The Birmingham age-herald., 1903-10-29
ST. LOUIS TROUBLE HAD LITTLE EFFECT Expressions of Confidence Re- assured the Market CLOSING WAS RATHER EASY
  Survey of the Price Changes Will Show That the Whole Movement Was Very Trivial and Net Changes
 Were Insignificant.
CLOSING WAS RATHER EASY

New York, October 2s.-The effect of the St. Louis situation upon the stock market was again somewhat obscure today lhe concessions of confidence over nlght rom that point that the situation IS sound hau a reassuring effect on the early traalhs and prices hardened. The opening or eas- mess 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 rom this center by St. Louis carried the leVel of prices of stock generally below lasf night. But the last hour of the market showed the best prices of the day, the morning level being generally exceeded by a fraction 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 trivial and net changes insignificant, eS- cept in few cases. There was no selling which was attributed to St. Louis &C., count. unless it might have been in Amer ican car.
 The quarterly report of net earnings IT. the pressed steel car company showing them to be less than half of those Tor the corresponding quarter of last year, naturally had a sympathetic effect on American car, as well as weakening the pressed steel car stocks. On the other hand the stocks of the Gould southwest ern railroads centering in St. Louis were among the few features of positive strength, although there was nothing to show that there was any significance To- cal to St. Louis attaching to this move ment The speculative movement in Am algamated copper might be classed as marking time and the dealings in the stock were in much diminished volume The St. Louis situation resulted in the telegraphic transfers to that city from here through the subtreasury of g., 00O In addition there was $e50,o0o sent to Chi cago and s200,0O0 to New Orleans. Banks are also known to be shipping heavily through other channels. This is a plain fntimation that the western crop moving needs although long deferred, are making large inroads upon local banking reserves, quite aside from the emergency require- ments at St. Louis. 1t was not surpris- ing, therefore. that the rate for call money should rise to five per cent this afternoon, and the tone of the money market grew distinctly firmer. The rise in local money rates may have been due to the rise in sterling exchange, though the offerings of cotton bills was reported in very large volume, and heavy exports of grain were also engaged This prepared expectation for a 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 or government deposits promised by the secretary of the treasury to relieve the situation, still 100000 remain and there is no uneasiness manifest over the monetary situation. As an evidence of the spirit of dstrust towards banks and trust companies, the St. Louis episode is deeply impressive to the apprehensiye in the financial world. There was some failing off of the recent volume of bond transactions and reactionary tendency .n spots made the market irregular To. tai sales par value, s3.45s. .OOO Irnitaa States 2s advanced per cent on the last call ''iS 'a''