The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-09-04
The Stock Market Has Been
Strong and Weak in
Spots.
MONEY REMAINS
Big Leaders Still Bullish on the
Situation and Are Hold
ing the Stocks.
Especial to Tho Times Dispdtch.)
y I3y3s HENRY CLEWS.


NEW YORK, September a.-Thc stock
market has been strong and weak ii,
spots. Some OF the active shares,
which experienced good rise. yielded
under sales to realize. while others hith-
erto neglected were advanced by manfpu-
lation.
IN outside influences the changes have
were chiefly the result OF technical con-
ditions, and the general outlook remains
as about a week ago-dlstinctly hopeful,
though not entirely free of unsettllng con-
ditions. l5i
Crop prospects continue the controlling
factor in both financial and business cir;
oles. August IS generally month Of de-
terioration, and September too. has its
perils from frost. s
Thus far, however. the crops have cs-1
capped serious injury. Corn Is our most
important crop; and, fortunately, the
great bulk OF 1t is now out OF danger. so
thatSthe prospect remains for a 2,5oo. ooo 900
4 crops, S SSB !as6 a35iE III "a.
Cotton. our second largest crop, de-
8clined considerably in condition during
u August, owing to u the less favorable
weather and attacks OF the boil weevil; 3
yetRthe acreagcBis unprecedented and con-
y ditIon above the average. 80 that should
the crop fall to or somewhat below II 800.
900 bales we will still have d bumper
yield.
4. AS for the boil weevil, the government
experts have assured 5us that notwith-
standing the big scare last year It de-
Z stroyed less than 8 per cent. Of the crop.
The Wheat Crop.
shrinkage In the wheat crop has been
already fully discounted, and a Yield OF
{ t5o, 900 and more is still within the
range OF possibility. b IVA y 9
This Is the season for crop scares, and
It Is likely that exaggerated damage
stories have proved exceedingly pre- flta bic
to their speculative originators.
Such news, however, must be accepted
with caution during t he remainder OF the
growing season. Up to date 1t Is certain
important crops except wheat, and no
serious scarcity OF the latter; while at
present profitable prices farmers may
rest sure OF a prosperous season.
Railroad managers are taking on dis
tinctly more optimistic spirit the result,
OF course, OF a good harvest. Current
gross earnings, show smaller losses than
\ IN the first half OF the year. and during
the next three months traffic returns are
}likely to more nearly approach the record
breaking figures OF 1903. u 5sSss
American railroads as a rule, were
never SO well equipped for handling q
large traffic With economy as they are
to-day. Generally speaking they, are In
the soundcst financial and physical con-
dition in their history, fact that must
affect their value as Investments, espe-
cialiy II traffic Increases. as seems more
than probable. 8 RI x ,s
The Money Market.
The money market remains easy, in
spite OF more liberal currency shipments.
Reports OF big Russian loan may affect
the international exchanges, but this Is
premature. A Russian defeat would have;
a stimulating effect in the foreign mar
kets. i \.
Now That the vacation period is over
land business promises to become active.
speculation shows a reyiying tendency.
Manipulation is daily growing more ag-
8Eresstve and the operations of various
pools and cliaues are OF increasing inn
portance.
The market, therefore. will bear closer
watching; for. while the tendency under
existing conditions may be toward higher
prices tho Inducements for realizing grow
stronger with the advance
4 Big leaders are still bullish on the Sit
@uation and are holding the stocks; SO
that the situation has not been weakened
{ by excessive public buying.
Nevertheless, profits should be taken
on sharp rallies. for there is still a pos
s!bility Of crop dana ge, 3s,