The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-10-29
Ef1ratrrfaI.
YESTERDAY'S STOC1 MARKE7
Eject OF 81. Louis Bank Troubles Some
what Obscure.


what Obscure.
New York, Oct. 2s.-The effect of the
st. Louis situation upon the stock mar
ket was again somewhat obscure to-
! day. The expression of confidence over
night from that point that the situa-
ton is sound had reassuring effect on
the early trading and prices hardened.
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 CEN
ter by st. Louis carried the level of
prices of stock generally below last
night. But the last hour of the mar
ket showed the best prices of the day,
the morning level being generally ex-
ceeded by a fraction. In the final deal
ings prices yielded again, and the clos
ing was rather easy. A survey of price
changes will show that the whole
movement was very trivial and net
changes were insignificant. except in a
few cases. There was no selling which
was attributed to st. Louis account I'M
less it might have been in American
Car. The quarterly report of net earn
lngs in the Pressed Steel Car COM
pany, showing them cut to less than
half those of the corresponding quar-
ter of last year, naturally had a SYM
pathetic effect 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 We're among the
few features of positive strength in the
market, although there was nothing to
show that there was any significance
local to st. Louis attaching to this
movement. Pennsylvania was also
strong and Peoples Gas had an early
advance based or favorable court de-
cision. The speculative movement in
Amalgamated Copper might be classed
as, marking time and the dealings in
the stock were in much diminished vol
ume. The situation in ST. Louis re-
suited in Geographic transfers to that
city from here through the sub-treas-
ury of $2.1G0o9O.
In addition there was $650,0CO sent to
Chicago and 100000 to New Orleans.
Banks are also known to be shipping
heavily through other channels This
IS plain intimation that the western
crop moving needs, although long de-
ferred, are making large inroads upon
local banking reserves, quite aside from
the emergency requirements at St.
Louis. 1t was not surprising, there
fore, that the rate for call money
should rise to 5 per cent this afternoon
and the tone of the time money mar
ket grow distinctly firmer. The rise in
local money rates may have contributed
to the sharp break in sterling ex-
change, although the offerings of cotton
bills in that market We're reported in
very large volume and heavy exports of
grain We're also engaged. This prepared
expectation for weakening Of the
bank showing of next Saturday. But
with New York bank reserves higher
than in the corresponding period for
several years past and with the limit
of government deposits promised by the |
secretary of the treasury to relieve the
situation still $25,OOo,0Oo away, there, is
no real present uneasiness over the
monetary situation. AS an evidence of
the spirit Of distrust towards banks
and trust companies the ST. Louis epi-
sode is nevertheless deeply impressive.
to the apprehension of the financial
world. E
There was some falling off, from the
recent volume Of bond transactions and
q reaetionary tendency in spots made
the market irregular. Total sales par
value So, 456, 900.
United States twos advanced 1-S per
cent. on the last CALL