The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-08-13
MONEY OUTLOOK
AND CROPS RULE
Stock Market Pleased With the
Present Condition
PROFIT TAKING IN ORDER
There Was Considerable Strength in
the Market at One Time and In
Few Cases 1t Continued
to the Close.
PROFIT TAKING IN ORDER

New York, August 1.-THE dominating
Factors in the stock market continue to
be the coming crop and the money out
look The crop outlook was eminently
satisfactory today. both that Of the
monthly report of the agricultural de-
partment and the current news Of the
weather bureau; but It Is to be borne In
mind that speculation for some time
past has been diligently discounting
good crops. which have been clearly
foreshadowed.
On the other hand, the autumn activity
In the money market, while 1t has been
expected and made the subject Of indus
trious warnings, has been ignored In
Speculation. This weeks rise in the
money market therefore naturally would
be of most effect on speculative condi-
lions. Buyers. in anticipation Of good
crops, seeing the danger OF a furry in
the money market which might force
liquidation of stocks. and attracted by
the high level to which prices have at
tained, are tempted to sell to realize
their profits. There was considerable
strength at one time today, and in few
cases 1t continued to the close; but for
were taken advantage Of to realize prohtS
and the general level Of prices ended
lower than last night. There was a fur
Their contractor In the volume of the
dealings which dropped back again be-
low half million shares. Unofficial es-
Inmates of todays government reports
indicate a wheat harvest of over 652 0o0,
000 This is nearly hundred million
bushels below the crop of last year, but
has never been exceeded except by that
crop and the one in 1898.
As for the corn crop today's govern
ment figures indicate a yield the larg-
est in the history of the country. This
had its effect amongst the southwestern
grangers, especially the Gould group.
Another striking show of strength was
made by Baltimore and Ohio. Among the
returns of railroad gross earnings for
the first week of August Chesapeake
and Ohio shows a decrease of $103,-
553 compared with last year and Mis-
souri, Pacific's earnings for the same
period declined $4,000. The two groups
of railroads in which the strongest stocks
were thus handicapped by this unfavor-
able influence.
As for the money market the rate for
call loans averaged more nearly per
cent than the 8 per cent, which was the
maximum up to yesterday. Time loans
and commercial paper showed a harden
loans on good mixed stock exchange
collateral ruling at per cent The rise
in money rates however, had per-
ceptible effect upon foreign exchange
rates, which receded a fraction and ten
tative plans for further shipments Of
gold this week were abandoned. The cur
rency movement seems to still be in
favor of New York. Exchange at Chi
caeo remained at a premium Of zoe to-
fav Another development was an In
~ased export demand for grain, which
] d the market firm in spite OF the
p report and made some exchange
- United States treasury operations
rlso are showing a continued deficit,
the excess of expenditures thus far this
month exceeding s1.5oo,0OO while for the
same period last year receipts were more
than 100000 in excess Of expenditures.
This affords some relief to the money
market, but the beginning of the interior
demand for currency is awaited never
theless with anxiety
The bond market was dull and the
Central of Georgia incomes were weak.
Total sales par value 81, 900. United
States bonds were all unchanged on the
last call