The Montgomery advertiser., 1904-08-05
WALL STREET REVIEW
COTTON's BRILLIANT PROSPECTS THE
DOMINANT INFLUENCE.


NEW YORK, August 4.-The brilliant
prospect for the cotton crop. as revealed by
yesterdays publication of the Government
estimate.i was the dominant Influence IN tne
STOCK markets but this waned somewhat IN
the course Of the session This was parity
oue 10 the suggestive statement OF the price
OF cotton itself which served TO arouse
misgivings of damage to the crop since the
date Of the Government estimate and partly
10 the excitement which developed in the
wheat market The latter was due to re-
cefpts of alarming reports from the North
west as to the extent of damage to spring
wheat which served to offset the promises
OF the cotton crop. There was very little
pressure to sell stocks developed but a
marked indisposition to make speculative
commitments which resulted in running
down OF the rate of activity to near the
point Of fdieness. 1t is not likely that con-
fidence in the harvesting Of a bumper cot
ton crop will be impaired except by much
more indecisive indications of deterioration
than We're present today. The present low
CONDITION OF supplies over last years high
est prices adds to the hopefulness of the
outlook by promising an enlarged demand.
But the decline in estimates for wheat crop
detracts from the prospective advantage OF
an unusually good foreign demand. Belief
in poor foreign crop prospects plays large
part IN the present strength of wheat, but
the amount of the exportable surplus shrinks
materially with the later estimates of our
wheat crop. 1t Is very noticeable also that
foreign demand for wheat is not inclined to
follow the market to the higher price levels.
.
the stock market and that and the dispo-
sition to take profits affected the cotton
stocks as we'll. The effects OF the main
tenance OF the Erie list preferred dividend
had been discontinued yesterday before its
declaration. The action is of good effect
on speculative sentiment. however, as an
index of confidence in business which IL Is
felt must be in sight II the declaration is
TO be Justified. The report of large pur-
chase Of pig iron led to some realizing in
the iron and steel stocks. The fact that
the dividend will be deducted from United
States Steel preferred Saturday served to
recall the. heavy selling which followed the
deductions OF the last dividend and gave
Some depression was caused by the appar-
emily authorized admission that the efforts
to arrange for the distribution of the
amounts Of the dividends to which no Sc
curities stock holders are entitled has been
abandoned. The labor trouble In the local
building trades kept attention alive to that
branch Of the Industrial situation Sterling
exchange dropped away from the gold ex-
port point. The weekly statement of the
Bank of England, however. showed that in
srtution bill to be losing gold, and the
same is true of the Bank of France. The
expectation of additional borrowing by the
Government stiffened the London money
market again. ST. PauPs statement of June
earnings was considered favorable and
caused a recovery in that stock, but was of
feeble ERECT on the general list. The
closing was inanimate, but fairly steady
Bonds were firm. Total sales par val
ue. $4,000. 900 United States bonds were
unchanged on call
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