The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-13
T0CkS ARE STRONes
THIS IN SPITE OF HEAVY SELLING
FOR PROFITS
to Be Great-Sturdy Rallies Are Made
Against lnroads Upon Prices :, i

NEW YORK, Sept. IA decisive i'm
preston was made on prices of stock to-,
DAY, for the first time in many days, by
the increasing burden of sales to take
profits prompted by the misgivings over
the crop and. money outlooks. Yet the
dominant impression created by the ac-
ton of the early market was its continued
evidence of underlying strength and it's
great absorptiye power. The number of
shares which changed hands had run up
TO three quarters of q million in the two
hours to noon and in that time the mar
ket had made sturdy rallies against the
1nfoads upon the prices and had put forth
sustaining points of strength in special
STOCKS In the way which has become IA
miliar during the long advance. As the
day Wore On these sustaining points be-
came fewer and also less effective on the
sentiment held towards the market at
large large Knmor was very busy about the
board room. with the identity of the big
sellers and fears gained ground that the
skillful speculative leaders had sold out
to a large extent so that their trained
tactics for the conduct of the trading
might not be relied upon any longer to
protect the market and stimulate its ad-
vance.
Such a reaction is formal after an ex-
tens1ve rise. and 1t has been watched for
by professional traders for many days
past. The haste to cover shorts at small
concessions and the volume of buying Or
ders slightly below the existing prices
kept the early trading today feverish and
uncertain and showed the doubts of the
bears that the time for reaction had come
The consideration of the government crop
from the grain belt, decided the course
of price downwards. Estimates of the
wheat crop based en- the governments
percentage of condition leave little margin
Tor surplus to export, SO that the high
price will not represent a benefit in the
increase Of the export value The
threatened shortage of wheat has, also
failed to stimulate any foreign demand
for our corn up to this time. The volume
of exports Of breadstuffs for August falls
to $685., 431. compared with SIS, OPS, 71S in
August of last year.
Effect of Crop Uncertainty
Reports of frosts last night also gave
the grain markets fright, and though
corn belt, fears are felt for sudden dam
age to that crop and the uncertainty over
it tends to keep business dull in the West
IN II the weekly CANVASS of the traffic situa
ton by railroad officials is easily; discern
IDLE note of dissatisfaction with the
rate Of increase of the movement of mer-
chandise westward, which is attributed to
corn uncertainties, The grain movement.
however, continues large.
The rate of depletion of the New York
banking surplus has served to admonish
speculative I,e borrowerss Of the other re-
loan expansion of $3I,429,e08 and cash
withdrawal of sis, 155, 500 an inroad upon
the surplus for that time Of $1S.937, 15O
mas IeSuilcu anu fodH rates are hardening
in consequence. Great confidence is ex-
pressed that the fall requirements will be
met without causing stringency at New
York But the present course of the
money market was an influence on today's
reaction in stocks. The cotton carriers
We're comparatively well held and there
was furious buying of Southern Railway,
which made conspicuous feature Some
of~the Southwesterns also reported good
gross earnings for the first week in, Sep
tember. The market closed active and
weak, with net losses running from l to
2 points and upwards in some prominent
cases.
stocks. Total sales (par valued. SIS, Use. 900.
United States IS registered and IS coupon
declined 1 Is and the Is coupon 4 per cent
on call.
Closing List