The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-09-13
RUSH TO TAKE PROFITS
CAUSES WEAK MARKET.
CROP OUTLOOK CAUSES DE
PRESTON.
RcactiOn Considered Normal Aft
cr Prolonged Bull
Campaign.

New York Sept IA decisive iElp!ee-
zion vas made On prices Of stocks 70
day for The first time in many days b.
the increasing burden OF sales 70 take
profits prompted by the nlisgivinss over
the crop and money OuLOuks. Yet the
dominant impression created by the &C
riou Of the early market was it, con-
tinued evidence u underlying strength
ind its great AbsJTptiv. power.
he number of SHARES which changed
hands had run w 10 three-1uarteI- of a
million in tn" two hours u noon. and i!
that tim. the market had MAD; sturdy
lilies against the inTosds upon the prices
and haG put forth sustaining points a.
strength IN Special stocks in the WAY
which mas become familiar during the
lorg advance As the day wore on the
sustaining points became fewer and "a
- less effective on the sentiment he'd
towards the market at large.
Rumor ~as very busy aJoui the board
TOora with the identity OF tins b.S Sellers
ana fears gained ground thai the ssili-
1Gl speculative leaders had solo out "a
tics for the conduct Of the trading might
not ~ relied upon any longer 10 protect
tho market and stimulate its edssncs-
REACTION NORMAL.
Such . reaction As normal after an tI-
tensIve rise and 1; has been watched 3o-
by professional traders sor Il1Sy Gays
J ne. haste to cover shorts at small con-
cessions and the volume of buying orders
rlgntiy below testing price kept the early
trading to-day feyerish and uncertain
aud showed the doubts OF the bears That
the time for reaction had come
IL" consideration OF the Government
crop REPORT coupled with the weather
.seWs from the grain celt. decided the
course OF prices downward Estimates OF
tie wheat crop based on the Government r
percentage OF condition. leave little mar
Gin tor surplus TO export. 50 that the
f'Gh price Will not represent benefit in
the increase of the export value
-
also failed to stimulate any foreign de-
Innnd for our corn up to this time. The
value OF exports of breadstutis for Al
gust falls To 30 80. AZ. compared with SlS-
e-s.7iS In August OF last year.
Reports Of irosfs last night also gave
the grain markets a fright. and. though
3nass1Tins adyiceS were received from liz.
corn belt. fears are felt fo- Il sudden dam
sge TO that crop and the uncertainty over
j tends TO keep business dull In the Vest
In this weekly Canvass OF the traffic sit
Uation by railroad officials Is easily ois-
.eTI1ble . note Of dissatisfaction with the
rate q The movement Of merchandise
westward, which is attributed to corn IN
csrtaintieS. The grain movement. how
ever, continues large.
MONEY MARKET.
The rate OF depletion of the New York
ianking surplus has served 70 adnOnish
speculative borrowers Of the other re-
gCirements 10 be met With A two weeks
loan eXpans IN of 3l.i2s."c and a cash
withdrawal OF fl5.l55.Js an inroaG upon
7he surplus for that time of Sls.s5,. 10 has
resulted and loan rates are hardening IN
consequence.
GTea. confidence is expressed that the
fall requirements viii he met without
causing sTringency AT New York But the
present course Of the money market Was
an influence on to-dsy's reaction In stocks.
rha cotton carriers were comparatively
well held. and there was furious buying
OF Southern Railway. which made con-
ppicucus feature. Some OF the Southwest
erns also reported good Eruss earnings for
tine first week in September. The close
vas active and weak with net losses run
ming from to > points and upward In
SOME prominent cases.
Bonds weakened in sympathy with
stocks Total sales, par value. S..1J5 %.
United States = registered ard - coz
3-ons declined Is. ana the * coupon "a per
cent on call