The St. Louis Republic., 1903-10-23
MOVEMENTS OF STOCK
PRICES INC0NCLUSIVE.
NEW BANK FAILURE is
BARELY NOTICED.
Amalgamated Copper Loses Two
Points on Adverse Court De
Cision in Montana.

New York. Dot E.-The movement of
prices OF stocks to-day was again inCon-
elusive. the net changes being for TIE
most part trivial. Losses predominated at
th4 end OF the day. but the market had
quite generally advanced In face cf the
early unfavorable developments. The sus-
penSion Of an Allegheny bank growing out
os the failure yesterday OF the Federal
National Bank Of Pittsburs. caused scarce
" a ripple in the market, although ,tpCIts
showed the continued necessity Of pre-
cautionsry measures at PittsburE, such as
rsfraining from trading in bank STOCKS
and the provision Of a twO-milliOn dollar
safety fund amongst the banks. i ndOn
also affected this market unfavOrably. ow-
ing to a fresh outbreak OF ears uT war
between Russia and Japan The labor Cis-
putes on the Manhattan and the PeEpsyl-
vania Railroad systems were u.ier Cis-
cussJon in Wall street, but did not seem 20
he much regarded in the trading. Dis-
satisfaction was expressed with the con-
ditions in the coal trade growing CuJ % a
large accumulation OF steam Ei-es OF
anthracite and tho active competition
thereby produced with the large IrOdUc-
tiOn OF bitInlinous coal for shlpal..nt to
the ssabOard- The latter traffic is re-
ported to be IN semidemOral;zed cordi-
Jon. and az the same time the assertion
gained currency that the Attorney Cen
eral OF Virginia contemplated a proceeding
10 contest the control by the Pennsylvania
and the Baltimore and Ohio. Norfolk and
Western and Chesapeake and Ohio.
EFFECT NOMINAL
The effect Of these Developments vas
not more than nominal. and did Tiot pre-
vent an advance. which included repre-
sentative stocks in most OF the u eminent
groups, the coalerS not excepted he
character OF the market seemed 10 rave
changed so far that instead OF selling
stocks on every piece OF good news. as
hos "a 10 a
disposition 10 buy stocks on unfavnraole
public announcements. this arguing the
tendency TO accumulate stock The very
broad and active bond market. which has
showed progressive increase for several
days past. afforded an example Of the
same tendency.
and q growing ease in the money mar
ket there is no longer any expectation
that high interest rates viii be perma-
nent. and on this assumption high-gra ie
bonds are attractive at the present prices.
The special demands on local money sup
piles. by reason OF the troubles at Balti-
more and PittsburE. have not affected the
ease Of the local money market.
LOANS NOT so LARGE.
one reason for the prevailing ease
seems 70 be that the heavy borrowings
expected TO develop this fall have not
come into evidence. This is corroborative
OF the reports Of curtailment IN better
ment work by the railroads. and is capa-
ole OF an unIaVorable Interpretation But
# has served to ease the pressure on the
money market Deposits at the Subtreas-
ury to-day FOR transfer to New Orleans
were $4,000. following the deposit for
similar purpose yesterday Of SIS. Oo0 This
g convincing evidence OF a much sreer
movement OF the cotton crop. which the
very large port receipts OF to-day also
testify TO. The prospect Of the resulting
large supply OF bills in the exchange mar
ket IS viewed with satisfaction. The move
ment Of funds TO the West is still small.
although New York exchange at Chicago
fell to 15c discount to-day, compared with
the recently prevailing premium. The
principal factor OF the late reaction OF
the market was the drop Of nearly 2
points in AnalgRmated Copper which
absorbed practically all OF tEe attention
IN the market, after the announcement Of
the deciaions against IL in the Montana
The market closed steady
The bond market was broad and strong
Total sales OF bonds. par value. wero 81
5000 United StateE Is and the new Is
advanced Z and the - and old a. 4 per
cent on the last call.