The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-22
WALL STREET TIMOROUS
SUSPENSION OF PITTSBURG BANK
HAS A BAD EFFECT
Offerings Are Heavy at the Opening and
Prices Deciine-euyina Is Then Re-
newed and Quotations Ascend. Yet the
Close is at Something of Loss.

NEW YORK, Oct. 21.-The news before
the opening of the stock market today Of
the suspension of the Federal National
Bank of PlttSburg caused fears of vio-
lent break in the market There were
some heavy offerings just at the OPEN
ing in some of the leading stocks and de-
clines ran to point in few cases. Pres
sure was severe upon United States Steel
preferred causing a loss of n. Fears for
the result in the market were more acute.
owing to the part played III yesterday
considerable recovery by the published
assurances that the Federal National
bank was not in need of assistance. 1t
was believed, therefore, that the threat
ened institutions had weathered the storm
The news this morning caused hasty
measures for supporting prices. The eff
fect1veneSS of these became very promptly
manifest, but the recovery was viewed
with some suspicion. owing to the BELIEF
in the artificial nature of the demand.
Those on the floor were surprised at the
ease with which the decline was checked,
and it was easy to perceive that offer
ings of stocks in the market We're on a
very light scale.
Then Comes a Rally.
The buying was thereupon renewed
with vigor and the market carried up
ward quite eomprehensiVely to the extent
of point or more. Prices retracted
their course during the latter part of the
day and the closing was rather easy and
at net declines for the day except where
the early gains had been above the aver
age. The late downward movement was
not fully explained by any published de-
velopment.
The demand from shorts was satisfied
to some extent on the advance, thus sub
tracing from the support for the market
Some fears We're entertained that there
might be new factor in Pittsburg which
may be carried over today by reason Of
the decision of the banks not to call ma
turing loans there and other measures of
pFecaution. The cause assigned for the
failure, namely, the withdrawal of de-
poSitS by small banks which had been
offered a high rate of interest by the
failed bank to attract these deposits was
a result therefrom and became so general
as to be the subject of widespread crit
iciSm.
Labor Conditions Threatening.
Notwithstanding the change in the mar
ket, it's tone was accepted as rather con-
with view of the factors to be commended
with. To these must be added the threat
ening aspect of labor conditions with the
Manhattan elevated The market did not
take well the announcement that some of
the anthracite coIlerieS will close for
about week owing to the quick success
sion of holidays within that period. The
local money market was quite unaffected
by the large shipments of money to Baltl-
more. Reports were current OF further
large grain exports. and the freer move
ment of cotton was also viewed with sat
isfaction.
The bond market was very broad and
widely varied at generally advancing
prices. Bond houses report notable .ee IN
crease in the investment demand. Total
sales of bonds. par value, $3,476,0 600
United States rs advanced " per cent
the old As % and the IS and new As Il per
cent on the last call. II
closina List