The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-08-04
ALL attention ON
SOUTHERN ROADS.
Cotton Carrying Lines Mon
opoIIze the Interest
CROP REPORT DHENOMtEN NAL
The Southern, the Central of Georgia
and the L. g. N. All Share In the
Unusual Interest-Speculative
Activity Generally Light
CROP REPORT DHENO MENAL

New York. August 3.-Specnlative aetlv-
ity in stocks continued light today, but
such interest as there was shifted In
pronounced way to stocks of railroads,
whose traffic is largely made up Of cotton,
This was surprising in view of the char
meter of the agricultural department on
hhe condition of the cotton crop on July
P5 which made its appearance at noon to-
day, and. which presented a situation
without precedent in the history of the
cotton trade. The average condition of
BIG per cent has never been exceeded
except at the corresponding period in
1894 when e1.S per cent was reported.
Added to this the fact that the 32'0oO,0Oo
acres planted this year is much the lar
gest on record, and the sensational view
of the report taken by the speculative
markets will be understood.
In the cotton market itself, there was
some very determined support by free
buying of the large offerings 1t was con-
Bidered also that large short interest
was disposed of to cover on the publica-
tion of the report in the belief that the
heaviest selling would be induced by its
FIRST effect
There were some other factors which
caused special attention to be given to
stocks or railroads In the southern ter
ritory. One was the annual report of
the Southern Railroad company publish
ed overnight, which disclosed the most
prosperous year in the history of the
present company Furthermore, the Cen
trail of Georgia Railway company affiliat-
ed with the Southern Railway company
announced an interest-payment of 2 per
cent in the second preferred income bonds,
the first ever paid on that security, besides
the full per cent allowed to the first
preferred incomes. The movement in Ten
nessee coal has been an added factor In
the case of Louisville and Nashville owing
10 the implied improvem ent in the south
ern iron industry
Bonds of southern railway companies
shared in some of the strength of the
stocks on account of the cotton situa-
ton. Attention was somewhat diverted
from the spring wheat situation and the
wheat market also revealed some inclln-
alton to regard yesterdays alarm on that
score, as overdone. The tone of the gem
tral speculation in stocks, however, con-
Inued markedly conservative, in spite of
the sympathetic effect of the advance in
the cotton carriers. Southern Pacifc's
rise WIS the Dtily Oh DOldDlt
strength in the general list, and was un-
explained by news. 1t was regarded as
designed to further the subscription de-
nand for the new preferred stock. Erie
first preferred reflected the belief in a
maintenance of its dividend although the
directors meeting was not called until
after the stock market closed.
An Increase In refined sugar and de-
cline in copper were equally without
effect In sugar and on Amalgamated Cop
Ter. Labor difficulties were a continuing
repressive effect. Sterling exchange ad-
vanced again to where gold exports were
!. nder negotiations last week. and gold
I cutgo became an immediate probability
bgain. The market closed rather heavy at
:, gcme recessions.
Central of Georgia first preferred In
7'comes advanced ~; the seconds 17s, and
4he IS. ga. The bond market generally
IS as dull but firm.
Total sales, par value, 100000.
United States bonds were unchanged on
rail-.