The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1904-08-10
g. Financial.
YEsTERDAY'S STOCK MARKET.
An Effective Rally in the Latter Part
of the Dry.

An Effective Rally in the Latter Par,
/ of the Day.
| New York, Aug. 9. The factors which
depressed stocks yesterday were still in
force during the early part Of to-day's
session, but they did not prevent an eff
fective rally in the latter part of the
day. An element in the rally was the
buying to cover by profession operators,
who We're disappointed that the adj
verse factors in the outlook had not
induced others than themselves to sell
stocks. Also. the buying to support
the market was attributed to irlfiuen-
| tial and powerful sources, which had
the effect OF discouraging professional
attack upon prices The buying in
Southern Pacific was deemed especially
Imposing, and this stock led the rally
as it did yesterday The approach Of
| the hour on adjustment Of the wheat
market was the period of most effective
recovery in stocks. There seemed to be
| favorable conclusions drawn from the
relatively less violent movement IN the
price of wheat was affected by some
very heavy progt taking induced by the
degree of confirmation Of damage re-
ports contained in the weekly bulletin
of the weather bureau. The weather
news of the day continued unfavorable
to spring wheat and was also against
cotton, with some effect on the price Of
that staple Corn did not escape the
prevailing deductions from the weather
conditions and was manifestly buoyed
up as well BY sympathy with the wheat
market. The weather bureau bulletin
covers the period Of supposed damage to
spring wheat more accurately than will
the governments monthly report to be
published tomorrow. which covers the
condition of August 1. The monthly re-
port, however, is greatly relied upon
as a better digested and more settled
view Of the crop situation, SO that some
stock operations are supposed to still
wait on 1t.
The alleged cut in the price of steel
billets and the probable consequence
to the continuance of the pools contin-
ued under active discussion and induced
SthC SeDAAJ uCGLlHS Ill OHtleu+ States SLe6l
pfd. The episode is under suspicion Of
a speculative motive and the personali-
ties associated with it mad ethe pro-
fessional element wary of it, mindful of
some severe experiences of the past
United States Steel pr, in fact, turned
strong in the late dealings and was of
the leaders of the recovery. Metropoli-
tan Street Railway was the most active
stock on the list and it's successive
flights to higher price levels were re-
garded as corroborative of the persist
ent rurnors Of an annalgamation with
the marlborough rapid transit. The rise
in the stock which extended to four
points, was sustaining influence on
the whole list. Renewed disquiet abroad
over International politics helped to I'M
settled the early market and g, further
advance in sterling exchange made a
gold movement to London practically
certain. 1t is understood that some So
100000 additional gold coin will also go
to Cuba during the week. Sentiment
was undisturbed by these prospects
and the market closed very steady and
practically at the top level. -a- .-s.-
Bonds We're irregular. Total sales par
value, $2,245,000 4
United States bonds were unchanged
on call. @s@
Il y x