The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-11-01
STOCKS AND eoNDS.

STOCKS AND BONDS.
New York. Oct S1-Todays bank state
raent proved 70 be the usual enigma to
the stock observers. The statement re-
ports a decrease in cash CT ss,eS4,S0o. \
number CT estimates are complied every
Friday OF the weeks currency from the
banks OF estimates, but none Of these es-
Inmates regarded as reliable showed
cash outgo for the week OF less than
thirteen million dollars. and some Of
them ran 10 over $1,000, co. Last S2ur-
day the bank statement in its item Of
cash account showed the estimated de-
crease OF 5000, 900. The conclusion is IN
avoidable that the actual showing of the
cash reserve item in the bank statement.
if il correctly represents the actual con-
6ition of the banks, must be based upon
money movements not disclosed 10 the
public on which the Friday estimates are
based
Today's statement failed to have a con-
vincing effect on the stock market and
very languid upward movement OF prices
resulted. This was partly due to the fact
that a sxeptical feeling vas felt yester
day as to whether the formidable de-
crease in cash would be in fact reflected
in today's bang statement. There is 4
belief that the discrepancy in the bank
statement may be explained by cash
operations between the banks ard trust
companies. which do not appear IN the
reports of currency movements. The IN
crease in loans, which resulted $4,000.
was not unexpected and is attributed to
preparations for November 1 settlements
and to borrowings by Western inst-tu-
tons in connection with their large cash
Withdrawals. The closing was steady but
very dull, and whit the advancing ten
dency checked.
The lightning Of the money market this
week has had a representative influence
on the stock market and has had an effect
in checking the trading in the bond mar
ket Following the bank and trust com
pany failures at Baltimore and Pittsburg
last week came the news of a run on
the St Louis trust companies by some
classes of their depositoIs ard the en-
forcement of the 60 days notice of with
drawal allowed to the trust companies.
This condition led to large Withdrawals
of currency from New York to reinforce
the position in ST. Louis. At the same
time the heavy shipments to New Orleans
for crop movement purposes have con-
tinued and the long delayed demand from
the West for moving the grain crops has
set in.
On Wednesday the transfers of currency
out of New York, through the subtreas-
ury, reached the unprecedented total Of
50, so. 000 of which s2.l0o000 was to St
Louis, which was also the highest record
for a single days shipment to any point
The weeks outgo also exceeds all re
cords The emergency shipments to ST
Louis are believed to be a temporary
need, although the increasing activity OF
the Western money markets may keep
money there until after the market move
ment The Indulgence of the execution
last fall proved costly to a large specu-
lative element in the stock market and
the memory of last falls experiences be
gets a spirit of caution. The spirit OF
distrust of banking institutions revealed
by the St. Louis episode has induced a
conservatism in the banking world IN
general and a disposition to conserve
reserves The effect of these factors has
been a rise in the local rates for money,
both in call and in time. But the further
effect has been a precipitate check in the
rates for foreign exchange for nearby
gold imports.
The outgo of wheat and corn was ex-
banded. The rise in local money rates
has checked the demand for exchange to
cover previous sales. which has hitherto
steadily absorbed the supply Of CONNER
cial bills as fast as they came into the
do, md YvOln
on the continenet is keen, the final out
come OF the exchange situation IS not
certain. although II seems clear that the
New York money market has gained con-
troll Of the money market situation
Meantime operations instocks have
shrunk to a few special movements. due
TO causes affecting individual stocks. The
Quarrel among the copper interests II
Montana has been the basis of activity
in Arnalgamated copper ard United States
steel has been infected by the informa-
ton disclosed in the application to place
the second mortgage bonds in the regular
list at the stock exchange. The ron ana
steel stocks and the railroad stocks have
been affected by uniInproved conditions
in their trade. and especially BY the large
decrease in net earnings for the past
quarter reported by the pressed steel car
COMPANY. Railroad officials have come to
admit. for the first time. some declining
trade conditions in traffic. and freight
solicitors are reported again IN The Held
after a long period OF inactivity There
has not resulted any marked GepTt ss-or
y, the stock market as 2 consequence %
those DEVELOPMENTS. no urgent hqulGa-
ton has been IN evidence and the opin-
ion is held that the long liquidation IN
the stock market has bean in anticipation
Of present and possibly future conditions
Daring the time when complaint was
made that Wall street was the only blue
srot in the country The hope that the
aecesser liquidation in the stock market
ss over has caused some encouTa e merit E.
some complaint IS heard Of the Tnanipu'a-
eve character Of occasional advances u
rrioes But this II true. does not de-
trart from the evidence 81 an in7FoF q
sner,i,stivc situation some g the COZ
ree,o,dinglv wide recoveries in soch
sto~ks are hardly evidence q q renewed
business operations. but may represent q
n-ocess Of bidding b. market r MACS rs
The rise in money rates has ha.leo lh'
, .z-est7nen- absorption q bonds. bat mas
rot caused iittle reaction II prices b'll-
ro,,see reported a coed inquiry and an ex-
rso,ation that the falling Of in business
activity VIII lead 70 some aceii ''''ii''-'-. O.