The St. Louis Republic., 1904-09-17
NEW YORK STOCK MARKET
LACKS VlGOR OF MOVEMENT.
Rise OF MONEY RATE DIS
TURBS SPECULATION.
Hrangers and Pacifics Under
Heavy Pressure Despite Favor
able Crop News.

New Yo-k. Sent ls-Eari- .Hort, %
support prices OF stocks to-day seemed tc
prove futile, snc there was time when
tie market seemed to be abandoned to
the iiauidators But ths selling diminished
largely at the lower level and encours ged
TIRE friends OF higher prices 20 renew their
supporting tactics.
UNEXPLAINED BY NEWS
The news did not offer ? clear e,plana-
:.on or these varying operations. Tn.
grangers and Paci;cs were under heavy
pressure during the first half OF the Sos
sion. in spite OF the reac.!onary move
rneat OF grains. The weather reports from.
ths grain regions were OF higher ternpera-
ture- and bear OUT last nights forecasts
Of the development OF another cold wave
sn the Northwest. Yet the pits sank 10
lower level With Pennsylvania the sole re-
lance for support OF T-.cer. That stock
ultimately gave way with the rest OF the
market II was a, a disadvantage, s.tb
reports IN circulation Of a conteupIsret
strike on the part OF some of the train
fnsa on the Western lines OF the system
ffe extension Of the strike among err
ployes OF the United States steel Corpora
ton in the Mahoring VALLEY showed its
erect on stocks and forced them point
under last nights cios., with sentimental
effect on the whole list The steeI
stocks. however. resumed :ae leadership
of the recovery In the market later, sha--
Ing will Reading N that respect
MARKET MORE QUIET.
The market was much more qc!e: thar
yesterday or OF any day this week. and
lacked the visor OF movement In either
direction Shich has been a recent fea-
ture- Colorado Fuel made a further dip
and was an influence in the early depres-
sion. AmaIzamated Copper rose in face
of the general declining tendency without
other explanation than sharp rise in the
price OF copper In London.
A reduction IN the rate or dividend d!s-
tribufton on International Pump vas with
cut effect OF the stock. a feverish ad-
vance in the Toledo. St Louis and West
sfn stocks was nominaIly accounted for by
q story that it was to be included with
the combined Cincinnati, Hamilton and
Dayton and Pere Marquette in a scheme
q absorption By the Erie Railroad. Gross
earnings for the first week in September
make a favorable comparison with the
corresponding week of last year, the rstio
OF increase for roads thus FAR reaching
<.D Per cent
MONEY RATE
Tie risinz rate for money seemed TO dis
tub speculative sentiment for a time. but
Its influence decreased during the day.
The currency movement Up TO Thursday
shows a loss in cash by the banks o: up
wards Of IS 10000. the loss 10 she Sub
treasury alone accounting for sS.isc-1p-
The liquidation In the stock market during
the week is expected 10 affect the loan OF
The banks. but the usual uncertainty pre-
walls regarding the complexion OF to-mor-
rows bank statement
The noted strength developed IN United
States Steel preferred and Resding in
diced a substantial recovery I'm the whole
market. The closing was irregular. but
above Iast nights level
Bonds were irregular. Total sales. par
value. sS.515.or9. United States old IS ad-
raEced y per cent on call.