The St. Louis Republic., 1904-09-21
ALL THE RAILWAYS
, SUFFER DECLINES.
SHORTAGE IN CORN CROP
THE BEAR FACTOR.
Cut in Steel Billets Is Another
Source of Tn
eaSiness.

New York, Sept. 0-An expert crop
estimate Of l,990Goopo bu. Of corn. which
was given TO the public yesterday.
caused a momentary jump in the corn
market. which was more than lost be-
fore the day was over. while the cor
responding decline In stocks was partly
retrieved But that estimate was REIN
forced to-day by the expressed credence
of President Hill OF the Great North
srn Railway. and was thus given re-
newed influence on stocks. The conse-
0uence was decline in prices. which
the stock carriers. the grangers. Pacincs,
cealcrs. trunk lines: and. in fact. every
department of the railroad list.
The scare on the corn crop probably
also had large shade. as did the weak
ness i'll the Industrial list, although there
We're special causes also at work in that
hascd on conditions past were given ad-
ded force by the weather reports show
ing dangerously low temperatures in the
Northwest. and forecasts of frosts for to-
morrow. over a wide area in the West
and Northwest
CROP BULLETIN.
The weekly crop bulletin of the Weather
bureau was somewhat ambiguous and
obscure IN its expression. but offered lit
lie to cheer the apprehensivc over either
the CORN or the cotton crop. The de-
tcrrnined optimism. which a large specU-
l2;ive element has accepted every sug-
Eestion OF crop damage for some time
was thus rather severely tried.
The fall in prices which resulted from
closed the existence OF stop-ioss orders.
placed below the market by holders
anxious TO limit their losses.
to be the announced cut in steel biliets
and other steel products. which was an
nonnced after the stock market closed
Yesterday. although this action had been
clearly foressen and accurately fore.
told for many days In fact some Of
the recent strength of the Steel stocks
has been based on the. advantages eX-
pected TO follow this cut in attracting
heiated orders and fixing the stability OF
the market.
evidence OF intended competition with
United States steel In some finished lines
Was also an influence on that group.
Ama,ssnnated Copper offered some tom
porary reSiStanC" to the decline. due to an
advance IN coIIer. but ultimately yielGed.
4 moro effective resistance was offered
hr Union Pacihc. which was IL over last
night at one time late in the day II was
argued that Union Pacific's corn territory
was comrarat:Cc,y safe from frost dam
age The Increment may also have been
intended as p rc3ssiir'ance to som. cur
rent Tumors regarding the health of the
head Of the system
MONEY MARKET.
II could not he learned that there was
any actual calling of loan. on the Stock
Exchange. but the icne of the money mar
kct plainly continues to harden and the
prospect Of retrenchcd credits WAS IN
douhteflT = factor In tho liquidation OF
STOCK holdings. Declines were fairly uni
form at between ] and . points. but wide
declines i'll few hich-Cradc investment
stocks SUCH closely held stocks are easy
70 bid up for cffec. in n bull market and
tint abandonment Of protection for the
higher level is likely to toe significant Of
the speculative mood OF those who ad-
vanced the price previously for effect.
Missouri Pdrifc's poor showing of net
earnings for July cost it an extreme de-
cline of :i. Union Pacific WAS turned
against tho brars when they began TO COW
or ia lake profits in the final dealings. and
some brisk rallies resulted bu, the closing
was f.-ycTi=h ana unsettled.
Bonds were weak. Total sales. rar value.
Ss.5.oss, United States bonds were un-
changed on call.