The Montgomery advertiser., 1904-08-20
WALL STREET. REVIEW
A COMFORTABLE FALLING OFF IN
 SPECULATIxE INTEREST.
volume of Dealings, Contracts ano Fiuctuatfons in Prices Arc Nar row and More Siuggish- Steel Heavy Even undeF
 Support.

New York, Aug 19.-A conslderapiee . falling off in speculative interest was the notable factor about today s.oon market. The volume of dealing cohtras narrower and more sluggish. Ihe oe, cline in activity reduced the oeHanu Tor stocks and resulted in neavy undertone without any marked pres. sure to sell. The general action oI the market was still much the same as for the two previous days. sustaining points of strength nt the opening proved insufficient to mold prices put later dealings reflected the occasianai rally of the forces behind the mar ket. The | bread uf the price war in the steel trade failed to cause any wide movements in the prices or SC. curfties. but 1t was the occasnon CT . great concern nevertheless U. D. Steel preferred, was evidently supporoo ted and its decline thus limited to 7-s but the heaviness of that stock proved Of marked sympathetic effect. Rumors of cuts and the meeting of cuts in pri- ces of wire and structural steel stimu- lated the fear of a spread of the trou- ble. Some of the rumors current dur. ing the day pointed to a weakening or the market for steel rails itsef py shading of prices for the lighter weight grades. Sugar was still an unsettling influence by it's further recession In prices and by the sources pointed to for the selling by the supposition or operators on the floor of the stock ex- change. The most effective susaing fador early was large demand for Pennsylvinia which carried 1t to 124 1-4 the highest flgue touched since the long decline reached after the new S5.eoo.0o0 stock issue This stock met some very free realizing on this advance and encountered difficulties outside of the dragging effect of steel and sugar. The calamity. reports from the spring wheat crop came in new 70 aat market madS some. impression on senti- ment in stocks. The news of corn was better and helped the resistance to de- pression ip stocks. The estimates of the weekly currency movement indi- cate another addition to New York cash holdings but 1t Is clear that the current is turning in favor of the inter- for. Government operations continue to yield large sums to the New York market which will be a safeguard to the depletion by the interior demand so long as the treasury authorities shall not feel constrained to withdraw deposits with the national banks in order to replinish their working bal ance With the high prices for grain ruling. 1t is not likely that the interior crop moving demand will be less than usual. The advance in exchange today was sufficient to receive some discus sion of gold export possibilities. Prob ably these prospecst in the money mar ket had some repre- sslve effect on the speculation. although the money mar ket was unaffectd. The further ad- vance in Smelling and the strength of the Mexicans were of q special char acter and of little general effect. The grangers succumbed to the spring wheat disaster rumors in the late deal ings and helped to make the closing easy. Bonds were firm. Total sale par value $2.S15.000. |. S. bonds were unchanged on call.