The St. Louis Republic., 1904-09-25

cy Of prices. however. has been, down
ward and The decreasing activity Of the
Grading marks deciin. also in speculative
. interest. The doubt consists in the aues-
ton vhcths- the rise IL prices OF stocks
has not been more than sufficient TO meet
the improvement il conditions which l.
set out TO anticipate
II X perceived that Pet Of the expected
Improvement was not realized. and some
Unfsvorab'e developments have beer. u l.
81 iTs;o account fs tIr period Tor the
maturity Cf the crops approaches Sp-cu-
lc'.ve attention is concentrated on ths
outcome. tii- more the final stages
Of their maturity are recognized as tie
rnos- critical
CROP PROSPECTS
In reviewing the ccu-ss Of the late Use
in stocks IL i easiI- recognized that the
crop prospects cn which it was Initiated
have ben materially modified Severe re
eurtion in estimates of I'll three OF IRE
leading crops. wheat. com and COTTON
hay.. had 10 h. made and N the cases II
corn and cotton the pTocss. Il sill going
on The estimates Of tho corn crop Eeief-
ally accepted in Wall St,eet this week are
at = go 90 c,a.sl bushels. or below. with
the coTrohp-stcry testimony OF authorizes
on whom the word places hlgn ydire
This. cc-npared with an earlier esilrns 20
OF two and on--half billion and fselnG
Of some hesitation Is esplICable on the
part o: those who bought stocks or the
basis Of that expectation
. tiT.lcnt by the argument that stock prices
have been carried TO a level warranted by
the earlier estimate rather than by the
later.
The means by which the rise in prices
has been effected have also come in for
their share OF suspicion The fact is i'm
pressed 10y a process % - 'rosp-c,ioh & 'tiat
a flood Of ru-nors and aS-ertions has beei!
mad. the bass of "Tcrm"uS bu:ins oi
stocks aHd wiic advance IN ;heir piic-
for days ana even weeks an" p,'i
thrown aside and forgotten without Dc
ing realized
EaILNATS-
Expected dividend increases. great COM
binatiors and abso-ptiOns of railroad sys-
tens. alleged contests for control IL, The
open :.:ara,t- have been made to feed
speculative excitement successfully ana
Ihcu reIegatei to the otSScuiity of nnTai- :
Tanted rtiInor% without material 1fisr--i-
feet on tine prices which they mad served
To enhance
Th,. extent OF The revival of the iron
and steel irhn" "a matter e, 'i .,-I.,
sii---ict The effect ~ tn. week cui II
-lt. steel billet<. although long f"frs -efi-
was tad. was the opinion expresses %
trad. authorities that nrevious cuts N
Other forms had induced but a raoa"rats
Response from cuSto'neTs- Ire tnit'u
Stats Steel stocks were not lack-ns N
resi-tin. power 20 the pressure upon tnetii.
and II was sought TO account Tor these
by r-irncrs of financial measures IN COZ
fe:,lr lation. saCh q resumption oi tn-
conversion of preferred stock Into the sec
ond 5-pe--ccnT bonds but 70 autho'itS vas
10 be ,,ad for this ruTnoT
Union PACIFIC.
The weeks principal Tuurors oenrered
about Union Pacific. but they proved 80
numerous and contradictory as to impair
,i1.ir influence and were dropped ont of
consideration. The withdrawal OF funds
from New York by the interior has con
-intI.,l and former estimates OF :he uriirn-
if.d rIffi-iency of the banking surplus
have been revived. influenced by the RAPID
rate OF ,islet:on of three previous weeks
Interest rates are still On a very rnocer.ile
basis and the RAPID decline IN foreign eS.
imports might be rad in cage OF any
urgent need. But the rising course of
loans has had deterrent effect on specL-
latiOn.
Th. incoming reports to the Comptroller
IF the September . condition OF national
b-,Ls fbro;,. hott ;ile country disclose a
state Of reserves in tn" south ana Hsest
that offers no prospect OF less than nor
mai cali upo1 New York Tor autumn re-
quirsment>.
The reduced demand Tor money az the
stociz Exchange prompted by the per
ceptiou of tiles. conditions IL believed 10
t,a the cause for the slightly easier tone
OF the money market IN the middle o,
the week
Re-orts of railroad earnings and OF the
course of general business have been re-
carsied as satisfactory. bI-t have lacked in
fiuence on stocks owing TO their agree
n,enr with esuectations which had induced
previous operations in stocks
The bond market has been irregular
and somewhat less active. United States
- and the old - registered have adj
vanc.,i I, the ss :. and the Old a. coupon
!. per cent on call during the week