The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-10-16
usual share of attention as the week pro.

| crossed.
The development Of events has gone far
10 verify many of the expectations on
which the revival in the demand for stocks
Was based months ago. With the reaIiza-
non OF the hopes then formed. spectators
nave sold to take profits. But the manner
IN which this selling has absorbed and the
sinai! apparent increase In the floating
supply of stocks which has resulted from
J. mas Kept Up the tone of the market and
mas encouraged to fresh commitments to
tho long side by those who had sold out.
CROPS
This foundation of the market was the
practical making Of the grain crops, the
continued promise of an unusually large
, cotton crop and the continued ease of
money, in spite Of the large Withdrawals
OF currency fo- the interior. The Govern
ment's estimate of the condition of corn
on October ! is usually accepted in the
trade as a definite basis for estimating the
final yield Of the crop. as the portion re-
from frost is then SO much reduced as 10
offer small darGer Of seriously diminish
Ing the final output.
An Indicated crop on the Governments
estimates of ,4JO.0c0,eO bu. OF upward
leaves little ground for alarms that were
caused by the earlier expert stimate of
2,V0.cU.G0 bushels or less and the i'm
wheat promises an addition to the export
able surplus II that cereal. The effect of
this news was directly stimulating upon
all the grangers and indirectly upon the
whole market.
With the movement of new corn to mar
ket It is expected that the present stagna-
ton IN the export trade In grain will be
September fell in value to only S,4l9,9 0S.
compared with SIS. 599. sc in September OF
last wear, and from January l the decrease
has been no less than sT4. 124.5 s. Great i'm
p%ortance is attached therefore, to a re-
v1val In this department Of our foreign
trade. as the present abnormal volume of
cotton exports is hardly expected to be
maintained.
MONEY.
The continued Inroads upon the surplus
reserves of the banks and the prospects
Of their continuance yet for several weeks
caused a momentary hardening of money
rates early in the week. But large banks
and trust companies promptly appeared in
the loan market and offered the call
money rate down to s per cent again n
more than S2,O0g of Australian gold.
and the Subtreasury has contributed q
considerable sum to the local money mer-
ket by reason of the monthly rise OF the
tide of pension disbursements.
The Government revenues have improved
and compare favorably for the present
IhSars s Ml' ap%p orehe 81 5a thai fe tbs T thss re-
may be called upon to withdraw deposits
from the national banks to maintain the
working balance while the crop-moving Ge-
mands are still in force.
The advance III the discount rate Of the
Imperial Bank of Germany from 4 to 5 per
cent slightly unsettled the money situation
that an obstacle might be opposed to our
drawing gold from London in the event of
a rise In the interest rate here. Some OBJ
security exists as TO the motives of the
German banks action. but its influence
on sentiment has diminished with the cas-
Ter tone OF money here.
The abundance OF money and the high
prices ruling ere made occasion for much
discussion of the general effect of the in
crease In the production of gold in the last
few years and the issuance OF the war
loans by creating great credit funds for
weeks advices have pointed to the contin-
uance Of the revival Of business in many
as indicated by the expansion of
ings.. and especially the expanding de-
mand for iron and steel and, In less de-
gree, Of their products.
IRON AND STEEL
The statistics of iron production, with
the further increase in productive capaci-
tv and an accompanying decrease in stocks
on hand. are accepted as conclusive evil
who have maintained a skeptical and con-
sentative attitude toward reports of i'm
~provements in that trade. The large de-
for copper is accepted as corrobora-
tive evidence OF the Improvement in iron
and steel. and the more liberal OUTLAWS by
railroads for equipment point in the same
The strength thus caused for TIE metal
and railroad equipment stocks has spread
all through the industrial list and has
caused a general rise in prices CT all grades
of stocks in that class. good, bad and in
different. This development las made
some impression on sentiment as a posi-
BILE forerunner OF accumulation of the ad- |
vance in the general market. On the other
how'd thn AaOd nf fnrarf1AJ NJ -.
the railroad work has considerably
abated and has left a moro healthy ap-
to the market
The speculative issues In the bond mar
ket have been very active and lave made |
some sensational advances.
The tone for investment bonds has been |
firm. United States old Is have advanced
* per cent during the week.
Chicago Stock Market.