The Montgomery advertiser., 1904-12-04
WALL STREET. REVIEW
TONE IS STRONG, BUT NOT WE'LL Dus-
 TRiBUTED
Govesnment's Estimate of . Cotton Crop of 13sOo0,0Oo hes Effect on Price of the Roads Which Haul
 the staple.

NEW YORK, Dec. s.--roday's stock mar ket was strong. but the strength was un- stocks closed the day at fractional declines from last night
 The strength in the market grew out of
 iron and steel trades- Even in the groups affected by these trades there was some profit taking. as in Louisville 4 Nashville, tions. The Governments estimate of . cot ton crop of considerably over 12.000,O0O
 bales and the prospect thus afforded to the
 sufficient ground for the movements in that group. Some of the Southern trunk lines are sharers in both the cotton and coal traffic and were in sympathy wafh
 In the Anthracite group both Reading and Ontario q Western got the benefit of
 cure the Lehish Coal and Navigation Com
 pany., United States Steel preferred touch-
 ed . new high record for the year on ac- in prices of steel products and the main- tenance of present prices for steel rails. Montana, subsidiary stock was the active motive for the buying of Amalgamated Copper. Out of these quarters of the mar
 ket and of list of miscellaneous special ties the movement was irregular, Western grain carriers especially showing a tagging tendency.
 The bank statement carried over averages from last weeks gold shipments to Cuba, so that the cash decrease exceeded the es- inmates. but the 1000, 900 loan contraction modified the effect to leave . nominal
 increase in the surplus reserve. In view of
 the weeks large operations involving heavy
 capital outlay. 1t is evident that the trust companies activity in the money market are taking over large accounts from the banks.
 Total sales of bonds. par value, $s.o4o.o0o.
 It will be remembered that the late state of indigestion in which the securities mar ket was involved gave rise to very large borrowings of short time obligations and at high rates of interest by several of the taken for granted that the present absorp- tive power of the security market will be taken advantage of to fund all of these ob- lisations. A considerable part of them all ready have undergone this process of sub stitution There is not lacking a wide- spread belief that the present strength of the stock market has been diligently fos- tered by most powerful financial interest these new capital issues both by support ing prices in the stock market and by guarding the money market from disturb ance and from stringency
 Confidence Is unabated among speculative enthusiasts that the effective guardinanship of the money and stock markets will con tinue through the year end demands upon the money market, but the special needs of that period are recognized and this exer- cises whatever restraining influence at work in the market.
 The event of the week most bearing on safeguarding the money supplies was the re- | taxation of the continental demand for gold and the easing of our foreign exchange rate. The slump in cotton induced large for eign buying of cotton and has repenshed the supply of foreign exchange. London continues to sell stocks here. however. The bond market has been active and 4s coupon have advanced M per cent on call during the week.