The Montgomery advertiser., 1904-07-29
WALL STREET REVIEW
RELATIONS HANT
STRONG INFLUENCE.
Securities and Other Speculative ""
kets Respond Promptly to the
Brighter Outlook for Con-
tinued Good Feeling
Between Powers.

New York, July 2S.--Today's stock
market turned to a large extent on me
nglo-Russian relations and was a
striking demonstration of how larse
an influence the same cause had in yes
terday's market. Not only securities
but all other speculative MARKERS re-
sponded promptly to the brighter GU.
look in the relations between the IVY
powers Grain markets here relaxed
in spite of some rumors or uhlaSoa
able developments in the spring wh ga
region. Sterling exchange reacted u
cisively from the gold export pom,
Stocks in New York regained rather
more than they lost YESTERDAY. Lon
don bought back from here fullN
much as was sold yesterday ana thls
buying was the main factor In holuihs
the early advance, on which there was
free realizing and a consequent haIt III
the upward tendency. But buylns VI
all the prominent stock was agrees
lively renewed as the day advanced anu
the bears were routed and driven e:
cover. Bear covering was especially IN
evidence in the Metropolitan TRACTION
stocks. A standing argument win .hc
bears in these stocks had been the ae !,
sertion that heavy estate holdings had
to be liquidated to settle the estate
of a recently deceased millionaire me
publication of schedules of the estate
revealed only nominal holdings In these
stocks. This was assigned as the
cause of the scramble to buy uncovered
shorts today. United States Steel, pre-.
Ierreu, was not among tHe Stioie'oee
stocks today. although 1T was one D
the acutest sufferers yesterday. 1t was
strong. however, and was helped by
reports of an improving demand ior
pig iron. The completion of stock
market settlement in London was d
helpful factor to the markets IN ad-
dition to the relaxed tension In inter-
national relations, as an easier money
market is now looked for. The Bank
of England's loan expansion of almost
$40, 900 900 for the week is an index of
the pressure upon the money market
there. That institution is also gaining
gold rapidly and the fact that the gov
errors .refrained from advancing the
rate today is accepted as assurance of
better conditions. The announcement
that a $10,000,000 payment would be
made next week on the Cuban loan
with probable demand for at least
half that amount in gold for the re-
mittance to Havana seemed to be az
cepted with equanimity, which was
furthered by the assurances from the
bankers concerned that care would be
taken not to disturb the money mar
ket in arranging for the further remit
of output of anthracite did not pee
vent the coalers from sharing in the
days strength with Reading as one Of
the leaders of the advance. The assas-
sfnatfon of the Russian Minister of the
interior was not a perceptible fact or
In the market. The upward impulse of
the market was renewed in the late
trading in the expectation that the ear
ly London market tomorrow would
take profits at the higher level The
the closing was firm and only slightly
below the best.
Bonds were firm. Total sales t5ar
va:ue), $2,145,000. U. S. bonds W re
unchanged on call.
NEW YORK STOCK Int