The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-09-08
STOCK MARKET SUFFERS
SLIGHT REACTION.
VI TSIDE BUYING CONSPE'
tOUSLY ABSENT.
Pressure To Take Profits IN Pa.
clfics trgent-Iron and Steel
Are Strong.

Ne" York. Sept. 9Th. advocates Of
Hisher prices for stocks met less -ncour-
isthent from the action Of to-tiay's mar
net than from that Of YESTERDAY There
vas as little news 10 accoun; for the -
''ooh as there was To explain the adj
vance. The volume Of dealings was well
UP I" that OF yesterday. but the buyin-
vi Stocks from outside sources and
through commission houses. or selling
vas as little III evidence as nj any time
turing the current period OF activity.
Inc conclusion vas general that the
dealings are largely due to tn. opera
lions OF parties Of SPECTATORS or Of iarg.
n,,,t 'duai traders who make u vocation Of
thst many OF such operators who were
.onspcuolls buyers Ia yesterdays market
RI itec sellers to take profits to-day.
ms Is the sufficient explanation OF IN. act
VII movement of prices and in order ade-
quaieIy TO judge the value Of IN. pic.
iyneInent as an index Of conditions ami
Nhiuts IL would be necessary to know IN.
motives and Information which t,rn,nn,.d
~. operations. There was no pIIbIie. DO
Neiopihent TO throw light on this subject:
PAclFicS UNDER PRESSURE.
IN We" OF yesteriay's wide advance in
the Pacifios and the subsequent public an
houncement Of hopeful views Of pros
reefs Tor values from an official quarter
@ S'su win the system thus affected
sohle or the specuiatiy. followers Of ,i..
movement evidently feared that tho 81
itcuse buyln: that they had been follow
Hs might he considered To be now con-
StuItn. ne pressure To- take profits an
lht fdclDC<- IN consequence. was quito
uts.pt; The opening prices for them
moved documentary effect from the "a
tervieS referred To-. but these were the
highest prices Of the day. Their :.!5se-
qu-nt decline proved OF decisive effect on
sentiment. This influence was reduced ny
n. -.
~ Reading after its recent large gain.
Eren the local fractions. which. maize
n ,y advances on the compro'oise OF
the labor dispute which threatened their
operation. encountered realizing sales.
In tn. railroad list. efforts {" contest the
reaction were rather Intellectual In 4
g considerable degree Of strength Lev"i-
oped aud served IS partial offset TO the
heaViness in the railroad list.
IRON AND STEEL.
The Iron ard steel stocks were most
conspicuous in this movement. but other
metal stocks and also the railroad equip
Ipcnt companies. which make a large use
of iron materials. were affected 10y sym
pathy- II was argued that IN. agreement
OF the pools in steel products - reduce
prices had done away With a DANCE: OF an
open market and harmful competition. E"
ports were also current OF SON. lace or
dcrs for railroad construction and equip
msnt. which were awaiting the reduced
prices Of steel products. These conflict
ing influences kept prices moving irf.gu-
larry all day. The reaction was in force
AT The closing. which was hc.y:.
An apprcciably frmer tone was evident.
both for call and lime loans a. a consc-
pu-nce OF the decline I'm the banking sur
plus and the incres sing demand for m1fiey
in connection with the stock market spec
ula;inn- some attention also was paid 20
reports Of corn crop damage from the
Southwest. Neither OF these factors
seemed To be sufficiently pronounced to
HAY" much Influence the movement Of
prices. The days report Of railroad sros.
earnings for the fourth week in August
Mere uniformly encouraging.
The bond market continued generally
FIRM. Total sales. par value. ss;s-1a.
United States bonds were unchanged on
call.