The St. Louis Republic., 1905-09-24
HEAVY BUSINESS RECORDED
n THE LEADING STOCKS.
MOVEMENT OF MARKET Is
IRREGULAR
Bank Statement Shows q Decline
in Reserves About ~ Large ~
Preliminary Estimate.

heavy TRANSACTIONS to-day in . number Of
the most prominent speculative stocks on
the list. This business looked like an
Tia, tSs :Sh asssinSs 3. i 10 se.siss % xerc quite
strictly commensurate - sufficiently indi-
Gated BY the small net changes in the
prizes q the end OF the short session. The
Movement was irregular. but prices ad-
vanced with some ageresstveness before
! the appearance Of the bank ssatements. en-
favorable showing. The closing tcne. hcw-
ever. vas easy. The bank statement
showed decline In reserves about q
iarse a the extreme preliminary esd
The contraction in the loan item AFFORD
ed Necessary relief from the deposit lsc
the small surplus reserve. Large arrivals
OF geld IN Lcndon were all secured IN the
open market Tor expert. and this had
depressing effect on securities in London:
II could not be learned that any par, oi
this Soll WAS taken for New York
The movement - looked upon as likely
10 !nc.cas. the probability of An advance
next week in the Bank % England dis
count rate. The heavy demands tO be me:
hv the money E-ackef next week. mean
time. are the g!cuEd for some appre.!en-
sion.
Total sales OF bonds. par valrr. g, :,"s.."
WEEKS HISTORY.
against the Z. restraining Influence. .i the
doubtful moHey outlook. and some cf the
:.-fne'iiat. developments in III" money sit
ia ti"n have h..n toward relief Vf f6.
drain on ianking reserves. IL Is very
noticeable that til. present movements
have been in stocks in which the exist
ence of speculative pools is notorious. q:
in stocks which are readily susceptible. ;u
manipulation BY reason of small floating
supply In tfl. market
Much us. has been mad. also Of vague
and unc"n'irrneI riimors of drais and III
OH reports revived after having alrsas:y
exeftca marked influence. UIi prices al
stocks affected som. time ago. This has
given the iHlir. ssicn tina: tine particip ton
IN the dealings was that of professional
operators 20 a large extent. Commission
houses. in fact. continue TO complain Of
light business and that the general pub
lie continues To hold ;I!oof. That holders
OF stocks are unwilling to part with their
holdings Is made manifest by the small
supply offered ~ pr!c. advances.
fre-,; from actual necessity by the with
drawal .f credits. speculative. G.;.i.rs are
unwilling To- sell AID Il;,iuiain tn. conf
dence OF account II the universal strength
"f the industrial AMI business conditions
"f the country. Nevertheless. IN. future
OF the r,,"fey market causes anxiety AMI
Induces conservatism in sIcck-mark.: o;,-
,rttions.
Undue eSt.-s:... - speculative commit
:nents on horr.wc. capital j. feared as
leaving ois.,I u position vulnerable 10 ary
forced contraction of credits. such as *
clearly possible before ;h.. demands upon
the fail money markets are mot. Tn. I.rin-
cipal factor In the relaxation oi this
weeks drain on New York bank Reserves
* the turn In H.. tide IL Suttreasury op-
.ra'i"ns. which yielded a. gain to the
banks III contrast to the heavy w:thdrs. W.
ais OF he past fcw weeks The mi:nonth
payment of pensions and purchase cf for
eiCn sxchang. by the Pos;-Ofiicc Depart
msnt hav, figured III this result.
Ti. FIRST parcel ~ gold imported from
abroad arrived urrinS I'll" week and has
so'ir int" tic bark ct,i, item. Additional
engagements were mad. oi Ss..'s.'ss'. which
ure III r.N, weeks bank statement Ex-
Pre- s-ions -! q. .'ion iy officials cf th..
B.ink of France and Paris banker, ,:,b!.i
Z" the Associated Press wcr.. OF r-.,sSur.
col! from Pa-i: To Ncw York out of tn.
amIl" gold reserves ci the Bank Of France.
i:nohstrurte.i hy requirements of she forth
coming Rus :: lean which Were. declared
unlikely {" prove an s,hsiacl. Th,. rc;Cn-
fiorL "f fh'' bunk of England r-I" was al
favorable eject as Obviat.nS an expected
obstacle tn the gold movement.
II was concluded !l:c- that the action
a: the Englisn hank was designed To- pre-
i.ot" a forthcoming fl"ta,ion OF English
,s-:>Gry bills. aud was Fk.iy Z" D.. fol-
count rate later. The report Of TIN. Comp
troi..r Of The Currency on fL. condition OF
national banks throughout the country or,
August =. WAS gwen careful consideration
the year there disclosed
The Increase i'll loans over tilat for Sep
te:n."r = ~ last year j. found ~ amount
to s..ee..s... .Ji. while III. characterization in
cash reserves amounts {" only "a little
over S'ss'p.. Allowance must be made
IL! IN. comparison fog tE. effects nf Trad.
reaction last year. yhicl. hal ,csUIt..t. L,
!ighf demand :"- credits alI! II, acr,Iinu-
lation %! harkinc reserves. The normal
outflow "f funds To the interior must ;s
expected Z. continue FOR several weeks
!ro:! the present da:'. Meantime. sey-
srai not,ti. demands are 10 bc me, In ,il.,
money market From September .5 TO
September :" fhsr. became ;siyabi. =, per
cent oi subscriptions TO $i.1..su'ss, .f Penn
:! !ivaris convertible. Gofis.
On sept. ,nhsr ~ an irstlIimsnt Of sub
s"rip'i"ns * Iu. on Atcl!son Convertible.
bonds. which VIII call for some $1,000 s..,
ON octoter IL the final inS;all,n.nt will be-
come due I" Subscriptions 10 the last issue
of JapaEss. 4 . per cent bonds. which, IL is
estimated will call for about SH,s.H,. II
Is believed that tn. heavy loan contraction
OF New York banks during the last lew
weeks has represented ltti. actual reduce
ti.n of outstanding credits. owing to the
neral transfer of loans 70 trust com
Yari.s and to other lenders.
Whatever may he the possible limits %!