The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-28
in THE MIDST OF ALARMS
WALL STREET FLOODED WITH RU-
MORs OF FINANCIAL TROUBLES.
Rumors of Panic Amongst ST. Louis
Dep0sitOrs-Rise iB +. d Il. ii.
Railway stock.

NEW YORK, Oct. 27.-About the time
when professional operators were in the
midst of their selling to take profits on the
considerable advance of yesterday Wall
street was flooded with alarmist rumors of
financial troubles in st. Louis. This had the
effect OF somewhat accentuating the in
clination to sell. Statements were pub
lished before the closing that some of the
smaller class of depositors had taken fright
and were withdrawing deposits from some
Of the banks and trust companies in st.
Louis. but expressions of confidence were
quoted that no harm would result to the in
stitutions affected. The closing of the stock
market was in consequence fairly steady,
although the earlier advances were gener-
ally wiped out and net losses were the rule
at the close. 1t was obvious from the out
set that the considerable demand for stocks
was being freely fed for purposes of profit
taking. 1t is difficult to say. therefore, how
far the st. Louis development may have
been responsible for the reaction.
Sentiment in Wall street is sensitive over
the question of trust company conditions
and even so small an incident as the report
of country bank in Wisconsin.
which was started by rumor that the bank
was made the subject of discussion an
illustration of public disquiet engendered
by banking operations of this sort. But
the reactionary tendency Of the market was
capable of other explanations. For one
thing, the very small outside demand at
tracted by the advance managed by pro-
fessionals served a warning to that class
of operators to restrict their ventures. The
dominant influence OF the movement OF
Amalgamated Copper on the market also
shifted to the side of reaction. The open
public discussion between the parties to
the Montana copper quarrel made Ii evident
this morning that the proposals for arbi-
tration did not offer a probable outcome.
The opening price of Amalgamated was
the highest at a shade under Il point over
last night and the stock closed at a net loss
of nearly point. This movement was quite
decisive In shaping professional sentiment
on the whole market A considerable part
of the early demand was credited to the
/ London account. The days outgo of cur
| rency to the various points was another
factor of reaction. OF the days total trans
| there were ss50000 sent to New Orleans,
| 100000 to Chicago and 100000 to st. Louis.
drawals from there by country banks and
| New York exchange at that point fell to
| 75c discount This probably marks be-
ginning Of the Western crop moving de-
The local money market was inclined to
harden. At the same time sterling ex-
| change yielded. Large offerings of cotton
| bills and the exchange offered against Lon
| don purchases of stocks here helped this re-
suit. London's favorable attitude to this
market was due to the beginning OF the
| stock exchange settlement. which revealed
| a considerable short account in Americans.
| There were some wide movements in stocks,
| notable rise of 10 in Evansville Terre
| Haute and q drop OF IA in keokuk q Des
| Mones, neither of which was explained.
| There was continued good absorption
| OF bonds, but some of the speculative issues
L., H. fnI
| sales at par value. 81. $4,000. United States
| threes and the old fours advanced Il per
| cent on the last call.
| Following are Tuesdays share sales and
| the recorded price changes: