The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-09-23
STOCK MARKET RESPONDS
TO BEARISH influences.
PRICES DROP TO A LOWER
LEVEL.
Trading Curtailed in Spite Of In
ordinate Activity Of the
Pacifics.

New York, Sept. c,.-Specuiat;ve riisg,v-
ings obtained the upper hand to-day and
carried prices to lower level. Tho rate
OF activity Of the trading was much cur
tailed In spite Of tho inordinate activity
Of Union Pacific and Southern Pacific.
especially IN the earlier part OF the day
Tho misg1vings were not due 10 any
actual conditions OF affairs. regarding
which the days was rather favorable
than otherwise. but bore on the doubtful
status Of some OF the rumors lately prev
alent and which had been tho basis Of
operations in the market. This was
especially true OF those bearing on Union
Pacific, which have attained such num-
Eefutation by their inconsistency. one with
another. The result was to increase the
suspicion felt toward them.
SOUTHERN PACIFIC DIvIDENDR
The one most prominently advanced this
morning was what dividends on the new
Southern Pacific preferred stock are TO
be promptly inaugura;ed and soon to be
followed by q distribution IN the common
stock. This would be of equal benefit
70 Union Pac,iic. with the expected dis
was used to lift the stock yesterday. As
long as Union Pacific advances the rumors
are TO be given a certain amount OF
credencs. at least by the intimidated
This strengthens the suspicion that the
campaign is primarily designed for the
Union Pacific to-day began 10 run OF IN
face Of Southern Paciics one-point ad
vance. the conclusion Immediately sug-
Sested Itself that actual conditions in the
stocks must be out OF joint with the
rumors and doubts and caution ensued.
There was report. which was not rel,
thousand shares of stock are now afioat
from London for delivery in New York
II is customary for foreigners 10 sell their
holdings In New York on orders by cable
while. their brokers here borrow them for
delivery under the arrival of the actual
certificates. thus adding to the borrowing
cent appearance of the large short inter-
est in the market would thus lie implied
to be fictitious.
This report rlso serves to discredit re-
cent reports Of buying here for London ac-
count and TO point TO New York origin
for such buying orders.
CROP NEWS.
The influence Of the crop news WIS not
against stocks A favorable Influence was
caused by the Price Currents estimate OF
I'D, 019rO bG. of corn assured and % per
cent of the crop beyond the reach OF dam
age. Warmer weather In the corn belt
was relief TO apprehension of frost dam
age, but the reports Of rain were receiver
with disappointment owing to the need
Of warmth to hasten the ripen,ng OF the
grain.
Money was trile easier. though quota
lions were not perceptibly altered. The
lighter speculation in stocks has iessenec
the demand for loans. The SubtreaSury IL
also taking less from the market than last
week. owing to the monthly high tide In
the disbursement for pensions.
Sterling exchange also continued to de-
cline. The existence OF appeals from two
parties amongst the stockholders for prox-
les for the annual meeting probably ac-
counted for the sudden demand deyeloped
late in the day for Ontario and Western:
Slight effect was produced elsewhere and
was lost again before the closing. which
was easy.
Bonds were irregular. Total sales. par
value, 6. 1S06a. United States bonds were
unchanged OIL call