The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-09-18
STOCK PRICES UNDERGO
ANOTHER SHARP REACTION.
BROKERS APPRET ENSIVE
OF CROP DAMAGE.
ST. Paul Leads the Decline, With
Other Changers Not Far
Behind.

New York. Sept. T1.-Prices OF stocks un-
der~ent a sharp reaction again to-day IN
der the combined influence Of an unfavor-
able bank Statement; and apprehension Of
| crop damage. The holiday in the London
| market WAS also an influence. as opera
tons for London account have been 'of
some importance for a number OF days.
The news regarding the crops was not
discouraging. warmer weather being the
rule. The grain markets were reacti0nary
but the highly speculative conditions in
those markets made Wall street some
what suspicious OF them rs reliable in
dex OF real conditions.
The selling of stocks was more due 10
fears Of possible developments regarding
the crops during the Sunday interval not
now ior-se.n. st. Paul was the leader of
the decline but the other granSers were
not far behind
BREAK IN READING.
The break in Reading was of large in
nuence. as early attempts were made to
advance the price on the score of the IA
vorable annual report. But the evidence
OF important selling on the advance sug-
gested that the best buying due TO the an
nual showing had been done already and
Of United States Steel preferred also
proved futile
The further sIof.c.sp loan expansion
disclosed by the bank statement disap-
pointed any expectation that the weeks
liquidation In the stock market was re-
ducing that item-S Its increase is attrib-
uted by bankers TO interior borrowing for
crop, moving purposes. especially by the
South. The interior demand il also re-
sponsfble. OF course. for the further S.
5000 shrinkage in the cash item The
net result Is a decline of S0SS. 100 in the
surplus OF the banks. admonishing to cir
cumspection in the Treatment of the money
situation Total sales of bonds. par value.
81 $500.
REVIEW OF WEEK.
The complexion of the stock market has
been decidedly mixed during the last week.
On dealings which rose over million
shares a day. large selling to realize has
come on the market. which has been op-
posed By sturdy support. causing effective
recoveries at times.
New points Of aggressive strength have
also been developed. The market of the
earlier portion of the week succumbed
generally to the pressure on IL and il was
in the later period that resistance to the
decline developed.
Free realizing was expected In view Of
the previous advance and the lack Of new
incidents to extend IT. But the reaction
able developments. which caused ureasi-
ness to the stability OF values. The
most important and effective OF these was
the deterioration OF the crops.
Last Saturdays Government crop report
of conditions on September I showed such
a heavy decline in the condition OF wheat
since the previous report to give larg.
influence to the constan.ly-appearilg esti-
mates of 4 crop much lower than the Gov
ernment's figure for the first month indi
Gated.
COLD WAVE.
The development of cold wave and the
occurrence of light frosts in the crop re
gions Of the West added to the fears OF
Nd ~ oil 10. TO-,
In progress in the grain markets exaggcr-
ated the effect of all developments regard
Ing the crops.
ke;s. the forecasts OF the frost effects
largely exceeded the actually. and this
gave room for some reactionary effect
both in the grain and stock markets But
the recovery in the Erangers proved nci-
crate. leaving IL clear that the outcome
OF the crops IS still a potent factor in the
securities market.
Reports from Western railroad officials
demonstrated that however favorable the
ultimate result mac he the present ankle
ty Is having a real influence on affairs in
the crop region b. inducing conservative
courses in business and the Withholding
of orders for future consumption
Disappointment WAS expressed by the
railroad officials over the offerings Of
merchants for shipment westward. which
were not developing as rapidly as had been
cxrected the week before. tn. grain
movement. however. was expeni.ng a, a
satisfactory rate. and tn. r1Oy er1ent cf
cotton warranted confidence ia values of
the cotton carriers This group. in fact
uiavei 81 conspicUcuS a mart in the Iar.'
movements that manipulation was made
and caused a declining effect on the rest
Of the market
FOREIGN TRADE
The foreign trade return for August
showed the value Of wheat exports sllrunk
to Insignificant proportions. with no pros
pect OF improvement in the existing con-
dition OF that crop Even the corn ex-
ports were barely maintained at last
years unsatisfactory level thus d.sap-
pointing the hopes OF a growth in the
foreign demand for our corn as n conse-
Quence Of the shortage of wheat
The foreign trade statement dispIayed a
gratifying expansion in the value OF ex-
ported manufactures. and this was cited
as q factor In the great strength de-
veloped in the United States Steel stocks
The explanations for this movement were
somewhat meager and were NOT found IN
reports Of conditions In the trade or In the
views of trade authorities on the out
look.
A very large outstanding .hor, interest
In these stocks was suspected as an ele-
ment in their advance. The large demand