The St. Louis Republic., 1904-08-07
DEALINGS DOWN TO LEVEL
OF MIDSUMMER DULLNESS.
MOVEMENT OF PRICES VERY
SLUGGISH.
Uncertainty Over Extent of Dam
age to Spring Wheat Continues
Prcdoninating Influence.

record os tD-days short session Of the
stock Exchange. Dealings ran down I"
the level ot mids simmer dullness and the
movement ~ prIces vas SO sluggish ar
10 be entirely inconciusive 30 TO any senti-
nent over the outlook for values 20 be
expressed.
The uncertainty over the extent Of dam
age 10 the spring wheat was a continu-
ing factor and Is expected to be until tho
publication OF the Gp"ernment report on
next "Wednesday. The rally in the price
Of British cnnsols In London il Il favorable
Influence .rn all securities markets.
IN. outgp or gold winch has been in
aust!ratoi IL the subject Of interested dis
cussion. but IL Us little concrete effect
owing 20 tho pI.ihoric condition of th:1
money market. Foreign bank ksrs refraia
irUin offering bills against future sh'I-
Inci'is VI grain and cotton. as they usual
ly do at this time of the year. because
there IL no choice Ut employing the pro-
eeeds to advantage In the present stag
nant money market here
London and no commercial bills OF eH-
change are offering ~ means OF re-.
nittance of credits The shipment OF Eold
h. therefore the only alternative. TIE
gold outgo next week. 50 far a. arranged.
promises TO he more than Offset BY the
cxp-cted receipt at San Francisco OF -
o0.o1 In Japanese and Australian eoH'
TO b. transferred to New York by tele-
1Bs Et1Bn' hank s,a,.u.n. did not retec, tn,
fun gain IN rrs"rves Indicated by the pre-
ilmlnary estimates. but the showing was
complicated b. operations In connection
with the remittance to Cuba on account
Of the loan installmsnt.
With the exception OF gains in some OF
the obscure specislties. the price changes
were confined to small fractions. mostly
gains. and the closing Was firm. Total
sales OF bonds. par value. N,h'""
REVIEW OF WEEK.
Increasing attention has been given in
the stock market this week TO the condi-
,ion and prospect Of the crops. The con"
ficting Influences from that source hars
market and decrease In the activity OF
the trading. but the weeks movement
has been on the whole, towards hiGher
prices. With the most brilliant prospects
ever recorded for large and profitable
cotton crop and with reports In currency
during the week pointing TO sofnethin4
like n disaster to tho years. wheat crop.
the divided sentiment In the stock market
Is explained.
The consideration Of the cotton crop was
prompted by the publication Of the Gov
acreage Of 326t66OO.
The sharp rise In condition during July
Is contrary to the usual precedent. A. =
yet to come. the favorable proEress tnus
far and the absence Of serious hurtiui
factors In the weather conditions from day
TO day give rise to the brtGhtest hopes TOT
this highly important element In the coun-
try's prosperity. The small eject pro-
d,iccd on the price Of cotton Il to be At
the large outstanding short interest walt
ing to cover in anticipation OF current os-
Bu, confidence i. felt also that the hold
| ing Of the price is due TO the good pros
| pect. Of favorable market for the staple
even with the abundant supply In prospect.
| II IL generally believed that stocks OF cot
owing y W I, the The long sustained high price
| and the resultant policy Of hand,to- NOUN
| buying which has been followed oy con-
sumner.
RAILWAYS CONSPICUOUS.
| II Ia natural that the stocks or COM
| panie- whose business Is connected Win
| the cotton trafic should have been con-
spicuously strong in the weeks trading.
Additional sympathetic erect has Deen
produced on the group by the prosperous
| showing contained In the annual report
| OF the Southern Railway and by the actlSn
clarinR tho f,rst interest disbursement ever
allowed for the second preferred i'So"'o
bonds OF that company.
The prospect or snort crop crop h..vv o. nSs. Se.
crease In the exports OF wheat ior the az
fiscal year is evidence that last yssr
small surplus available for export Wili DE- ns
important gap In the foreign commerce OF
II The corn crop I. stili looked to hopefully
to exc out the deficiency In our gfaHt
esport. the more 30 as all accounts point
to a serious shortage In the ioreiSn wnes. ~
crops. The foreign demand for corn ~
already reported ds to ,Sst ss srCp which % prom
! ises w.ii. viii h. watchfuliy REGARDED 80, a.
an important factor In the business eoh-
| ditions Of the coming year; ...,
as mixed a. those for the crops; me
week.. advices Indicate some revival in
the iron and steel trade and Great I'M
portance is attached to these. Large Or
ders we're placed for pig Iron: ana tne
announcement Of orders for 6o.OO tons o.
| steel rails for the Hartman system or
railrond. wa. OF mar.sd yea en emef ~. IRON ana
F! steel stocks. ~ T..
RAILROAD officials assert that there is
| some growth OF tranic on thslr iime ,,,,s,rns. a
| sentiment I'm their territory as 10 IutuEe
| business revival. Increases In net earninHs
| for June by the PennsyIvanla system anu
| cepted as All idlex OF improving condntons
in railroad finance. due In an impoItant ds-
gree. however. to drastic retrenchment III
| expenses OF operation. notably In INC chs9
| Of the Pennsylvania.
LABOR TROUBLES.
! The symptoms Of unrest In the labor
world make this evident need for retrsDch-
ment in order to conserve net earnings .
| cause Of anxiety. The discussion OF strike
| preparations by the anthracite miners,
| The, strikes of the meat packers and tne
| cotton operatives and the disturbance in
| the building trades In New YORK all fur-
! nish food for this anxiety and exercise .
/ perceptIble reprcssive effect on the opera
| lions in the stock market.
| The shutting down OF works by the fuli..
| man Co, owing to lack Of orders and OF
| some OF the great harvesting machinery
| works are Of bad effect on sentiment as
| clear Indications Of shrinkage In business
| For the same reason small comfort II DE-
| rived from the great ease OF the money
| market due 10 the piling up OF IDLE re-
| serves in banks. A.
! The meat packers strike Is having tn
| effect Of agEravating this situation IN CHI
| cago and st. Louis.
| Little attention has been paid to tne
| war news from the far East, except >"
! far as * has been n factor In the tfenten-
| ing Of the London money market ana tne
| withdraw wal Of gold from Sew YORK Lon.
| don's demand on us for gold IL accepteo
| as an admonition that the usual resources
| on that center for funds TO move tns
| crops Is to be- denied us this fan Tue
| running deficit In the Government rev
| enucs also Keeps alive the possibiiify or
| a necessary withdrawal Of Government oe-
| posits from the banks.
| Til. Investment demand in the oond
I market has shrunk to small proportions'
but a good effect Ia produced by the sue
| ceasfui marketing OF several bond issues
| United States bonus