The Montgomery advertiser., 1904-08-12
WALL STREET. REVIEW
GOvERNMENr CROP REPORT CAUSES
 PERIOD OF STRENGTH.
Confidence With Which Stocks Were Fur chssed Materially Impaired Later in the Day-Profit Taking
 Coca on During Rise.

NEW YORK, August 11.-There was period of great strength and animation m the stock market today while the 1irst m depreciation of the Government crop report was the dominant influence sentiment The confidence with which the buying oi stocks was conducted was materialy m paired later in the day. The wio upshoo' Of prices in the wheat market was se- rtous unsettlement to the optimistic views deducted from the reading of the Govern- ment crop report. The strength or the corn market also caused grave misgivings over the seeming promise of record in that cereal held out by the Government report. But besides these influences 1t must pc borne in mind that an enormous amount or profit taking was accomplished during tho active and rising market of the morning. This had the effect of distributing stocks from stronger to weaker hands and or di- minishing the motives for supporting the market by tho power of speculative opera tors who had been reducing their holdings. The reactionary tendency of the Metropoli- ton Fractions because of selling to take profits on its less violent moment was a drag on the entire market. An attempt was made to remedy this by forcing Metro poiitan Securities to higher level. But that stock failed to hold and the movement was not effective in curing the skept'cism which had developed in the prevailing sem timent. The disturbance aroused in the steel trade by the discussion over ,,tn., the that conditions in the trade are not as tran quil as have been represented in the main tenance of agreements for sustaining prices United States Steel preferred showed a very slight response at any time to the strength of the market and its late drop helped to unsettle the market. The engage ment of gold for shipment to London had rather less than its usual sentiment against the market, as the weeks receipts of gold here on account of the Japanese and Aus tralian arrivals at San Francisco have been liberal and the mornings cables reported another shipment of S1.75o,0o0 on the way from Australia.
 The stock market during the morning had every appearance of important buying and 1t was taken for granted that large com mitments were being made that had walt cd on the Governments report of the Aug ust crop condition before making a deter imitation. It was held that the corn pros- poets there indicated were brilliant and that the reported damage to spring wheat had been much exaggerated. The move- ment in Southern Pacific and the charac- ter of the buying in them were especially imposing. But the grain and cotton car rfers enjoyed a good demand for all sections of the crop regions. Northwestern made a special response to the favorable annual re- port. The rise of a point in Reading was not very effective in helping the other coal CTS and trunk lines and the industrials which were conspicuous yesterday. fell into the background. After the grain markets had closed for the day 1t was found feasible to rally the stock market, led by Southern Pacific, which rose within a shade of 55. Some of the grain carriers also recovered to about the best. but the closing was irregu- lar and at only partial recoveries from the reaction.
 Bonds were quite active and strong To- States old 4s advanced x and the new 4s coupon $ on call.
 NEW YORK STOCK LIST.