The St. Louis Republic., 1905-09-14
TRADERS DEVOTE ENERGIES
10 mU0Sjl)o STOCK MARKET.
ALL ISSUES SHOW con-
SLANT FLUCTUATIONS.
Higher Money Rates Confidential.
" Expected-Absorption Of
Bank Reserves Continues.

New York. Sept. n-As . Fsaectioa Of
,nl;,.a any axed scry'csso1 On she yrs:psss q q
much use- The nucs1atione we're con
slant. and never far In one direction.
In the stock which moved mcet noea-
Grafton for manipuIaiive purposes, Gains
which developed hfst were not continued.
the stocks affected being left TO them
tion was turned to new prints.
The engagement o: gold yesterday for
shipment to New York continued It's good
eject On L settlement. hn: tn. more ursens
terday was eSiisntiy from uncovered
shorts and With the satisfaction Of this
demand trading became languid and in
different.
NURSING THE MARKET.
Such operations rs we're done seemed
ket and guarding against a recurrence OF
Commissien.hou.s business Was report.
ell to be Of tns,Gn!ncar: volume
The perception grew that the reiinQutsh-
:nert OF gold from foreign centers. while
II miSh: constitute resource against Sc
II: New York market. was by no means
calculated 10 provide a redundancy "f
funds here such as might stimulate IN
Whs;ever may be Sew York. ability to
draw on foreign money markets. II - BE-
Meved ;ha, = period OF considerably high
~ rates :or money Is still inevitable b.
tween now and the period when the move.
,nent u: crops is completed.
:.FOREIGE CREDITS.
The Governments figures OF domestic
exports for August throw considerable
light on the command OF foreign credits
the sHp.r': Of cotton %,as
iYs..32 in August Of last year.
As the comparative price Of cotton be-
tween the two periods has become ADJUST
10 Q SvNaV n
the va!ue for this years export has IN
creased over Si.""..ss.
With TN" increas. In value cf bfeadstuffs.
~ p,"tisians added. the Increase in value
Of exports for last year is raised to Sls-
SOME LARGO PAYMENTS.
n..nis hav. % been NM made 'is for % raii.osd .etui.
t!.s transferred from the hands OF local
syndicate holders To foreign purchasers,
II IL evident. Therefore. that heavy Obit-
cations are due 10 this center from foreign
Sterling exchange s,eadied here. and the
suggestion found crsdcnce that exchange
remittance "f Japanese funds on deposit
aer. to London. the Process which has DE-
vclopei Of lat. Whenever exchange rates
went 20 a profitable level for 'has opera
ton.
I; was generally expected A. we'll that
The Bank cf England would make u fur
ther advance Ia its official discount rate
at to-mOyrow's session OF the governors
in Order I: .n,erpsse q further obstacle 10
the loss Of gold ty i<,ndOr.
BANK RESERVES LOSE.
Meantime the Sub;reasury continued its
iarr.. !nroai Oh New York bank reserves.
the absorption r.ache.! to-day since the
las, bank statement i!sinx to over G.ts0-
tsss
\ ru,nor was set afoat during the day
that IN. Secretary OF the Treasury had de-
eide! To fssieu"sit SW.'ci.pss OF Government
funds in New York. which We're Withdrawn
fr":n til" nationals in July. bat this ru-
NOR was officially denied
S.,m- OF yesterdays strong stocks be-
cainc sharp!: r-ac;."Eary: notably Slo>>.
Sheffield Steel. ,h.. stock dividend distri-
button corning Ia for some criticism. Cop
p.r fen easily in London and was market
down fraction i'll IN. pound here.
''ha'acier OF III: days advances in
stocks awakened .iss:rIS;. They were all
los, iurin:: the latter bart Of the. DAY. and
In the final hour prices fell below last
night throughout The c!nsin. WAS easy.
IsOnds wer" irrcgular. Total sales. par
value. S.SS.sH United States IS de-
cline! =. wEil. the old - advanced n
and the new ~ !. per cen. on cal.