The St. Louis Republic., 1904-09-16
STOCK MARKET sAGs UNDER
HEAVY PR0FIT-TAKiNG SALES.
BECOMES SPOTTY As SALES
~ COME OUT.
Continued Advance of Pennsyl.
vania and Steel Most In
fuential Factor.

New York. Sept: 15.-It IS difficult 10 ap-
ply any news that came to-day as mo-
tive for the executive. operations which
again disting guished the trading at the
Stock Exchange anc for the mixed move
ment OF prices. The market started up
ward with a comprehensive sweep that
suggested a continuation Of yesterdays
movement. but it became spotty and i:res-
ular again In the later trading.
The profit-taking was so general as to
suggest again the purpose Uf support in
the marking Up Of picked stocks here and
there In the list The charctsr o. some Of
the reoprts circulated 10 explain the ad-
vance were not calculated TO inspire Gre
dence and added TO the suspicion OF a fc-
utio1S nature scT some OF the movements.
STEEL ADVANCES.
The continued advance OF Pennsylvania
and the United States Steel stocks was
the most Influential factor in shaping SEN
tinent on the general market. and was
fairly effective In supporting the level OF
prices In the face Of prOfiJ-t,kiEg ia some
OF the stocks which have made previous
striking advances. ASIDE from reports OF
4 growing expansion III orders for steel
products, there was no news concerning
either property unless IL was the denial OF
a report current yesterday OF the placing
Of an additional order FOR luH.rD tons Ot
steel rails for the Hartman roads.
There We're TGmUfs Of an important
short interest in the stee. stocks which
was meeting difficulties in covering and
the urgent dema1 FOX these gave plausl-
bility to the report
DAMAGE TO CROPS.
Last nights frosts were reported to
have fallen as far short of the dreaded
damage to corn as those Of the night be-
fore. but the CHANGERS and Pacifics were
distinctly heavy after the opening.
Another source Of uneasiness was the
marketing Of large block Of Colorado
Fuel. which had the appearance OF an Or
der to sell at the market. ST Paul was not
helped by its annual showing of record
net earnings. and SmeltinG's increased
earnings for the year resulted in a de-
cline for that stock
The movement in the cotton carriers was
plainly based on the favorable DrU5pects
Tor that crop. but Southern Railway was
q marked exception to the movement. and
continued TO be sold to take profits. The
volatile and unstable rise in the cotton
carriers begot more suspicion that IL en-
gendered confidence. II was asserted that
freight traffic on the trunk lines was be-
coming heavy.
FOREIGN TRADE
The full foreign trade statement for
August partly Offset the unfavorabIe i'm
preston caused by the showing of exports
for domestic products That showing IL
will be remembered. showed a shrinkase
OF S,sse.292 compared with the preceding
August, while the total exports show
increase %. So"-11,o-f' Cle inference Df4.Is
that the discrepancy is made up by a
growth Of manufacturing exports. This is
supposed to point to increased steel ex-
ports.
The marketing OF the call loan Of per
cent evidently foreshadows a further
shrinkage In the bank surplus. and Was an
Inference in the growing weakness OF the
stock market. which carried the graaEers
and Paciics and a few of the EasteTn
stocks point or more below last night
and largely reduced the gains elsewhere.
Rankers' loan bills also made Their ap-
pearance in the foreign exchange market
and forced down the sterling rate. sug-
gesting the likely source of relief for any
marker growth in the demand for money.
The stock market closed easy
Bonds were firm. Total sales. par value.
$..5.5-0vO United States bonds We're IN
b changed N call