The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-29

NEW YORK, Oct 28.&The effect of the
81. Louis situati upon the market was
again somewhat obscure today The ex-
Rresslons OF confidence over night from
Inat point that the situation is sound had
d reaSSuring effect on the early trading
ana prices hardened. The opening of bus
mess In st. Louis, which was somewhat
later owing to the difference in time was
followed by reaction in stocks. The
very heaYy Withdrawals of currency from
LIE. % center by ST. Louis carried the level
VI prices OF stock generally below last
night. But the last hour of the market
showed the best prices of the day, the
morning level being generally exceeded
by a traction. In the final dealings prices
easy.
:, A survey of price changes will show
tnat the whole movement was very trivia |
ana net changes were insignificant, ex-
market was itself a reflection in some
sort of the uncertainty felt over the ST
LOUIS situation, which prompted waiting
a1tItude rather than disposition. to sell
mere was no selling which was attribut-
ed to st. Louis account unless it might
nave been American Car The Quarterly
report OF net earnings in the Pressed
f Hseei Lar company showing them to be
less than half of those for the CORE
Spondlng quarter of last year, naturally
had sympathetic effect on American Car
as Wen as weakening the Pressed Steel
Car stocks.
SOuioS are strong.
- On the other hand. the stocks of the
Gould Southwest railroads centering i'm ST
LOUIS were among the few features of
positive strength in the market although
tnere was nothing to show that there was
any slsnIncance local to ST Louis attach
also strong, and Peoples Gas had an
early advance on a favorable court decis-
ION: The speculative movement in Anal
gamated Copper might be cIassed as
marking time and the dealings in the
STOCK were in much diminished volume
The situation in st. Louis resulted in
Lelegraphlc transfers to that city from
here through the subtreasury of 50 100. =
900. In addition there was $3.50 600 sent
to Chicago and 100000 to New Orleans.
This is plain intimation that the West
ern crop moving needs, although long de-
Ierred, are making large inroads upon
local banking reserves, quite aside from
the emergency requirements at St Louis
II was not surprising, therefore, that the
rate LOT call money should rise to 5
per cent this afternoon, and the tone of
the time money market grow distinctly
hrmer The rise in local money rates
may have contributed to the sharp break
ferlngs Of cotton bills in that market were
reported in very large volume, and heavy
exports of grain were also engaged.
Bank Showing May Be Weak.
This prepared expectation for weaken
ing of the bank showing of next Satiir-
Gay. But with New York bank reserves
higher than in the corresponding period
for several years past, and with the linn
tied government deposits promised by the
secretary of the treasury to relieve the
situation still $4,000, 900 away, there is
no real present uneasiness over the mon
etary situation. AS an evidence of the
spirit OF distrust towards banks and trust
companies the ST Louis. episode is never
thelesS deeply impressive, to the appre-
hension of the financial world
There was some falling off from the re-
cent volume of bond transactions. and a
reactionary tendency in spots made the
market irregular. Total sales. par value,
3,456,00O. United States IS advanced "A
per cent on the last call.
CLOSING List