The St. Louis Republic., 1905-10-25
RECENT SPURT IN STOCKS
WORK OF PR0FESSl0 S.
PRICES DROP BACK ON
PROFIT-TAKING.
Money Rates Are Further Eased,
and q Coterie Of Spectators
Are Disappointed That
No Advance Follows.

New York. Oct x.-ProbabIy the chief
importance % be attached TO to-day q
stock market = the light II throws upon
The days reaction with entire lack Of
any change In news made pretty conciu-
sive evidence Of the Sholly professional
demand for stocks In the loan department
or the Stock Exchange vas not more than
nominal to-dAy. indica ting the large reduc-
ton In the outstanding snort interest The
conclusion vac accepted IS reasonable
therefore. that yesterdays million share
market was due to the combined effects Of
driven to cover by last weeks advance in
prices. and 20 the taking OF profits by the
party OF professional spectators which
had conducted the operation for the ad-
A small Increment from the outside de-
mand attracted BY the spurt In prices ia
Tse Join, 'es eees ae an active sio.nS up
Of outstanding speculative contracts. So
that the market Of to-day was LEFT clear
S5 on ne~ 70 ~. 10 5. ,sRsu Sy
new commitments was responsible FOR the
~avering Of prices. and the shrtnkage in
the volume OF business
The check TO the advance IN view Of the
further easing OF the money rate was a
disappointment TO that speculative seGti-
nent which has held the ccnvic.:on firmly
that money s:rirgency was the only thing
that would restrain a rise In prices OF
stocks as = result 1f tine great activity ant!
prosperity In al! branches OF business az
fairs.
The fact tina, yesterdays carly advices
had carried the level OF prices TO the high
est OF the year. and. in fact. TO the hishes;
record prices as a whole. vas . subject OF
comment. and doubtless an occasion for
pause. The low grade OF some OF the Sc
curit!es which were being rushed forward
into prominence was also subject for
grave questioning. II Is the experience Of
specuia.i live markets that the stirring up of
such securities as class Is resorted 20
only because the possibilities for advance
in stocks % more SUBSTANTIAL value have
The results Of the proa, taking to-day
N .'ps asr1 Sf hs They sv. been
bought quite Unfortunately for several
day. or the bare chance that speculative
favor would TURN them Any appres !, n!a
of profits where ,hs entire purciiase price
An example Il Standard Eop. and Twine
carried the price up TO 3 share on par
va!ue OF Si". On a movement 20 take
profits to-day the shares fell 20 81
Selling for London account was quite
a factor ia the lays w.uSness AMI thu
there was held to explain! tt.c selling.
1nere were >ma changes u! :he llorey
market. hu. cnnsiCi. able Importance was
attached to- the published statement from
the President OF the Imperial Bark OF
Germany expressing satisfaction " III ;h.
mean the correction IF the factory spsc-
uiative situation az Berlin which according
TO the same authority prompted the ad-
vance IN the great banks discount rate
and TO the completion OF necessary prep
a-ations for th. Russian loan.
II such results have beer achieved II
would mean much concerning she further
requirements on the New York marSe'.
But there was no cessation to-Tay in the
.irmness of the foreign cXchangc ma: ko'
here ard harki-C authorities allowed
themselves an intima;'on ttof a pos>iS.s
gold export was q not remote contingency
S"w York exchange a: Chicago also fell
back To par.
The SUbtreaaury continues TO Yield cash
To til. hanks and he nl"aev market v.s
called easy. The special po nts OF strer-;i,
In io-dav's stock market were without
explanation and were believed TO be at
tribtts.. to operators tactics for tte pur-
POS" ~ sustaining tfr market against the
realizing IN progress.
The hard and soft coalcrs were tho
conspicuous examples Of such stocks
Their sustaining influence was erec, n
limiting III" declines and restoring some
part OF th" losses. TIL. market closed
heavy.
Bon'. w.r. firm. Total sales par value
- $3.50. L. :. bonds were unchanged On
call.