The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-28
FINANCIAL AND COMMERCIAL.
TUESDAY, Oct. a

IuEeDAn, OoS. ~.
BY midday to-day prices ON the Stock
Exchange had advanced between ono and
two points over yesterdays Anal figures.
Whom the market closed practically oil
this advance had been lost, The reason
for the decline was ostensibly the receipt
Of advices from st, Louis that the constant
circulation of rumors there affecting the
credit Of various financial institutions in
that city had caused Withdrawals Of de-
posits from some of these institutions, such
Withdrawals amounting. in one instance
AT least, to the proportions of run
Details concerning the matter were lacking
in Wall Street before the close Of business
on the Stock Exchange, and the vague
ideas as to the extent Of the trouble
were. perhaps. more disturbing thar any
thing else Rumors regarding these al
legged st. Louis difficulties have been circu-
lated in the financial community here for
a least ten days past and up TO the present
time, at least, the consensus has been that
they were of stock jobbing character
Even if this incident had been lacking in
the days news reactionary movement
in prices would undoubtedly have occurred
especially after the rapid rise in quotations
this morning. Our stock market il not
vet in shape for a sustained advance in
prices, and thers ia no doubt that most
of tho ri So in the last month has been due
to covering" Of short contracts and pur-
chases made by professional spectators
who were convinced that conditions had.
temporarily anyway, shaped themselves 30
as to favor the buying rather than the SELL
ing side Operators of this class almost
invariably believe in taking small profits.
and whenever the market shows signs of
hesitatng invariably dispose quickly Of
the stocks they have on hand
The really important development to-
day was a perceptbly harder tendency
in the money market Rates for all money
here obviously are working higher. Time
money loans are not quite 40 easily nego-
tiated as they were a week ago, and the
banks are not quite such free buyers OF
commercial paper. One reason for this is
that disclosed in the shipments Of 81 $50 900
to-day to interior cities for crop moving
purposes OF this, 1900 900 represented the
first shipments to Chicago thus far this
season. While our leading bankers see no
reason TO change the opinion that they
formed a month ago, that there will be no
money stringency here this fall growing
out of the usual autumnal crop moving
drain. it is clear that some money. at least,
will have to be shipped Westward and that
the time for these transfers is now at hand.
Word came from Boston. Philadelphia
and other Eastern cities to-day that the
same harder tendency in the money market
as that Witnessed here was visible there
The outlook Of the moment is, in other
words, that while money will be very easy
after the end Of the year, rates for its use
are likely to be somewhat higher before that
time than they have been recently. Another
reason which Is making for caution on
the part Of our largest money lenders Ia
the possibility that in the ensuing two
months occasions may arise, like those in
Baltimore two weeks ago, which will neces-
state calls upon their resources for reasons
outside Of those usually in force at this time
of year,
1t should also be impressed upon
spectators and investors at this time
that our present stock market is one in
which discriminating rather than whole
sale purchases should be made. The bust
country are not equally good, In general
way II may be said that next years business
of the Western railway lines promises to
be better than that Of the Eastern roads,
for the reason that whatever business de-
pres sion there is or may be seems to affect
chiefly manufacturing industries. These
industries OF course. are largely centred
along the Atlantic seaboard. II is we'll
known, thus. and there is no reason why
it should not be frankly stated, that the
business Of what are known as the btu
minous coal roads is not as good as it was.
and that there are no immediate signs Of
any great improvement in it. The bust
ness of these roads consists in a COM
paratively small degree OF the transporta-
ton of through freight but is largely con-
fined to the hauling of bituminous coal
and to the carrying Of such general freight
as grows out Of the coal trade. BY reason
Of the lessened demands Of Eastern manu-
facturers for coal owing to the shut down
Of plants, reduced time schedules. dc.
there is an overproduCtion Of soft coal,
which has caused extreme competition for
the orders of Western consumers, and this
has resulted in a more or less drastic cut
ting OF prices by the indeperd dent soft
coal producers. Efforts are being made
to repair this price cutting. and it is
to be sincerely hoped that they will he