The Montgomery advertiser., 1904-08-18
WALL STREET REVIEW
NEWS FROM THE CROPS ARE INFLu-
 ENTiAL FACTORS.
Couti,ued r.r,vt. from the Northwest About Dsma Ge to Spring wheat Are Not Without Effect--Demano
 far 9tocks Paralyzed.


 NEW YORK. August 1.-The news from the crops was an influentiai iaeto. Tn todays stock market and the eonsu yr.S flood of damage reports rom .he r.rsaa west about spring wheat was not resarosu without anxiety The iron and steel traoe situation was another legitimate grouno TOT apprehension over values. The efiect os stocks was more to paralyze the oemano than to bring any severe pressure to bear on the market. There was no general ,Qul dation in evidence and the bears were tlmlo ssout attackns the market nec,si ec s"vr weakness at one or two points was also vel re- sisted. The Metropolitan stocks ma1e some feverish beaks. due to doubts on the par' of speculative holders because Of the con tinued failure of confirmation or the merger rumors which induced them to ouy tns,r stocks. Sugar gave evidence of a eui. imitation of a reasonable speculatlon anu oi liquidation by belated holders
 The feeling in professional speculative circles was in favor of some reaction on technical grounds. but still the yielding oi the general list was very moderate The decline of 1k in Canadian Pacific on ac- count of low temperatures for the wheat crop in Manitoba was an extreme move Steel preferred and a break in the price schedule for finishe dproducts was only half below last night This was before the or ficial admission of the cut in price of wire. As this is the event which the selling for some time was meant to anticipate' it was natural that there should be some cov- ering by speculative shorts on the announce. ment. The recovery which resulted In United States Steel preferred went far to- wards reassuring the disturbed sentiment In the financial district. An effective rally followed and the restraint was moved from special features of strength which made striking gains.
 The corn and cotton carriers enjoyed . firm undertone throughout. The firmness of the corn market was attributed to sym pathy with the violent advance in wheat and reports current in the grain markets of danger to corn from frost were ignored. The coalers both of the hard and soft coal group. made substantial gains. Penn sylvania Railroad traffic officials reported an extraordinary traffic in coal. especially in the movement of soft coal to the lakes. Pennsylvania itself was held back by sym pathy with the early heaviness in Steel. but Norfolk & Western got the full benefit of these reports. The strength of Ontario 6 Western was a sustaining influence on the anthracite group. The buying of this stock was believed to be competitive as be- lieved to be competitive as between the voting trust interests and the Stockholders' Protective Association. The market showed no disturbance over the ap- parently acute crisis over the preservation of the neutrality of China and the issue of a Russian loan and reported efforts to float a Japanese loan were of no effect in the money market.
 at the recoverel level of prices pretty well maintained.
 Bonds were steady. Total sales. par val ue, s5510,000. United States 3s advanced Y and the old ss declined < per cent on call.
 NEW YORK STOCK LIST.