The St. Louis Republic., 1904-08-04
ACTIVITY SWITCHES
TO COTTON RAILROADS.
THE GOVERNMENT REPORT
HIGHLY ENCOURAGING.
Southern Enjoys Most Prosperous
Year in It's History-Spec-
ulation Light.

New York. Aug. Speculative activity
in stocks continued light to-day. but such
interest as there was shifted in pro
nounced WAY to stocks of railroads whose
traffic is largely made up of cotton.
This was not surprising. in view OF the
character of the report OF the Agricultur-
al Department on the condition of the cot
ton crop on July -. which made its ap-
pearance at noon to-day and which pre-
sentcd situation without precedent in
the history of the cotton trade. The aver
age condition OF ?l.6 per cent has never
been exceeded. except at the correspond
ing period in 1884, when 9l.S per cent was
reported. Added to this. the fact that the
3o,Ooocoo acres planted this year is much
the largest on record and the sensational
view of the report taken by the specu-
lative markets Will be understood.
In the cotton market itself there was
some very determined support by free
buying of the large offerings; 1t was
considered also, that a large short inter-
est was disposed to cover on the publica-
tion of the report in the belief that the
heaviest selling would be induced by its
hrs. effect.
RAILROADS.
There were some other factors which
caused special attention TO be given to
stocks of railroads in the Southern terri
tory. one was the annual report OF the
Southern Railway Company. published
over night. which disclosed the most pros
porous year in the history of the present
company. Furthermore. the Central OF
Georgia Railway Company. affiliated with
the Southern Railway Company, an
nounCed an interest payment OF per
cent on the second preference income
bonds. the first ever paid on that securit!
besides the full $ per cent allowed to the
ret
The movement in Tennessee Coal may
have been an added factor In the case OF
Louisville and Nashville owing to the i'm,
piled Improvement in the Southern iron
Industry. Bonds OF Southern railroad
companies shared in the strength OF the
stocks on account of the cotton SITUATION.
Attention was somewhat diverted from
the spring wheat situation and the wheat
market also revealed some inclination to
regard yesterdays alarm on that score as
overdone.
MARKET CONSERVATIVE.
The tone of the general speculation in
stocks. however. continued markedly CON
servative. in spite of the sympathetic ef-
feet of the advance in the cotton car
riers. Southern facific'S rise was the only
instance Of notable strength In the gener-
al list and was unexplained by news. 1t
was regarded as designed 20 further the
subscription demand tor the new preferred
STOCK
Ere first preferred reflected the belief
In a maintenance of its dividend. although
the directors meeting was not called un-
til after the stock market closed. An in
crease In refined sugar and decline in
copper were equally without effect on
sugar and on Amaigamated Copper.
Labor difficulties were a continuing re-
pressive effect Sterling exchange ad-
vanced again TO where gold exports were
under negotiation last week. ana a gold
outgo became an immediate probability
again. The market closed rather heavy
ct some recessions. Central OF Georgia
first preferred incomes advanced 2i1c, the
seconds l5sc and the thirds 2izc
The bond market generally was dun
but firm. Total sales. par value. 2,000."C9
United States bonds were unchanged on
call.