The Birmingham age-herald., 1903-10-28
STOCK MARKET IN HANDS OF SELLERS Professional Operators in Hurry
 to Take Profits NET LOSSES IS THE RESULT Wall Street Is Flooded With AIarmist Rumors Concerning Financial Af-
 fairs In St. Louis-This
 Acted = a Disturber.

New York. October 27.-About the time when professional operators were in the midst of their selling to take profits Of the considerable advance of yesterday and to- day wall street was flooded with alarmst rumors of financial rumors in St Louis-
 This had the effect of somewhat accen- tuating the inclination to sell. state ments were published before the closing that some of the smaller class of depos- .itors had taken fright and were withdraw ing deposits from some of the banks and trust companies in St. Louis, but express sIons of confidence were quoted that no harm would result to the institutions at- fected. The closing of the stock market was in consequence fairly steady although the earlier advances were generally wiped out, and net losses were the result at the close. It was obvious from the outset that the considerable demand for stocks was being freely fed for purposes of prof it taking. It is difficult to say therefore how far the St. Louis development may have been responsible for the reaction. Sentimentsin Wall street is sensitive over the question of trust company conditions and even so small an incident as the re- port of a run on country bank In Wis consin, which was started by rumor that the bank had been investing in rail- road securities was made the subject of discussion as an illustration of public disquiet, engendered by banking opera tions of this sort. But the reactionary tendency of the market was capable of other explanations. For one thing. the very small outside demand attracted by the advance managed by professionals, served as warning to that class of oper- ators to restrict their ventures. The dom inant influence of the movement of Amal- gamated Copper on the market also shift ed to the side of reaction today. The open public discussion between the parties to the Montana copper quarrel made 1t evident this morning that the proposals for arbitration did not offer a probable outcome.
 The market for raw copper also step- ped back slightly from yesterdays spas modic advance. The opening price of Amalgamated was the highest at a shade under point over last night and the stock closed at a net loss of nearly point. This movement was quite decisive in shaping professional sentiment on the whole mar ket. considerable part of the early de- mand was credited to London account The days heavy outgo of currency to various points was another factor of re- action. Of today's total transfers through the subtreasury of $1,150,000 there were $650,000 sent to New Orleans and $500 00O to Chicago and s200,DO0 to St. Louis. News from Chicago was, of large withdrawals from there by country banks and New York exchange at that point fell to 75 cents discount. This probably marks a beginning of the eastern crop moving de- mand upon New York. The local money market was inclined to harden. At the same time sterling exchange yielded. Large offerings of cotton mills and the exchange offered against London pur- chases of stock here helped this result. London's favorable attitude to this mar ket was due to the beginning of the stock exchange settlement, which revealed a considerable short account in Americans. There was some wide movements in spec ial stocks, notably a rise of 10iz in Evans ville and Terre Haute and drop of h in Keokuk and Des Moines. neither of which was explained. There was con- tinued good absorption of bonds. but some of the speculative issues reacted in sym pathy with stocks. Total sales par value s4676,0O0. United States 2s 3's and old As advanced A point on the last call.