The St. Louis Republic., 1903-10-28
WALL STREET DISTURBED
BY RUM0RS FROM ST. LOUIS.
SELLING MOVEMENT ACCEN.
TUATED THEREBY.
Copper Stocks Influenced Unfa.
yorably by News From Mon
tana-London Is Il Buyer.

New York Oct. e7.-About the time
when professional operators we-c IN the
| midst Of their selling 10 take profits on tbs
considerable advance OF Yesterday and tu.
nay Wall street was flooded with alarm.
ist runners OF financial troubles in -
Louis This had the effect OF somewhat
2ccen;uatirg the inclination 60 sell
Statements were published before tho
closing that some OF the smaller class Of
dcpositors had taken fright and were
withdrawing deposits from some OF the
ranks and trust companies i'm ST Louis
out expressions OF confidence were quoted
it .ihIt no harf1 would result to the instiiu-
IONS aHcctei- The closing Of the mar
ket was IN consequence fairly steady. al
though the earlier advances were general
~ wiped cut and net losses Were the rule
at the close. it was obvious frorl the out
set that the considerable demand for stock
was being freely FED for purposes OF rrnfit-
taxing II Is difficult 10 say therefore.
how far the st. Louis DEVELOPMENT may
have been responsible for the reaction
STREET Is SENSITIVE.
Sentiment In Wall street IS sensitive over
the question Of trust company conditions.
and even 50 small an incident as the report
OF run on a country bank in Wisccn-
sin. which was started by n rlmor that
the bank had been investing in railroad
securities. was made the subject OF dis
cussiOn as an illustration OF public dis
quiet enEenderci by banking operations
OF this sort But the reactiOnary tendeu-
cy Of the market was capable OF othe- cN-
planat lions For one thing the very small
outside demand attracted by the advance
managed by professionals served as a
warning to that class OF operators 70 re
strict their ventures. The dominant in
nuence Of the movement Of AmalSamated
copper also shifted to the side of
reaction to-day The open public dis
cisssion between the PARTIES TO the Mon
tana copper quarrel made il evident this
morning that the proposals for arbitration
c'c not ofrer a probable outcome. The
market foT raw copper also slipped back
slightly from yesterdays spasnOdic ad-
vance: The opening price OF Amalgamated
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 market
DEMAND FROM LONDON.
Considerable part OF the early demand
was credited to London account. The
days heavy outgO OF currency to various
points was another factor OF reaction. of
the days total transfers through the Sub
treasury OF Sl.I5o.CoO there was $50 ao0
sent 10 New orleans. 5000 to Chicago
and $4,000 to St. Louis. News from Chi
cagO was Of large Withdrawals from there
by country banks and New York exchange
at that point fell TO - cents discount
This probably marks beginning Of the
Western crop moving demand upon New
York. The local money market was IN
clined to harden. At the same time
sterling exchange yielded large offer
ings OF cotton bills and the exchange Of
fered against London purchases OF stocks
here helped this result. Isondou's favor
able attitude 10 this market was due to the
beginning Of the Stock Exchange settle