The Birmingham age-herald., 1904-08-06
BUSINESS SHOWS
 BIG CONTRACTION Cotton and Grain Markets Are
 Responsible UNOERTONE IS QUITE FIRM Rumors of Large Shipments of Gold to Europe Next Week Were Ac- cepted With Perfect Equa-
 nimIty by the Market.
UNOERToNE IS QUITE FIRM

New York, August 5.-There was a de- lcided contraction of business in stocks today Commission houses reported the amount of outside orders as insignificant and the speculative operators showed he's itation and uncertainty.
 This is partly due to a large diversion of speculative interest to the cotton and grain markets and partly to the con ficting influences from the cotton and wheat crop prospects. The effect of these Is to cause alternative advances and de- clines in the market as a whole, as the effect of the cotton prospect or the wheat prospect becomes alternately dormant. There Is very slight tendency for the movements in the cotton carriers, and the wheat carriers to dlverge. Tie result is to cause constant uncertainty as 'o what course prices may take.
 Tho undertone of the market was nrm today. According to the explanation or the room traders who had the market largely to themselves this was due to the fact that they found very light supplies of stock for sale So far as the produce markets are an influence there was a feeling of suspicion of yesterdays vio- lent rise in wheat, and the reports Of damage to the crop which accompanied it. The reaction in the wheat market itself gave the view that the fight over the union had been exaggerated. Report ed expressions by some of the crop ex- perts who have had large influence on the present speculative movement gave addi- tional confirmation to this feeling.
 On the other hand there was profit taking in some of the cotton carriers Shat were prominent in yesterdays ad- vance. The views on the extent of the ,damage to the spring wheat crop have become so mixed that operators express Ia determination to await the publication of the governments estimate or eonal- tion on August 1, which is to appear on ahe 10th before venturing on further com mitments
 shipment to Europe next week, and ru- mors of further engagement, seemed 10 be accepted with perfect equanimlty py the stock market. The shipment to Cuba is of such special character and has been so clearly foreseen that it was totally Ignored, but the movement to London IS regarded as intimation that the equal re- course to that center for funds to move the crops will be denied this Tall. Ihe m The estimates of the weeks currency movement shows that the tide from the interior Is uninterrupted and the large loss to the sub-treasury with which the week opened, on account of the payment ,of a Central Pacific note, has been suc- ,cessively reduced by the daily debits Of the government institution. gain of over $S,00O,OO0 in cash by the banks is in N.dicated Of the days special movements that in sugar was due to favorable re- ports.
 \ St. Paul was strong on yesterdays re port of June earnings. Railroad earnings report offers to stimulate prices. The sharp recover in consols in London helped the early market here. The strength of the Rock Island group is unexplained Reactions at the last were only slight, but the closing was heavy.
 Bonds were firm. Total sales, par value, S1. 635. GOO.
 United States bonds were unchanged on call.