The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-10-22
PITTSBURG BANK FAILURE
IS FELT IN WALL STREET,
HEAVY OFFERINGS SEND
PRICES
Close Is Near the Lowest of the
Day, but Sentiment Is Some
what More Cheerful.

New York. Oct m-The news before the
opening OF the stock market to-day OF the
suspension OF the Federal National Bank
of P~ittsbu-y caused fears Of q violent
rreak in TIC market There were some
heavy offerings just at the opening in
some Of the leading stocks and declines
ran to a point in a few cases Pressure
was severe upon United States Steel pre-
ferred. causing a loss OF H Fears for the
result IN the market were the more acute
owing to the part played in yesterdays
considerable recovery by the published as
Furances that the Fedora National Bank
was not in need OF assistance. 1t was be-
levCd, therefore, tina the threatened IN
Etitution had weathercd h storm me
news this morning caused nasty measures
Tor supporting prices. The eHecuVeneSs
of these became very promptly manifest
but the recovery was yieNSd with some
suspicion owing 10 the belief IN the artlh-
Cial nature OF the demand
TRADERS SURPRISED.
Tho-e n the floor were surprised At the
ease with which the decline was checked.
and It was easy to perceive that offerings
OF stocks in the market were on 4 very
light scale. The buying was thereupon
renewed with VigOr and the market car
Tied upward quite COmp-ehens!ve!y to the
extent OF a point or more Prices re
AA@RRe III 4 NaaHHaD Aa~ a~@N~@ -
Of the day and the closing WAS rather easy
and at net declines for the day, except
where the early gains had been above the
average.
The late downward movement was not
fully explained by any published develop
mgut- The demand from shorts was sat
isI'I 20 some extent on the advance. thus
sBhrIaDrIuE from the uppOr OF the mar
ket. Some fears were entertained that
There might he a new factor in the Pitts
burg trouble carried over to-day by reason
Of the decision of the banks not to call
maturing loans there and other measures
OF p~TeCautiOn. The cause assigned for the
failure. namely. the withdrawal OF deposits
10y small banks which had been offered
a high rate Of interest bv the failed bank
10 attract those deposits. was a result
from a condition known 10 have be
come sufficiently general 10 be the subject
Of widespread criticism
TONE CONFIDENT.
Notwithstanding the late reaction in the
market. its tone was accepted as rather
convincing evidence Of a measurable res
toration Of confidence. In view Of the
factors to be commended with. To these
must be added the threatening aspect OF
labor conditions with the Manhattan Elf-
waited. The market did not take well to
the announcement that some Of the an
thracite collieries will close for about a
week owing TO the quick succession OF
holidays within that period. The local
money market was quite unaffected by the
large shipments OF money TO BALTIMORE
Reports were current Of further large
grain exports and the freer movement OF
cotton was also viewed with satisfaction.
The bond market was very broad and
widely varied at generally advancing
prices. BON houses report a notable
increase in the investment demand Total
sales Of bonds, par value, S.4I6g1 United
States Is advanced =. the old IS : and the
IS and new IS 4 per cent on the last call.