The Montgomery advertiser., 1903-10-28
WALL STREET. REVIEW
ALARMIsT RuMoRs or TROUBLE
 IN ST. LOUIS.
Later Expressions of Confidence in Stability of the Insfjtutions
 Affected Made the Markets Close Fairly Steady. A

E NEW YORK. oct 27.--About the time when
 professional operators were in the midst of
 their selling to take profits on the sonsidsrabls
 was flooded with alarmist ruuiors of financial
 troubles in St. Louis. This had the effect of
 somewhat acentuatins the inclination % to sell.
 that some of the smaller class of depositors
 had taken fright and were withdrawing depos-
 its 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. al
 though the earlier advances were generally
 wiped out and net losses were the rule at the
 close. It vas obvious at the outset that a con
 siderable demand for stocks was being freely fed for purposes of profit taking. It is difficult to say therefore how far the St. Louis devel- oprnent may have been responsible for the re- action. Sentiment in Wall Street Is sensitive over the question of trust company conditions
 and even so small an incident as the report of run on country hank in Wisconsin.
 which was started by run,or that the bank
 had been investing in railroad securities, was
 made the subject of discussion as an illustra-
 ton of public disquiet engendered by banking operations of this sort. But the reactionary explanations. For one thing the very small outside demand attracted by the advance man. aged by professionals served as a warning to lures. The dominant influence of the rnove- ment of Amalgamated Copper on the market also shifted to the side of reaction today. The open PuDbc dibcu89tOn UetWe9n the pATttes to the Montana copper quarrel made 1t evident this morning that the proposals for arbitration did not offer a probable outcome. The market for raw copper also stepped back slightly from yesterdays spasmodfc advance The opening price of Ama1gamated was the highest at q shade under a point over last night and the stock closed at e net loss of nearly a point. This movement was quite decisive in shaping
 professional sentiment on the whole market
 A considerable part of the early demand was credited to London account. The days heavy
 ntntU nf nrre n v Qfl-
 other factor of reaction. Of the days total
 transfers through the sub-treasury of Si .t5o.-
 900. there were se5o.ooo sent to New Orleans
 and SSoo.ooo to Chicago and $2oo,ooo to
 St. Louis. News from Chicago was of large
 withdrawals from there by country banks and
 New York exchange at that point fell to 75c discount. This probably marks "a beginning of
 the Eastern crop moving demand upon New York. The local money market was inclined
 to harden. At the same time sterling exchange yielded. Large offerings of cotton mills and the exchange offered against London purchases of stocks here helped this result. London's favorable attitude to this market was due to the beginning of the Stock Exchange settle-
 mont, which revealed considerable short count in Americans There was some wide movements ip special stocks notably a rise of ioA in Evansville and Terre Haute and a drop of i4 in Keokuk and Des Moines, neither of which was explained.
 There was continued geod absorption of acted in sympathy with stocks. Total sales (par vaiuel.. $4.S7e,o GOO United States 2s. 3s and old 4s advanced Y per cent. on the last call.
 New York Stcck Last.