The St. Louis Republic., 1903-10-29
WALL STREET WAITS TO SEE
WHAT HAPPENS IN ST. LOUIS
PRICE CHANGES FOR THE
DAY ARE LIMITED.
American Car Stocks Sold Freely
on UnfavOrable Report
Gould Railroads Stronger.

New York. Oct. 2S.-The effect OF the 81.
Louis situation upon the stock market
was again somewhat obscure to-day. The
expressions OF confidence over night that
the situation is sound had a reassurtnS
effect on the early trading and prices
hardened. The opening OF business in 81.
Louis. which was somewhat late. owing
10 the difference in time. was followed
by a reaction iH stocks The very heavy
Withdrawals Of currency from this center
by 81. Louis carried the level Of prices OF
stocks generally below last night. But
the last hour Of the market showed the
best prices OF tine day, the morning level
being generally exceeded By a fraction.
In the final dealings prices yielded again
and the closing was rather easy. sur
Ney Jf price changes viii show thai Inc
" hole movement was very tTlNldl anu net
changes were insignificant. except In 4
Few cases. The duliuess OF the market
was itself a reflection in some sort OF the
uncertainty felt over the 81. LSJuis situa-
tiOu. which prompted a waiting attitude
rather than a disposition TO sell. There
was no selling which was attributed 70
St Louis account, unless II might nave
been in American Car.
SELLING CAR STOCKS.
The quarterly report of net earnings in
the Pressed Sieel Company. showing them
10 be less than half those FOR the CORE
spending quarter Of last year. naturally
had q sympathetic effect on American
car. HS well as weakening the Pressed
Steel Car stocks. On the Utucr hduU. the
stocks OF the Gould Southwestern rai.-
roads CyuterIuS IN 81 Louis were dtiIuAS
the few features 20 POSITIVE strength "a
the market. although there was nothing
10 show that there Was amy sIgulncaurr
local TO St. Louis attaching 10 this move
mcut Pennsylvania was alsu strong and
PsOplo's Gas mad an early adESur" ON
favorable court dcrlStou- The -pccuauNe
movement m Am.tlgHEated 0ppyr mlsnt
he ulassed as T~,IrklUE time anu the deal
iugs iu the stock were IN much d'inih-
iShsd volume.
t'l,grJphi. transfers to that city from
here. through tae SIbtrcasuTy. Of *-.loo-
90. iU addition there was S-Heb sent 10
Chicago and S1VOIJ to New Orleans.
Ranks are also known 10 be shipping
heavily through other channels. This Is "A
plain iutimaIiou that the Western crop
moving needs. although long deferred are
making large IurUads upon local banking
reserves quite aside from the emergency
requirements at 81. Louis
MONEY Is HIGHER.
1t VAS not sur rising. therefore. that the
rate for cali money should rise TO per
cent this afternoon. and the tone OF the
ume-moncy market grow distinctly firm
or. The rise In local money rates may
have contributed TO the sharp break in
sterling exchange, although the offerings
Of cotton mills la that market were re-
ported IN very Large volume and heavy
exports Of grain were also engaged This
prepared expectation for "A weakening OF
the bank showing OF next Saturday. But,
with New York bank reserves higher than
ia the corresponding period Tor several
years past. and with the limit uf Govern
meut deposits promised by the Secretary
OF the Treasury 10 relieve. the situation
stllI 4-AVlU,s1 away, there Is no real pres
cut uEeaSIness over the monetary situd-
uou. A. an evidence OF the spirit OF dis
trust toward b4nks and trust companies,
the -. Louis episode Is. nevertheless
deeply impressive. To the apprehension OF
tho financial world.
There was some falling on from the re-
cent volume OF bOud transactions and 4
rtdCuuuury tendency iu spots made the
market irregular. 'rotsti-eales. pstr value
S.4J6,OUQ United Smtes - advanced =
Der cent on the last call.