The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-08-24
STOCKS SHOWED
EARLY F|RMNE2S
Weakness of Wheat RESPONSE
BILE for Strength
PRICES SOON DWlNDLED
Sharp Advance In Cotton Based Large
Iy on the Rise In Liverpool Was
Responsible for Later Re-
dictionary Tone.
PRICES SOON OwINDLEO

New York, August 2s.-Further weak
ness in wheat contributed largely to the
strength of the stock market at today
opening though the strength Of certain
issues seemed to come largely from buy
Ing by some of the professional element
whose interest lies on the bull side.
Prices receded- before the end of the
morning session and the volume of BUSH
ness which at the outset promised to
be very considerable dwindled to moder-
ate proportions. canvass of the better
known houses failed to disclose any in
crease In cali business though the mid
die west to an extent was factor in
the days operations. London whose mar
kets were weak as a result of fresh de-
velopments affecting British interests III
the far east sold lot of stocks. chief
ly Standard railway shares and bought
very little. Reports, however, eredlted
foreign houses with purchases OF Mis-
souri,. Kansas and Texas preferred.
A sharp advance in cotton based large
" on the rise in Liverpool was doubt
less partly responsible for the reaction
airy tone in stocks as the day wore on.
Inc market QIllltQ diAhlOSSly dlO AOWSA
prices were recorded at a further reduc-
ton of operations. The more active is
sues, Union Pacific and Southern Pacific
held most firm. st. Paul, was offered
down by brokers identified with western
interests while Atchison sold on rumors
of frost in the corn belt. The extreme
apathy of the market in the final hour
extended to the bond division in which
dealings became irregular.
The closing prices were unchanged.
Closing gains were In no instance very
severe. the greatest losses being sustain
ed by New York Central and sugar, each
declining Hs. Southern Pacific closed with
a fractional advance. The strength of the
Southern railway issues which were con-
spicuous feature of the day were attrib-
uted largely to the improved situation
growing out of the new ownership of
the Seaboard system. The stocks of the
express companies were among the few
noteworthy features of the day, their
gains on light trading reviving rumors
of a consolidation of these interests.
Adams Express advanced 5, American ex-
press 2 and Wells-Fargo IS points. The
sub-treasury made telegraphic transfer
of 5000 900 to New Orleans. This is be-
lleved to represent the first shipment Of
the season to the cotton fields and at
tracted some attention because of the
general belief that the south with this
year will have the largest cotton crop
ON record. In this event the New York
banks will be called on for unusually
heavy amounts. The sum of S2oo, 600
was shipped to Canada, presumably to
aid the crop movement in the Dominion.
foreign exchange eased off trfie with
slight increase in offerings OF commercial
bills but not enough to affect the mar
ket. In United States government bonds
The new coupon 4s advanced We on call
The bond market was firm, Seaboard
Air Line IS advanced 4la per cent Total
sales par value were So 265, 900.