The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-09-29
STOCK MARKET RELAPSES
ON HEAVY PR0FIT-TAKING.
SALES CARRY ISSUES BACK
TO OLD LEVELS,
United States Steel Has Strong
est Influence in Rousing the
General List.

New York. Sept. A-Prices Of stocks
were opened up this morning all around
but that was about the only consistent
movement throughout the day. Heavy
profit-taking promptly made itself felt and
carried the market back to about last
nights level. Then new points OF strength
were pushed forward to sustain the mar
ket. and these persisted fairly well during
the remainder Of the session. But. mean
while. the movement to take profits was
followed up with these sustaining prices at
work. The result was a constantly rree-
ular movement.
United States Steel preferred was the
yesterdays strength. This was OF strong
sympathetic effect on the general list and
vas sSpPiemented hy.the Aggressive
ing Of these two stocks was Said to Be
traceab1e in large amounts to Philadelphia.
and this vas supposed to represent good
mo news of the steel trade found its way
10 the public In explanation Of the
strength.
COAL TRADE.
OF the coal trade 1t was argued that the
supplies OF anthracite in consumers hands
were not large. although the demand is
shown to have been very large during the
vance in prices began
The rise in Ontario and Western on the
decision to pay 3-per.cent dividend upon
was the only response among the rest Of
the coalers to the movement in Reading.
Pennsylvania vas heavy and out OF sym
pafhy with the steels and Reading. con-
trary to custom.
Northern Securities made another jump
~ the curb market and rumors continued
the Ps 81 aeS
ern interests in that corporation. But
Union Pacific gave signs Of WEAKNESS and
the same was true Of Atchison, which was
forced nearly point below last night In
the late trading.
The momentary strength Of Amalga-
mated Copper was connected with the
uct The rise In the Louisville and Nash
vile group did not extend far amongst
the cotton carriers although there were
That stock finally rose q point
Cotton Oil made a further dip under
pressure OF disappointment over the init
nation Of passing Of the dividend and
MONEY.
Money continued TO work somewhat
easier and demand was very dull A loan
expansion for the week in view Of the
greater speculative activity at the Stock
Exchange will not prove a surprise, how
ever. As the movement towards the in
Bile inroad upon surplus reserves is be-
ginning to be counted upon.
London bought stocks here again to-day
and the export movement Of cotton was
said TO be very large. Sterling exchange
yielded few points. Reports of arrange
ments for new Russian loan and Of
loans for the German Empire and Prus-
STA were current.
The weather map offered no ground for
apprehension over the crops, but Presi-
dent Miller OF st. Paul added his sanction
to the two billion corn crop estimate. A
feature Of the day was the rise in q num-
Der Of minor industrial specialties with
out explanation. On the circulation OF the
Iron Ages proofsheets late in the day
United States Steel preferred rose to TIL
and helped to rally the market, but the
closing was rather irregular.
Bonds were firm. Totals sales par value.
q. Z7O.00O.
call.