The Montgomery advertiser., 1903-10-29
WALL STREET. REVIEW
ST. LOUIS. srruAr1oN,s EFFECT z OBSCURE.
Heavy Withdrawls of Currency From New York to the Western City Closing Easy With Prices
 Showing Decline.

NEW YORK. Oct. as.--The effect of the St. Louis situation upon the stock market was again somewhat obscure today. The express sions of confidence over night from that point that the situation is sound had a reasslring efect on the early trading and prices hardened. ,ra ams open,ns ot euSness m 2, Louis. which time was followed by a reaction in stocks. The very heavy withdrawals of currency from this center by St. Louis carried the level of prices of stock generally below last night. But the last hour of the market showed the best prices of the day. the morning level being gen. erally exceeded by a fraction. In the final deal ings prices yielded again and the closing was rather easy. A survey of price changes will trivial and net changes insignificant except In few cases. There was no selling, which was attributed to St. Louis account unless 1t might have been in American Car The quar- teriy report of net earnings in the Pressed Steel Car Company showing them to be less than half of those for the corresponding quar- ter of last year. naturally had sympathetic enect on American Car as well as weakening the Pressed Steel Car stocks. On the other hand. the stocks of the Gould Southwestern Railroads centering in St. Louis were among the few features of positive strength. although there was nothing to show that there was any significance local to St. Louis Attaching to this m%",9sms,.a cennsp peGuIs,,ye isS, movement marking time and the dealings in the stock were in much diminished volume. The St. Louis situation resulted in teiegraphic trans fers to that city from here through the sub- treasury of $2. 100 900. In addition there was S65o. 900 sent to Chicago and $2oo. 900 to New Orleans. Banks also known to be shipping heavily through other channels. This is plain intimation that the Western crop moving needs. although long deferred, are mak- ing large inroads upon local banking reserves. quite aside from the emergency requirements at St. LoIuis. It was not surprising therefore that the rate for call money should rise to 5 per cent. this afternoon and the tone of the money market grew distinctly nrmer. The rise In local money rates may have contributed to the sharp break in sterling exchange. although the offerings of cotton bills in that market were reported in very large volume and heavy exports of grain were also engaged. This pre- pared expectation for a weakening of the bank showing of next Saturday, but with New York bank reserves higher than in the cor responding period for several years past and with the limit of Government deposits promised by the Secretary of the Treasury to relieve the situation. still S26. 900. 900 away. there is no real present uneasiness over the monetary situation. As an evidence of the spirit df dis trust towards banks and trust companies, the Stt Louis, episode is deeply impressive tp the apprehension Of the financial world.
 There was some falling off from the recent volume of bond transactions and q reactionary tendency in spots made the market irregular Total sales (par value). sS,456, ,oO0 United States 2s advanced t per cent. on the last call
 NEW YORK; Oct 2s.-rhe Board of Govern ors has decided to deny the petition to close the Stock Exchange next Monday. the day be- fore election.
 New York stcck Last.