some early gains includ- ing that of United States Steel prfeerr ed, were cancelled. but the tone at. the close was firm
 In the miscellaneous group there were ma terial advances in Westinghouse Electric and General Electric. Local monetary conditions were unchanged. It Is apparent that the local banks have arranged to meet all drafts upon their reserves in connection with crop moving disbursements The de. mand. 1t Is authoritatively stated, will not exceed that of last year except in some ot the Southern and middle Western States.
 There were no changes in Government bonds. and railroad bonds were firm. To. tai sales. par vaue. $3.03o.0oo.
 NEW YORK STOCK LIST.