The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-21
S. B. SnOTH[IL { co.
cRAIN-SIocks
National German American Bank Bldg.
STOCK PRICES DECLINE
SCARE. OVER CORN CROP ExERTs
POWERFUL INFLUENCE
Entire Railroad LIST Is Affected by an
opinion From President HIIt-ciosing Is
Feverish and Unsettled -

NEW YORK, Sept. 2d--An expect crop
estimate of ], 500, 900 900 bushels of corn
which was given to the public yesterday
caused a mementarya jump in the corn
market which was more than lost before
the day was over, while the corresponding
decline in stocks was partly retrieved
But that estimate was reinforced today
by by the expressed eredence of President
was thus given renewed Influence on
stocks. The consequence.Mas decline in
prices which affected moc sonly= the. corn
carriers. but the stock II carriers the
grangers, Paeifies. coalers. trunk lines and
IN fact every department. of the railroad
list. The scare over the corn crop prob
ably had large share alSo in the weak
ness in the industrial list although there
We're special causes also at work in that
DEPARTMENT
The estimates of the crop based on con-
dltiens past were given, added force sby
low temperatures in thesNorthwests and
forecasts of frosts fors ION errow over a
wide area in the West, and Northwest
The weekly crop bulletin of the weather
bureau was somewhat ambiguous and OBJ
scure in its expression. hit offered little to
cheer the apprehenSipS over either the
corn or cotton crop. The determined OPP
timism which a large speculative element
has accepted every suggestion of. crop
damage for some GMesa3aSt was thus
rather severely tried The fail in prices
selling also disclosed the existence of
stop loss orders placed below the market
by holders anxious to limit their losses
Another source of uneasiness seemed to
be the announced cut in steel biIlets and
other steel products which was announced
after the stock market closed yesterday
although this action had been clearly fore
seen and accurately feTetold for many
days past. sis
~ x;r5,5. Competition In Steel
Il n cor Of 6o cfra of
the steel stocks has been based on the
advantages expected to follow this cut, in
ATTRACTING belated, orders and fixing the
stability Of the market Evidence Of in
tended competition with United States
Steel in some finished lines was also an
influence On that group. Amalgamated
Copper offered some Temporary resistance
of copper, but ultimately yielded. A more
effective resistance was effected by Union
Pacific which was II over last night late
in the day. 1t was argued Union Pacific.s
corn territory was compare Lively safe
from frost damage. The movement may
also have been intended as a reinsurance
to some current runors regarding the
health OF the head of the system.
1t could not be learned that there was
any actual calling Of loans on the stock
exchange, but the tone of the money mar
kety plainly continues to harden and the
prospect of retrenched credits was IN
doubtedly a factor in the liquidation of
stock holdings. Declines were fairly uni
form at between 1 and points, but wide
declines in few high grade investment
stocks were feature. Such closely, held
stocks are easy to bid up for effect in a
bull market and the abandonment of pro-
lection for the higher level is likely to be
significant sof the speculative mood of
those who advanced the price previously
for effect Missouri Pacifics poor show
ing Of net earnings for July cost 1T an .ex-
treme decline of IA. Union Pacific was
turned against the bears when they be-
gan to cover to take profits in the final
dealings and some brisk rallies resulted,
but the closing was fevefish and unsettled.
Bonds were weak. Total sales, par
value, So, 965, 900. Unithd'N States bonds
were unchanged on call! RI
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