The Montgomery advertiser., 1904-08-10
WALL STREET REVIEW
FACTORS OF DEPRESSING INFLUENCE
 STILL ARE IN EVIDENCE.
AZ the Same Time, They Are Not Potent Enough to Prevent Rally In Prices at Latter Part
 of the Session.

NEW YORK, August. 9.--The factors which depressed stocks yesterday were stilI n force today and were effective during tne early part of the Stock Exchange ses- sion. but they did not prevent an effective rally in the latter part of the day. An element in the rally was the buying to disappointed that the adverse factors in the outlook had not induced others than them selves to sell stocks. Also the buying to support the market was attributed to infiu- ential and powerful sources which had the effect of discouraging professional attack upon prices. The buying In Southern Pa cific was deemed especially imposing ana this stock led the rally as 1t did yesterday The approach of the hour of adjournment or the wheat market was the period of most effective recovery in stocks. indicating the feeiing of relief at the removal of that i'm. mediate factor of disturbance. There seemed to be favorable conclusions drawn also from the relatively less violent movement in the price Of wheat than yesterday, although It Is clear that the price of wheat was affect ed by some very heavy profit taking induced by the degree of confirmation of damage re- ports contained in the weekly bulletin of the weather Bureau. The bureau reported indications that the spring wheat crop had been greatly damaged in Minnesota. The weather news of the day continued unfa- vorabls to spring wheat and was also against cotton with some effect on the price of that staple in spite of the high condi- tion of the crop margin against deterioration. Corn did not escape the pre- ValiinB 0eductf0ns from the weather condl- tions and was manifestly buoyed up as well by sympathy, with the wheat market The Weather Bureau bulletins covers the peri cd of supposed damage to spring wheat more accurately than will the Governments g monthly report to be published tomorrow. which covers the condition on August 1. The monthly report of the bureau is great ly relied upon as a better digested and more settled view of the crop situation, so that some stock operations are supposed to still walt on 1t. The legal cut in the price of steel billets and the probable consequence of the continuation of the pools continued under active discussion and induced the early decline in United States Steel pre- ferred The episode is under suspicion of a speculative motive and the personalities associated with 1t made the professional element wary of t. mindful of some severe experiences of the past United States Steel preferred. in fact. turned strong in the late dealings and was one of the leaders of the recovery. Metropolitan Street Railway was the most active stock on the list and it's successive flights to higher price levels were regarded as corrobrative of the persis- Interborough Rapid Transit. The rise in the stocks which extended to four points was a sustaining influence the whole list. Renewed disquiet abroad over inter national politics helped to unsettle the money market and a further advance in to London practically certain It Is under stood that some $3.000.00 additional gold coin also wfll go to Cuba during the week Sentiment was disturbed by these prospects and the market closed very steady and prac- tically at the top
 Bonds were irregular. Total sales par value. $2.245.0 900. United States bonds were unchanged on call.
 NEW YORK STOCK LIST.