The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-29
FINANCIAL AND COMMERCIAL.
WEpNEsDAY. Dot. 20.


Call money loaned a. high a. per cent.
upon the Stock Exchange to-day. and few
loans Of this character were made at less
than per cent Time money was also
appreciably harder, the feature Of the
situation in this respect, however. being
the withdrawal Of offerings on the part
Of money lenders at the low rates that
have recently prevailed rather than any
elevation Of bids by would-be borrowers
These higher rates were due, of course,
to the direct and indirect influences grow
ing out Of the disturbed condition OF finan-
cial affairs in the city Of st. Louis. Di-
rectly the result was brought about by
the days shipments through the Sub
Treasury by our local banks to institu-
tons in Western cities Of nearly 81. 900 600.
Large sums were also shipped privately
by express. As the banks had already
lost to the Sub-Treasury up to the close
Of business last night 81 .84l 600, their cash
loss on all transactions during the week
thus far runs into large figures, and, taken
in conjunction with the heavy loss known
to have been sustained last week by ship
ments of funds to Baltimore. which, al
ing in last weeks bank statement, will
undoubtedly make its presence felt in
the current one. 1t indicates that the net
cash loss Of the banks as shown in the COM
ing Saturdays statement will be very
heavy OF course, not all the money sent
out OF town this week has been in the nature
Of financial reenforcements for st. Louis.
Some OF IL has been sent to Kansas .City.
where demands of an unusual nature have
arisen. A good round proportion OF 1t,
too, has been for orop-moving needs, whose
force ia now really felt for the first time.
The indirect bearing of all these phe-
nomena on the financial situation is far
greater than the acute money loss thus
far sustained here. It obviously makes for
a feeling of intense caution or the part Of
money lenders everywhere and will cause
to be more rigorous the inspection of credit
that has been recently going on. Every
intelligent person In the financial district
In this city knows that while the banking
position here is strong, a continuation OF
such drain as has been witnessed in the
last two weeks would result unpleasantly,
at least for the stock market. The emer-
ReHClSS WHICH have tlS'Il HpohVi vi III
certain speculative quarters as being only
temporary. So In general sense, they are;
but those who look for speedy return of the
money that has just been sent TO Baltimore
and st. Louis for the specific reasons with
which all are familiar are mistaken. 1t will
remain in those places until
the end, or nearly the end, OF the year.
Advices from st. Louis to-day were of
optimistic tenor The banks in st, Louis
are known to be in sound state, and all in
dications are that the runs which were
started on some of the trust companies
there Yesterday are over. In no way,
however, can the incident bc considered
as an argument for higher prices for Sc
curites.
The American Car and Foundry and
Pressed Steel Car stocks were weak to-day,
the one because Of the statement attribute
to director of the American Car and Foun-
dry Company that dividends on the com
pany's common shares would probably
be suspended in the near future because
of the poorer business outlook for the COM
ing year. and the other. apparently, in
sympathy with a decline in the Car and
Foundry shares and because of dis
statement OF business fer the
last nine months, large decrease in sur
plus being shown. On the other hand,
the Missouri Pacific and Wabash issues
were heavily bought, and, with CREATE
strength OF the Pennsylvania shares than
has recently been seen, served to hold the
general market strong throughout the
A., al, a. of an n
crease in gross earnings for September
of S729, 743, of which S53S,Sil was saved III
net, served to stif1en the price of the AT
Gibson preferred shares more than II did
the common. Rumors Were current of the
embarrassment of Il large stock yards
concern with headquarters in Chicago
and kans&e City because of the recent
shrinkage that has taken place in cattle
values. But this matter, and the shutting
down for a week Of the collieries through
out most OF tn" anthracite coal mining
region, seemed to attract but little Gtten-
ton. The loss in the wages of employees
and in the rev"nIes Of the coal companies
by this stoppage of work Is estimated at
$3.50 900. Deplorable as the occurrence
is. there seems to be no way Of avoiding
it in view Of the terms of settlement Of the
recent difficulties in the coal mining region
imposed upon the coal operators. II is now
frankly admitted that there is an overpro-
duction of anthracite rs well as Of btumi-
nous coal and that coal has been placed in
storage 10 the full extent of existing fa"ili-
les for that purpose, We're the companies
able to work their men upon retuced pay
and time schedules, they could continue
mining operations but inasmuch as no
abatement can be made in these regards,
the only recourse of the coal operators is
to shut down the mines temporarily from
me 10 time
New I0rl. Stock Exchange sales. Oct. -.