The Montgomery advertiser., 1902-08-13
WALL STREET REVIEW
CROPS AND MONEY OUTLOOK
DOMINATING FACTORS.
Further Contraction in the Volume
Of Dealings, Which Dropped
Back Below the Half Nil
lion Share Mark.

NEW YORK. Aug. i2.-The dominating fac
tors In the stock market continue TO be the
coming crops and the money outlook. Crop
news was eminently satisfactory today both
that of the monthly report Of the Agricultural
Department and the current news Of he Wealth
er Bureau. but II is to be borne In mind
thst the speculation for some time past has
been diligently discounting good crops which
have been clearly foreshad1wed. On the other
hand the Autumn activity in the money mar
ket. while It has been expected and made the
subject of Industrious warnings, mas been ig-
nored in speculation. This weeks rise In
money rates therefore would naturally be OF
most effect on speculative conditions Buy
eTs 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 attained
are tempted to sell to realize their profits.
Tkerc considerable strength at one time
today and In a few cases 1t continued to the
Close but for the most part the early rise In
prices taken advantage Of to realize
profits and the general level OF rriccs ended
lower than last night There was further
contraction also in the volume Of the dealings,
which dropped back again below half mil
lion shares. Unofficial estimates on today
Of over $50 ooo. 900 bushels. This is nearly
a hundred million bushels below tie crop OF
last year, but has never been exceeded except
by that crop and the one Of 1893. As for the
corn crop. today's Government figures indt-
cate yield the largest In the history OF the
country. This had its effect amongst the
SOulnWeSteTn
group Another striking show OF strength was
made by Baltimore and Ohio. Among the re-
turns OF railroad gross earnings for the nrst
week Of August Chesapeake and Ohio shows
decrease Of $685. 53 compared with last year.
and Missouri Pacihcs earnings for the same
period declined S28 600. The two groups OF
railroads in which the strongest stocks were
thus handicapped by this unfavorabie innu-
ence As for the money market the rate for
call loans averaged more nearly per cent
than the per cent. which was the maximum
UP to yesterday. Time loans aud conmerciai
paper showed a hardening tendency as Wen
Ave and six months loans on good mixed
Stock Exchange collateral ruling at per cent
The rise In money rates. however mad
perceptible effect upon foreign exchange rates,
which receded a fraction ana tentative pians
for further shipments Of gold this week We're
abandoned. The currency movement seems 10
be still in favor of New York Excnange az
Chicago remained at q premium OF 2oc tooay'
Another development was an Increased eN.
port demand for grain which held the market
firm in spite of the crop report ana mace
some exchange. The United States treasury
operations also are showing a continued uc
acit the excess Of expenditures thus FAR THIS
month exceeding $500. 600. while Tor tne
same period last year receipts We're more 'nan
5000 600 in excess of expenditures. This al
fords come relief to the money market, put the
beginning of the interior demand Tor currency
is awaited nevertheless with anxiety.
The bond market was dull ana the centrai
OF Georgia incomes were weak Iotai saies
tpar valueD, 81, $50. 600. Unitel states oonos
were all unchanged on the last call.
Money and Exchange
NEW YORK. Aug. l2.-Money. closed on
call steady at 3I4 per cent. last loan at s's
Prime mercantile paper 4%Go per cent;
sterling exchange easier with bankers bills
at a s7Md4. 80 for demand and 4-e5A@H 80 oo7s
for 6 odays posted rates, +.66 and 4oo's.
Bar silver. 52&; Mexican dollars, @iA.