The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-30
FINANCIAL AND COMMERCIAL.


rose and fell alternatelv within "A narrow
range IN 10 midday. for the suoceedinr two
hours remained almost moticpless and
in the closing hour Of business b, came
weak. 70 tina, final o,o,atiops in nearly all
instances showed mo, declines. As was
| the case Yesterday the one potent influence
in the trading was tho advance in money
ra,,s dine to IN. lsrue shp,pents Of money
from this ccn,re Ia tho interior of the
country Call money to-day ruled he
tween a and : Nor cen,. while time money
rates. advanced an Tim, : NOR cen, vas hid
for the use az funds for all ner;ods. q, 7,5 ooO
WAS sent West to-day ,bruph IN, Sub
Treasury. tran ,fers hv exnress beinp. il
was upderstood in nrnnor,ionate quantity.
While calc,,a, ion nc IN tina pro,,ab,e uaips
or LOSSES in cash nv the local hanks that
will he shown IN tho vse,s,v hank statement
are often misleading owing 10 the well I'M
derstood eccentric;,v of the workings of the
average system upon which the state
ment is prepared estimates arc that the
Forthcoming .Ahib, of conditions will show
tina, the banks have lost this week nearly
$40 900 900 Speculative sentiment has be-
come impressed by the consideration that
a good shpre of this loss il due 10 n months
DELAYED movement of funds TO the interior
of the country for crop moving purposes
and that such movement is likely to
grow larger rather than less. Less heed
was given to-day to the state of affairs in
St Louis. and Trustworthy advices from
that place we're to the effect that popular
excitement there had almost wholly ceased
and that 10 further reasonable fear of
trouble remained 1t is wholly probable
however. that the st. Louis banks, as well
as those of other cities which have recently
suffered financial strain. will feel like
keeping themselves extremely strong dur
ing the rest of the year. 1t cannot be ex-
pectcd. therefore, that sums OF money
sent from this city to reinforce bank rec
serves in those places will speedily return.
The counterbaancing factor in the money
situation is. of course, the weakness In
foreign exchange Sterling dropped to-day
to the lowest point of the season under
offerings OF commercial bills and because
OF tho higher call money rates, but ia still
one-halt cent away from the figure at
which imports could be probably nego-
tiated The sentiment Of those usually
best informed about such matters is that
we will get no gold from any quarter OF
Europe before next year except in case
of severe money stringency here or other
urgent necessity. The Bank OF En- gland is
now paying the full price for American
gold coin, and although the Bank made a
strong return of its condition to-day and
kept its minimum rate OF discount I'M
changed, there is little doubt that this
minimum rate would be enlarged if gold
exports from England became imminent
So far as the Bank Of France is concerned
the unwillingness OF that institution to adj
vance gold for export is we'll known, and
the quantity of gold held by it has recently
been sensibly diminished, To-day general
news was slight The Chicago banks sent
word here that they were shipping money
very swiftly to the agricultural sections.
In the metal markets announcement was
made of a further cut Of from % to so cents
in Northern pig iron and OF so cents in
Southern pig iron. Copper was also offered
at lu%er figures, the current feeling among
coy,er buyers being. apparently, that
despite the shutdown Of the nalgamated
Company mines, the large stocks Of copper
in producers hands preclude any notable
rise in the price OF the commodity. The
Reading Railways report Of an increase
OF the surplus of all its companies during
September OF $l,ll8,333 was as expected,
but had little or nc effect upon the Reading
securities. The Canadian Pacific shares,
on the other hand, weakened under tho
Publication OF O September earnings state
ment showing a net decrease OF $?Os, $50 ard
of the news that the locomotive en- giueers
on the system he'd asked for an advance in
wage, varying between Is and rs per cent
The National Railroad Of Mexico also re-
ported a net decrease in earnings for Sep
tembcr of s164, 484.
Finally, il must be confessed that the an
nouncemsnt to-day that there had been
newly negotiated by two subordinate COM
pnnies of the PENNSYLVANIA Railroad ad-
diticnal mortgage bend issues to the extent
Of s2OOoo, 600. was met we'll received. The