The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-09-28
NEW YORK STOCK MARKET
Is BROAD AND ACTIVE.
AVERAGE OF PRICES Is
LIFTED STILL HIGHER.
st. Louis Southwestern and Other
Railway Reports Lend Much
Encouragement.

New York. Sept E.-Another day of
broad and active demand for stocks was
experienced at the Stock Exchange. lift
ing still further the average level Of
pricea The movement showed some va
riety and irregularity. the upward move
ment being decidedly uneven and inter
spersed with occasional! small reactions.
The selling was Of q character which
made its impression on sentiment and was
called good which IN Stock Exchange
psIl . ,I means that i appears 70 come M
either on the inside news regarding
properties. on the plans OF campaign Of
large speculative Operators or, for some
Of the outlook for values in the market.
But this selling. however; Wen informed
ana impressive. was well absorbed and
rising tendency Of prices. fh,s fact proved
even more impressive to the sentiment Of
the market than the supposed good char
acfer OF the selling.
UNION PACIFIC AND STEEL.
Union Pacific and United States Steel
preferred were conspicuously strong and
active and two stocks 50 representative of
general conditions and dependent upon so
Widespread interests necessarily had a
large influence in determining the gener-
q tone Of the market by the sympathy
their strength exertei.
The advocates of higher prices also en-
H3oyed another day Of almost complete
daye newa- Weather was favorable for
npentDE the fast-maturing crops and the
weekly bulletin Of the Weather Bureau
contained much to reassure the appre-
henstve over both the corn and cotton
cropa
The repetition Of the low corn crop esti-
mate by President Hill of the Great
Northern. and Northern Securities seemed
70 be ignored. and a sharp advance in
Northern Securities On the curb on buy
ing. said to be for London account. was
one OF the features OF the day. The buy
ing Of United States Steel preferred was
accompanied by the publication of esti-
mates Of the earnings Of the corporation
for the current quarter. showing a sum-
Gent margin TO provide for the preferred
sock These estimates were without any
omctal or designatedRuthority.
There were some rather conspicuous ex-
ceDtions to the general advancing tend
etcy. made the more SO by the notable
strength which has characterized them
ne y. moysIns s0p Vas was mari. marked lam exam
out The stated need for additional capi-
sal IN, the annual report came in for much
discu4{ ion. The August statement Of net
earnings was also disappointing.
RAILWAY EARNINGS.
On the other hand. the August state
trail Of Georgia, and St. Louis-Southwest-
efn were CONSIDERED niSuiy SATISFACTORY,
and the less satisfactory showing by the
Central of New Jersey did not depress
that stock
The railroads continued to report in
creased gross earnings for the third week
in Sept. Rumors Of a strong Forthcoming
statement OF August net earnings by the
Pennsylvania also figured in the days
market
Cotton OIL suffered from intirnat.ons that
the common dividend would be passed.
There were reactions running to a point
in some Of the leaders before the day
ended. and the closing was heavy.
Sterling exchange advanced. although
the prospect Is for easier money In Lon
don, and cotton bills are quite plentiful
In the exchange market London also
bought stocks freely on balance here to-
day.
Money was distinctly easier in this mar
ket in spite OF the continued heavy out
now to the interior. The strength OF ster-
ling Is believed to be due TO a demand
on account OF the maturing S0-day loans.
against which exchange bills were sold
a the time they were made.
Bonds were firm. Total GALES, par value,
E.us coo United States IS advanced liz.
and the new Is declined u per cen, on
call