The Birmingham age-herald., 1904-08-07
SHORT SESSION
 UNUSUALLY DULL Price Movement Too Sluggish to Draw Conclusions TALK OF GOLD EXPORT Condition and Prospect of Crops Has Caused increased Attention In
 the Stock Market Dur
 Ing the Past Week.
TALK OF GOLD EXPORT

New York, August 6--There Is little to record of today's short session of the stock exchange. Dealings ran down to the level of mid-summed dullness, and the movement of prices was so sluggish as 10 be entirely inconclusive as to any sentiment over the outlook for values to be expected The uncertainty over the extent of damage to the spring wheat crop was continuing factor, and Is ex- pected to be until the publication of the government report on next Wednesday.
 The rally in the price of British consols in London is a favorable influence on all securities markets. The outgo of gold which has been inaugurated, is the sup ject of interested discussion, but is Of little concrete effect, owing to the pleth- oric condition of the money market For eign bankers refrain from offering bills against future shipments of grain ana cotton, as they usually do at this time of year, because there Is no chance of employing the proceeds to advantage in the present stagnant money market here
 The money rate Is relatively high In London. and net commercial bills of ex- change are offering as a means of remit tance of credits. The shipment of gold is therefore the only alternative. The gold outgo next week, so far as arranged prom ises to be more than offset by the ex- pected receipt at San Francisco of s4,- lO0O,O 900 in Japanese and Australian gold, Ito be transferred to New York by tele- graph. The bank statement did not reflect the full gain in reserves indicated by the preliminary estimates, but the showing lrua 00n fad bU n tion with the remittance of Cuba on ac- count of the loan installment. With the exception of gains in some of the obscure specialties the price changes were con- fined to small fractions mostly gains, and the closing was firm
 Total sales of bonds, par value, was $1,14 900.
 Increasing attention has been given in Nhe stock market this week to the con- dition and prospect of the crops. The conflicting influences from that source have caused tone of hesitation in the stock market, and a decrease In the Rctivity of the trading But the weeks moVement has been on the whole towards higher prices. With the most brilliant prospects ever recorded for a large and profitable cotton crop, and with reports in currency pointing to something like n disaster to the years wheat crop, the divided sentiment in the stock market Is explained.
 The consideration of the cotton crop was prompted by the publication of the governments estimate of condition of July % of 91.6 per cent of an estimated Rcreage of 32,000,0O0. The sharp rise in condition during July is contrary to the usual precedent. Although the critical period for the crop is yet to come, the Favorable progress thus far, and the ab- Sence of serious hurtful factors in the weather conditions from day to day, give rise to the brightest hopes for this highly
 important element in the country's pros perity.
 The investment demand in the bond market has shrunk to small proportions.
 United States bonds are unchanged on gall for the week