The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-10-29
STOCKS AND BONDS.

New York, Oct B.-The effect of the
st. Louis situation on the stock market
was again somewhat obscure today.
The impressions of confidence over night
from that point had a reassuring effect
on the early trading and the prices hard
ened. The opening OF business in st.
Louis, which was somewhat later. owing
TO the difference in 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 stocks generally below last night.
But the last hour OF the market showed
the best prices of the day. the morning
level being generally exceeded by a frac-
ton. In the final dealings prices yielded
again. and the closing was rather easy.
A survey of price changes will show
that the whole movement was very triv-
ial and net changes were insignificant
except in a few cases. The dullness OF
the market was, in itself. reflection
in some sort of the uncertainty felt over
the St. Louis situation. which prompted
a waiting attitude rather than a dispo-
sition TO sell. There was no selling
which was attributed TO some outside
sources. The quarterly report Of the net
earnings in Pressed Steel Car company,
showing them to he less than half OF
those for the corresponding quarter of
last year. naturally had a sympathetic
effect on American Car. On the other
hand. the stocks of the Gould south
western railways centering in St Louis
were among the few features Of positive
strength in the market, although there
h.,
any significance local to St Louis attach
ing to this movement. Pennsylvania was
also strong and Peoples Gas had an
early advance on favorable court de-
cision. The speculative movement in
AmaIgamated Copper might be Chased
as marking Dealings in the stock were
in much diminished volume.
The situation at st. Louis resulted in
telegraphic transfers TO that city from
here. through the sub-treasury. of s2,l0o-
900 In addition. s650O00 was sent TO
Chicago and 800. 900 to New Orleans
Banks are also known to be shipping
heavily through other channels. This is
a plain intimation that the western crop
moving needs although long deferred,
are making large inroads upon local
banking reserves, quite aside from the
emergency requirements at st. Louis.
II was not surprising. therefore, that the
rate for call money should rise TO I per
cent this afternoon and the rate for
time money grow distinctly frmer. The
rise in local money rates may have con-
tributed TO the sharp break in sterling
exchange. although the offerings of cot
ton mills in that market were reported
in very large volume and heavy exports
of grain were also engaged. This pre-
pared explanation Of the weakening OF
the bank showing Of next Saturday. But
with New York bank reserves higher
than in the corresponding period for sew
eraI years past and with the limit OF
deposits promised the secretary OF the
treasury to relieve the situation by s25-
90 go, there is no present uneasiness over
the monetary situation. As an evidence
Of the spirit Of the public toward banks
and trust companies. the st. Louis cpl
sode is nevertheless deelp impressive,
to the apprehension of the financial
world.
There was some falling OK from the
recent volume OF bond transactions and
a reactionary tendency in spots made the
market irregular. Total sales. par value,
e. 45eOco United States twcs advanced
1. per cent on the last call
Quotations were as follows: