The Montgomery advertiser., 1904-08-23
WALL STREET REVIEW
REACTIONARY INFLUENCES AGAIN
ARE AT WORK.


New York, Aug. 22.-The same In
nuence which gave the stock market
reacuonary tone In the last half OF tne
To-Day, though those forces were much
diminished and the volume of the bus-
mess was smaller. Reports OF further
damages to the crop in the West ana
Northwest were again largely respon-
sfble for an increase Of interest In the
wheat market and the Industrial and
labor conditions continued in some
Wnat delicate state. Nevertheless. the
list proved considerable resistance to
pear attacks, which were at no time
very severe. In fact the irregularity
OF the market at the outset was large
" due to the new turn of events In
the Far East, but London's purchases
at this centre turned the tide of un-
certainty Further encouragement
came from London in the form OF
statement emanating from conservatives
sources to the effect that our markets
bear genuine evidence Of the proceed
Ing activity. These features were part
~ Offset. however, by an analysis Of
last weeks bank statement showing
That the recent increase in loans comes
largely from the commercial bank and
suggesting heavy borrowings by mer-
chants for fall and winter trade. Yet
on the other hand. this very fact is ac-
cepted bv many as an indication that
mercantile circles are confident of good
trade conditions and are borrowing
money with which to extend their op-
erations. Furthermore, commercial
loans are being made at per cent,
whereas 8 per cent. was the previous
loan rate for accommodations year
ago. An early hour of the market to-
day seemed to indicate that the weak
holders had been weeded out in the
last weeks declines and It was soon
apparent that a fair sized short inter-
est existed In many more active stocks
Union Pacific and Southern Pacific were
we'll supported and what was common
Nv halfpved N he. "a largo short ipt Of
was driven to cover in st. Paul. In
the early movement In U. s. Steel.
preferred, was somewhat puzzling. the
selling being regarded as good. but
watch is kept on the steel and iron
trade. sent In buying orders While
only moderately active. the market
held its early rally all through the
morning session, 1t was the stocks men,
toned there was some activity in At
Gibson and the Changers as group
were helped by late reports of a big
corn crop in Iowa and Kansas.
1t Is noteworthy that a COMPARE
lively small amount of stock went out
on the rise and this, together with fur
Their buying of Union Pacific and South
ern Pacific by so-called insiders pro-
duced the strong close. In addition
to the railway issues already mention
ed the movement in Reading attracted
some attention. specialist taking round
lots Of that stock, causing net gain
of l SIS points. Other stocks which
advanced from l 1-2 to / "a included
Atchison. New York Central, Missouri
Pacific and Louisville and Nashville.
The fractions were up a point, Anal
gamated rose and Smelling Consol-
dated Gas and U. S. Steel, preferred
each. The railroad list was up a
point or So. Southern Pacific with its
gain of 2 points. was the most active
issue. There were no developments in
the foreign exchange which held steady
on light volume of business.
U. S. bonds Is advanced IA per
cent. on call. Railroad bonds were
steady. Total sales par value S2,O60,-