The Saint Paul globe., 1903-10-23
STOCK CHANGES FEW
MARKET GENERALLY ADVANCES
DESPITE SOME LOSSES
Fresh Outbreak of Fears of Russo
Japanese War unfavorabiy Affects Wall
Street Through London-character of
the Market Undergoes Change.

NEW YORK, Oct. 22-The movement
of prices of stocks today was again in
conclusive, the net changes being for the
most part trivial. Losses predominated
at the end of the day, but the market has
quite generally advanced in face of the
early unfavorable developments The
suspension of an Allegheny bank, growing
out of the failure yesterday of the Fed
eral National Bank of Pittsburg, caused
a ripple in the market, although reports
showed the continued necessity of pre-
as refraining from trading in bank stocks
and the provision of a $4,000 900 safety
fund among the banks.
London also affected this market unfa-
Vorabiy, owing to fresh outbreak of feaI 8
of war between Russia and Japan. The
labor disputes on the Manhattan & Penn
SylVanla railroad systems were under dis
cussion in Wall street, but did not seem
to be much regarded in the trading. Dis
satisfaction was expressed with the con-
dftlonS in the coal trade growing out of a
large accumulation of steam sizes of an
thracite and the active competition there
Dy produced with the large production of
bituminous coal for shipment to the sea-
board.
Demoralized Traffic.
The latter traffic is reported to be in a
semi-demoraliZed condition, and at the
same time the assertion gained currency
that the attorney general of Virginia
contemplated proceeding to contest the
control by the Pennsylvania and the Bal
tlmore Ohio, Norfolk & Western and
Chesapeake S Ohio The effect of these
developments was not more than nominai
and did not prevent an advance which in
Guided representative stocks in most of
The prominent groups, the coalers not ex-
cepted.
The character of the market seemed to
have changed so far that instead Of sell
ing stocks on every piece of good news,
as has Deen the case recently, there was a
disposition to buy stocks on unfaVorabIe
announcements
tendency to accumulate stocks. The very
broad and active bond market which has
showed progressive increase for several
days past, afforded an example of the
same tendency. With funds accumuIating
In reserves and a growing ease in the
money market, there is no longer any ex-
pectation that high interest rates will be
permanent and on this assumption high
grade bonds are attractive at the present
level Of prices. The special demands upon
local money supplies by reason OF the
troubles at Baltimore &, Pittsburg have
not affected the ease of the local money
market. One reason for the prevailing
ease seems to be that the heavy railroad
borrowings expected to develop this fan
nave not come into evidence.
Eases the Pressure.
This is corroborative of the reports o.
curtahment in bettelment work by the
railroads and is capable of an unfavorab BILE
interpretation. But it has served to ease
the pressure on the money market De-
posits at the subtreaSury today for trans
ier 10 New Orleans We're .$S50,0OO, follow
ing the deposit for a similar purpose yes
terday of $325,000. This is convincing
evidence of much freer movement of the
cotton crop which the very large port
receipts of today also testify to- The
prospect OF the resulting larger supply OF
plllS IN the exchange market is viewed
with satisfaction. The movement Of funds
to the West is still small, although New
York exchange at Chicago fell to 15c dis
TO-DAY. comma flla IL
prevailing premium. The principal fac
tor of the late reaction of the market
was the drop of nearly points in Anal
gamated Copper, which absorbed prac-
ticaliy all of the attention in the market
after the announcement of the decisions
against it in the Montana litigation. The
market closed steady
The bond market was broad and strong
Total sales of bonds. par value, were
81, 6S2,0 600. United States IS and the new
as advanced 4 and the IS and old As u
per cent on the last call.
Cioslna List.