The Montgomery advertiser., 1904-08-06
WALL STREET REVIEW
4 prcvprp CONTRACTION OF BUSINESS
N STOCKS.
p.~.Y- M. Ia n Large Diversion of Busf-
c..s 10 the Cotton and Grain
Markets and Doubt as
TO Crops.

Nr,u, xopx August There was de-
cided contraction of business IN s.ooHs 10
day Commission houses reported the
amount OF outside orders as lnsisnilIan'
ara ~. srac,latiyn operators showed hesita-
tion and uncertainty Inns Is paiE w. "
q large diversion of specuiatNe ih.e'es. ~
the cotton. and grain narhets ant pa 80,
TO the conflicting Influences from the w
ton and wheat crop prospects. Inc eIIect
of these is to cause alternate advances anu
declines in the market as Whoie' as the
effect of the cotton prospect or the wheat
nrosnact becomes alternately dominant.
There IL very slight tendency LOT tne move
ments in the cotton carriers anu .ne wheae
carriers to diverge Inc result u 10 cause
constant uncertainty as 10 what course
prices NAV take The undertone OF the mar
ket was firm today, according 10 the eA-
PLANTATION of the room traders, VINO hao the
market largely to themselves when was
due IN the fact that they found very light
supplies of stock for sale. so far as the
produce markets were an lhiluehce 'here
was feeling Of yesterday Nloleh. rise
in wheat and the reports of damage TO the
CROP which accompanied II. The reaction
In the wheat market itself gave the view
that the fight over the union hau peeh ex-
aggerated. Reported expressions 10y SOM, some
of the crop experts who have mad large
influence on the present speculative move
ment gave additional confirmation 10 THIS
telling. On the other hand there was PROXY
taking in some of the cotton carriers that
were prominent in yesterdays advance.
The views on the extent or the Damage 10
the spring wheat crop have become SO
mixed that operators express determine
ton to await the publication or the Gov
ernments estimate of condition on august
l. which Is to appear on the 10Th, before
yenturing on further commitments. The
engagement of se.50O,OO0 in gold for ship
ment to Europe next week and rumors OF
further engagements seemed to be accepted
with perfect equanamity by the stock mar
ket The shipment to Cuba is of such a
special character and has been so clearly
foreseen that 1t was totally ignored, but the
movement to London is regarded as an in
timation that the equal recourse to that
centre for funds to move the crops Will be
denied this fall. The money market was
entirely unaffected. The estimates of the
weeks currency movement shows that the
tide from the Interior is uninterrupted AMI
the large loss to the sub-treasury with
which the week opened on account of the
payment of a Central Pacific note has been
successfully reduced by the daily debts of
the Government institution gain of over
So, 900, 000 in cash by the banks Is indicat-
ed. OF the days special movements that
in sugar due to favorable reports. ST.
Paul was strong yesterdays report of
June earnings. Railroad earnings report Of
fers stimulate prices. The sharp recovery
in consos in London helped the early mar
ket here The strength of the Rock Island
group is unexplained Reactions at the last
were only slight. but the closing was heavy
Bonds firm. Total sales, par value,
s2.635, 900. United States bonds were un-
changed on call.
NEW YORK STOCK LIST.