The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-29
STOCKS MOVE NARROWLY
ST. LOUIS CONDITIONS HAVE LITTLE
EFFECT ON THE MARKET.
Very Heavy Westward Currency
Movement. Apart from Emergency
Requirements mt st. Louis.

NEW YORK, Oct. eS.-The effect of the
st. Louis situation on the stock market
was again somewhat obscure to-day. The
expressions OF confidence over night from
that point that the situation is sound had
Il reassuring effect the early trading,
and prices hardened. The opening of bust
ness in st. Louis. which was somewhat
later, owing TO the difference in time, was
followed by 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 n frac-
ton. In the final dealings prices yielded
again, and the close was rather easy.
A survey of price changes will show that
the whole movement was very trivial. and
net changes were insignificant, except in
few cases. The dullness of the market was
itself reflection in some sort of the wait
ing attitude, rather than disposition to
sell. There was no selling which was at
tributed to st. Louis account, unless it
might have been in American Car. The
quarterly report OF net earnings by the
Pressed Steel Car Company. showing them
responding quarter of last year, naturally
had weakening effect on American Car,
as well as weakening the Pressed Steel
Car stocks. On the other hand, the stocks
of the Gould Southwestern railroads CEN
tering in st. Louis were among the few
features Of positive strength in the market,
although there was nothing to show that
there was any significance local to st.
n vnnV parr
sylvania also was strong, and Peoples Gas
had an early advance on n favorable court
decision. The speculative movement in
Amalgamated Copper might be classed as
marking time, and the dealings in the
stocks were in much diminished volume.
The situation at st. Louis resulted in
| here through the subtreasury of S2,100.0o0.
| In addition there was S6500O0 sent to Chi
cago and 100000 to New Orleans. Banks
are also known TO be shipping heavily
| through other channels. This is a plain
| intimation that the Western crop-movng
needs, although long deferred are making
| large inroads local banking reserves,
quite aside from the emergency require
ments at st. Louis. 1t was not surprising,
| therefore, that the rate for call money
should rise to D per cent this afternoon,
| and the tone OF the time money market
grew distinctly firmer. The rise i'm 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 also were engaged.
| This prepared expectation for weaken
| ing of the bank showing of New York
| 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 S25,0O0000 away. there is no
| real present uneasness over the monetary
| situation. AS evidence of the spirit of
| distruSt towards banks and trust COM
| panies, the st. Louis episode is neverthe-
| less deeply impressive to the apprehensive
| financial world.
There was some falling of the recent
bond transactions, and a reactionary tend
| ency in spots made the market irregular.
| Total sales. at par value, were So 456, Co.,
| United States threes advanced Is per cent
| on the last call.
Following are the days share sales and
| the recorded price changes: