The Birmingham age-herald., 1904-08-09
STOCKS WITHSTAND
 WHEAT SENSATION Danger of Rupture in Steel
 Pool a Shadow REPORTS ARE ALARMING
No inclination to HelIttIe Seriousness to Future Business Situation If / Crop Reports Prove
 Well Founded.

New York, August S.-Stocks proved un- able to withstand the effect of the sensa- tional wheat market today. although there was steady resistance during the early part of the day. Danger of a rupture of Inc steel billet pool. and an open market for finished steel products, was another shadow upon the market, and its effect on United States Steel preferred gave 1t a strong sympathetic influence on the whole list.
 There was some early disposition mani fest to make light of the alleged harm to spring wheat, and to point to possible connection between many of the alarming reports of disease and the furious specu- lation which is going on in the wheat market There was no inclination to be- little the seriousness of the situation to the business future If the damage reports should prove well founded. But It was urged that 1t was worth while for secur- ity holders to wait for the government estimate to be published on Wednesday to secure an impartial and uncolored Judg- ment on what harm has actually been done to the spring wheat crop.
 In face of the flood of damage reports that poured into Wall street from the northwest, and the wheat markets of the country, and sensational jump in the price of wheat, the early firmness of the grain-earriers gave way in the latter part of the day under rather free offerings The influence of one or two strong spots in the trading had meantime passed away. Sugar rose with sustaining effect on the list from the belief that a large fruit crop would make a large demand from the canning industry.
 Metropolitan Street Railways advance was due to the often-revived rumor of combination with the inter-borough rapid transit company. The cancellation of the engagement of $2,50O,OOO held for shipment to London was of sensational influence. This was without effect on the money market and taken as a relaxation tn the exchange market from the con- htions when the engagement was made.
 The weakness of the iron and steel stocks was traceable to. the accusation made against the Republic Iron and Steel company of converting iron into steel billets for the Pittsburg Steel company at prices that made the operation equiv alent to Q cut of S4 per ton in the pools prices for steel bi1lets. Reports of special meetings of the steel pool to be held this week to consider the situation and asser- . tions that disruption of the pools and an open market for steel products would result brought pressure on United States Steel preferred, which cost it a loss of 115 points. The effect of the wheat damage reports was the more pronounced to the strength in the cotton market on damage reports which deprived stocks of the offsetting influence against the wheat factor which they enjoyed last week. Weekly traffic reviews by rail- road officials were of favorable and hopeful tenor, and the later recovery in ! the stock market reflected a cheerful un- tertone in the speculation. The closing, However, was heavy.
 { Bonds were irregular. Total sales, par Talue, s2223 GOO United States bonds were unchanged on call