The St. Louis Republic., 1904-09-20
STOCK PRICES DECLINE
AND BUSINESS SHRINKS.
CORN OUTLOOK STILL DE
PRESSING INFLUENCE.
Southwestern Railroads Show In
creased Earnings Over
Last Year.

= N-v York Sept: G-Prices u stocks lost
ground again to-day and there va. de-
eided shrinkaxe in the volume OF bust
ness This wa, partly attributed 10 the
occurrence OF the important Jewish holi-
day Of YoIn Kippur. the observance OF
which kept a large element away from
the session Of the Stock Exchange.
The saggtng moyemen, OF stocks was
not precipitate and was made irregular
and with frequent psuses and rallies.
The appearance Of weakness was most
acute at the time the corn market was
,,roases,. ,sn,a . zisins a suggestion Of the
The movement in both markets was not
based on immediate news Developments.
but on the appearance of estimate Of the
volume OF the crop by experts. who have
won some following In the course of the
recent active speculation in wheat and in
stocks. These estimates were a total crop
Of less than 20D.UO9O bu.. compared with
crop Indicated by the Governments
figures OF Sept. !. Of sssl .1o.c0 bu-
MONEY.
There vas increased discussion elso OF
the money outlook. based on the Satu--
day bank statement The effect OF this
statement was n c-per-cent rate for call
loans and a frTner tone for time loans
for the shorter periods. With the surplus
reserve cut in two IN three weeks. and
the larger part OF the crop-novins de-
An early contraction Of the loan accom-
mO6acons OF New York banks must be
enforced. Confidence IS felt that this may
be done without stringency of money. but
II remains that loans at I per cen; and
under on the Stock Exchange for specu-
lative purposes. is what would otherwise
Of necessity lie idle IN bank vaults and
IS in consequence the first TO be called IN.
Thus II almost invariably follows from
the first contraction of bank loans that
xome liquidation come. up on the stock
market
Sterling exchange ran of to-day in re-
eponse to the irTner money market. but
discounts also hardened and gold rose in
Londsn. and tbs Statist warns the London
market that II cannot expect continuance
Of the present extreme ease Of money
there ~ New York calls for gold. as indi-
Gated by the movement OF the exchange.
Interior banks are drawing on New York
deposits for meeting obligations to the
Government, thus accounting for the con-
finued large drain Of the Subtreasury op-
srafions. The harvesting period and the
railroad trsffic. but officials express conf
dence in a good fall trafiic after the crops
are harvested.
RAILWAY EARNINGS.
Earnings fo- the second week OF the
month show mixed results. but the South
westerns reporting to-day showed good in
creases over last year. The fact, as com
Inented upon. that the Missouri. Kansas
and Texas annual report. like that OF the
St Paul last week. shows increase in ex-
penses. ts more than accounted for by the
higher cost Of operation. although expend
tiure for maintenance Is cut down.
Current opinion on the outlook for steel
trade revival was not so sanguine as last
week while some very hopeful views Of
the copper trade were heard in connec-
iion with the vigorous advance in Anal
eamsted Copper. The closing was very DUN
and heavy. but above the lowest
The bond market was easy. Total sales
par value g. i25.op. United States Is ad
eanced L per cent on call.