The St. Louis Republic., 1903-09-20

market steadied before the end of the
first hour, some support being given 10
Steel and other industriaiS. The amount
OF short covering was also very exten-
sive.
After a brief reaction prices again
steadied. and following the publication of
the bank statement gradually improved 10
the close, which was steady and moder-
ately strong. The one favorable feature
OF the statement was the contraction Of
more than A.Je0,0oo in loans.
4 survey of the week on the Sttek Ex-
change shows that IN most essentials 1t
was repetition Of the previous one.
The market movement was again irregu-
lar and narrow. and always under pro-
fessioual control. the outside demand for
stocks being too small to merit serious
consideration In few isolated instances
some traders who thought the market had
been oversold made feeble efforts to turn
met with such heavy offerings that these
attempts were Speedily abandoned The
result was a steady saggi1g Of prices.
One of the redeeming features of the
week. as Yet unexplained, was the steady
buying of certain high-grade railway
shares. chiefly Atchison. the Pacifics and q
few others OF this group, at almost every
recession The absorption OF Atchison
stock revived the old story of change
of control.
The coal stocks were not in much de-
mand at any time. although reports OF =
restriction of the anthracite output were
probably exaggerated Rumors OF crop
damages came thick and fast and helped
largely 10 depreSs prices during the early
week, but these, too, proved false in large
part In fact, . much more hopeful view
regarding crop conditions prevailed at the
weeks end. and resulted in considera bic
short covering
Conditions in the iron and steel trade
came in for mitch discussion and were
steel stocks and those of affiliated com
plnies to new low levels Steel common
was conspicuous throughout for its abso-
lute weakness, and was by long odds the
most depressing feature of the list 1t was
heaV1ly sold. both for home and foreign
accounts Thousands of shares were
poured out and at times the stock was
really the football of the market The
new low level OF Il was reached on Satur-
cay; the further decline affecting prac-
ticaliy all stocks in the same classes.
In the last month Stee,. common and
preferred, have lost over points each.
making shrinkage in the market value
OF the total issue OF those stocks of over
seS,oeoo. Some of the other issues are
found to have lost from to 10 points in
the same period. the latter figure repre-
senting the decline in Tennessee Coal.
THE BANKS.
Inc condition of the local national
banks, as disclosed by the recent cali OF
the Comptroller Of the Currency, Is re-
garded as favorable, even though loans
ana discounts are greater by sg1 900
than they were at this time last year. 1t
Is argued that this increase is offset BY
the increase Of capital and surplus. which
show gain of IS, 900 0o0. while Circulation
has increased over ss,OO0.0o0. Last years
demand foi crop money was three weeks
in advance of this years.
ne WeeAs currency movement to the
south went chiefly to Georgia, Alabama
and Louisiana, where the cotton move
meHt begins earlier than in Texas There
IS possibility. that some local financial
institutions may be Inconvenience by a
concurrent demand for crop monies from
the West and South, but thus far trans
fers of funds to these points have been
under S.511. COO compared with s1l. 900 O)0
for the same period last year
Foreign exchange grew gradually
stronger during the week and the tendency
was towards further rise. The political
crisis in England seemed only to excite
passing interest in financial circles here.
The bond market displayed a good deal
Of irregularity. but there was little OF
interest to the dealings outside of the
large transactions in United States 5s The
general market followed the course of thf,
security. closely after it. achieved its
leadership n the market United States g
advanced per cent. the old Is registered
= per cent and the new IS IsaL per cent
The old As. coupons. declined = per cent
as compared with the closing cal lof Iast
week