Show 1 MARKET STILL QUIET High Money Rates Halt Investments CLOSE IS STEADY BUT BULL Tightening Msney Market Had Repressive Influsnct Bank Estimates Inconsistent and Considered Unreliable in Pace of Existing Conditions New York Oct 31 Todays bank state Tnenl proved to bo the only thing of inilu ence In the stock market today A number num-ber of estimates are compiled every Friday Fri-day of the weeks currency movement rrom the bank officials themselves Yes tirday none of these estimates wore retarded re-tarded us rcliaulc These estimates showed a cash outgo for the wcelc of less than 13000000 and some oC them ran to over 15000000 Last Sttturday the hank statement state-ment In Its Item of cash reserves failed to show the cstlmatitl decrease by 1000 WO Under the workings of the average system last weeks statement would tend to ho corrected In this weeks statement Tho conclusion Is unavoidable that the actual shpwlncr 0 the cash reserve Item In the bunk statement if It correctly represents rep-resents the actual condition of the banks I must be based upon the money movements nut C disclosed to the public In the afternoon after-noon on which the Friday estimates are based Todays statement failed to have a consoling effect on the I stock market and sv very languid upward movement of prices resulted I was partly due to the fact that there was I skeptical fooling yesterday as to whether the formidable decrease In cash would be reflected In to dayu bank statement There Is a belief that the discrepancies In the bunk statement state-ment muy be explained by cash operations between the banks and trust companies which do not appear I the reports a the currency movements Tho Increase In loans was not unexpected and Is attrlh uted to preparations for November 1st settlements set-tlements and to borrowings by Eastern Institutions In connection with their large cash withdrawals The closing was steady but very dull and with the advancing ad-vancing tendency checked The tightening o the money market this week has had n repressive Influence on the stock market and has had some effeet also In checking the broadening tendency l of tin bond market which had bogun to reach notable proportions Following the bank and trust company failures nt Ualtl more and Plttsburg last week came the news of a run on a St Louis trust company com-pany by some clashes of their depositors and the enforcement of the sixty days notice 0 withdrawal allowed to the trust companies This condition led to largo withdrawals of currency from Mow i ork to reinforce the position at St Louis At the sumo time the heavy shipments to New Orleans for cropmoving purposes have continued and the longdelay 1 l demand de-mand from the West for moving the grain crous has act In On Wednesday the transfers of currency out of New York through the subtreas I ury reached the unprecedented total of i 32WOOCO of which 2100000 was to SL Louis which was also the highest record rec-ord for t single days shipment to any one I point The emergency shipments to St I Louis are believed to be a temporary need although the Increasing activity o tho I Western money markets may keep the money there over the cropmoving period The developments of thc srilar crop movement requirements has demonstrated that the seasons needs for thnt purpose mUtt be mot freely from New Yock as Usual and has disproved the expectation I that Western resources would be sufficient kilt to meet the requirements which has been maintained In some quarters The Indulgence of that expectation last fall proved couth to a large speculative element ele-ment In the stock marlcct and the memory of last falls experience bogots a spirit of caution The spirit of distrust of I banking bank-ing Institutions revealed by the Sl Louis episode has Induced conserv tlsm l In the banking world In general and a dlsposl l lion to conserve reserves The effect of these factors has been a rise In the Ircal rotca for money both on call and on time Hut the further effect has boon a precipitate precipi-tate break In tile rates for foreign exchange ex-change to the Import jUlnt which has spread the pressure of the cltluallon In the foreign money markets Merchants have been heavy buyers of cotton during the week impressed v ith the four of tho formation of another corner cor-ner in our cotton market The outgo of wheat and corn also has xpandcd The rise In local money rates has checked the demand for exchange to cover previous sales which absorbed have hitherto steadily l sorbed the supply of commercial bills as fast as they came Into the market The current demand for gold on the Continent Is keen the final outcome of the exchange situation IH not certain although It seems clear that the New York money makot IIIH secured control of the exchange ill Jiatlon with power to get gold Imports at need ncel OpiMalloiiH In stocks have shrunk to a few npuUnl movements due to causes affecting af-fecting Individual stocks The tiairel among the copper intciXStn 1 In Montana liaa been the bawls for activity In Amalgamated Amal-gamated Cooper and United States Steel imo been cumrwliat affected by the Information Infor-mation disclosed in the application to place the second mortgage bonds In tho Mgwlir JiBtod department at tile slock exchange ex-change The iron and steel stocks and 111 the ra limo ii equipment storks as a class have been affected bv unimproved conditions condi-tions In that ratio and by the large dceieasm In net eninhutfi for the past quarter reported by hiP t Pressed Steel Car company Railroad 1 officials have como to iiihnlt Tor the Jlist time some declining tendency in traffic and freight I solicitors rIle reported again In the t Held after a long period of u Inactivity I ICtCLI utile igeMles also report t a cautious attitude on the purl of menbants and n dlslncllna I i Hal to order I alwul There has not result t PU any marked depression of tho stock market as 1 consequence of these developments devel-opments Some complaint Is heard of the manipulative manipu-lative I character of occasional advances in JTlcrg J3ut tlilu If true does not detract from their evidence of 171 proved speculative specula-tive sentiment and of the ccusutlon of Pressure to liquidate which defeated all manipulative efforts to advance prices for i R long time Many highgrade inactive r t flocks were olil i down under forced f Inulilutlon of small IOIK to prices which offered no Imllcatlon of the value set upon Uicin by Investors or of the figure at which Investors were vllllng to part with tncm 1 unless forced to do so by 1 tlte need of fund1 Tho jlse in money rates has halted the investment J ahunrpllon of bonds but cauHd little reaction III prices Bonds continue steady with good In qulry and I a demand for safe Inveatmeni in mortyjiRtj securities The purchase OL BOrne ttuwoOCU or bonds of subHldlar + + + + + + + + + + + + + + + + + + SILVER + + New York C0ic + + San Francisco i970 + + London 27d + + LEAD + + Now York exchange 51SO + + COPPER + + New York exchange 1330 + + STOCKS AND BONDS + + Stock market still quiet + + GRAIN AND PROVISIONS + + Uitts tradu In wheat than for + + some time past + + Offerings In corn light closu wall + f up a shade + + Oats followed corn + + Provisions were firm + + TIVTD SToCK + + Cattle Nominal + + Hogs About steady + + Sheep and Lambs Steady + + + + + + + + + + + + + + + + + 4 companies of the Pennsylvania company hy bankers was the event of the week In the bond market United States 2s advanced ad-vanced lj the old Is 1 per cent on the closing call of last week NEW YORK BOND LIST U S ref 2s rcg07j L N uni Is D coupon 10714 Man con gold is102 U S 3s reg 10Sj Mex Cent Is 7i coupon lOOi 1st Inc H U S new Is regniVi Minn St L Is 07 coupon 133V1 M K T Is IS U S old Is rcglll 2nds 7Gl j coupon llliij Nat R R of Mex U S 5s rog 101A con 4s i5L coupon 102 N Y C gen 3As fll Atchison gen 49l00H N J C gen 5s 1tOy adjust Is 9Ui N P Is 102 Atlantic C L Is 91 > C Cs iO J D 0 Is Oo 100 ½ N W con IsO I JG l1jS t ¼ 5 I Is-O S L Is par Cent of Ga5sIlOC tic ll 1st Ine 61 Penn com 3Ws U7 Ches 0 4S101 Reading gen Is I 9G = Chi A 3 ts 71 l St L I IN 1 conC con-C 13 Q new la OIV Cs 110 C M St P gen St L S F fg 15 I104 Is Sl C Northwest St L Southwest con 7s 132 Isis 15 C R J P R R Seaboard A L Is 07V Is 75 S P is 00 Sill cot 6s 71 So Ry rs 113W C C C SI L T P Ists 11U gen Is Di rol St L t W Chi Term Is 74 Is 69 Con Tob Is 35 U P Is Colo So is SOX com Is fli ll D R G Is 99 > j U S Steel 2nd 5s 72 > A Erie prior lien Wabash Ists 116 4 Is nsii deb B r j gen Is 1 l S3i W L E 15 9h F Worth Den WIs Cent Is 8 i City 1st 107 C F I ill6 H Valley lVslOGj CLOSING STOCKS Sales High Low Closo Uchlson lOO 07 Ws C6 it preferred IOOlO 90 Stf B 0 1120 75 71 > 7lh preferred S7b Canadian Pac 1200 11S ½ > 118 l1Si CcuuofNJ i 157 CO 23ft ChI Alton 1100 2S 2701 2SVs preferred G3 ChIGW 33 B preferred 2Glj Chi N W 165 ChiTT 8 preferred 37i CCCSL 0 73 Colo South 12 Isl preferred 120 553 55 CiVa 2nd preferred 22 Tel Hudson 154 lLW 238 D I R G 700 HIU 19 ISn G7 > preferred j Erie 700 27 27 27Vi 1st preferred 550 CO1 GGll CGli 1 2nd preferred 100 49 4j 4SK Gt North pief ICO Hocking Valley 100 V2t 2I < 72 preferred SI Illinois Central 115 14 > IWs 130j Iowa Central 19 > j preferred 11 K C Southern 1R prefened 30M r N 300 101 100i lOOu Manhattan L 300 135 335 135yt Met St Ity 3fK 110 10011 1093k i Minn S L 100 m l7j 10 > To Pac 5200 91 30 t 91V4 M K I T J K I preferred rSf I Nat of Mex prof ISi N Y Cen 110 119 11821 HS51 Norfolk W 210 57 1 SGfc Wj preferred S5 Ontario W BOO 20 i 1 20 20 ½ Pennsylvania S3SO 12fl > 4 119 = a 120A P C C S L 59 Reading 1100 15 1I3 15Vr l 1st preferred 71 2nd preferred CO Rock Island GOOj 5 2lr I > i 21i preferred oOL SLSF 1 53 1st preferred GO 2nd preferred I5lI 1 SLSw l2j preferred 30 St Paul 1200 13S = lUSVi 1BS preferred 172 Southern Pac J2i JJlu 1 I 2V Wn Southern Rail GOO IS 17 17 preferred 71 Texas I Pac 1110 23 j 23 t 2 b T I S L W 17 rofcrred > 2S3 2i ½ 2P 211 ½ Union Pac 3JOO 71Jl 718 7101 preferred fei > < Wabash WJ J if 1rl 1t lyife preferred 2300 33t 33A 311t WLE 11 to Wisconsin Con 100 IGi IGi 1C preferred lIJ ½ Exarcss Cas Adams 221 iVmerluan IKS United Stales 100 Wells Fargo 200 Miscellaneous i Amal Copper 5100 38S SAm S-Am Car Found LOGO 1HIA 10V W nj I preferred ifj1Jh Am Linseed 1 Oil U J > j jireferred 23 Am Locomotive 13 preferred 7Ci A S fc R 13X preferred SiAm Si-Am Sugar 1000 I 115X 111 fli 1 115L Anaconda Mining i Cl Brooklyn R T 16511 35 V 35U Colo F 1 150 i2i I 32Vi 311 J Col II Coal fJi Con Gas 17l Gen Electric 11 J Jnternl Paper li preferred ICO ClX Olt Gi t Inlernl Pump 31 preferred 03 Nat nisLtilt 3Ti Nut Load 12 Pacific Mall 100 21i 2U 21 I Ieoples Gas 131 W 1 9 II J 34 Pressed Steel Car 1360 27U j4 27 preferred 100 G9A Cfili C3 I J Pullman 100 21C 210 215 Republic Steel 7t preferred 1700 SlTi 51U rli Rubber Goo n 2 r0 lli il 1 il i ip ½ preferred US I f1IJ nn C 1 810 2At < i 2S 2S 4 U S Leather 2W T 7Ti 7ri preferred 7C1 U S Rubber 100 Ic 9J4 I n i 4 preferred < 33 U S Stool 2700 13 i 13Vi Wj preferred 5100 rI PSVt 6SZ1 Wcslcni Union ICO S2i S2 = t 2i Total 1 sales 75000 shanH New York 3rotals New York Oct nThero wore no ma torlul clmngeB from previous conditions or prices today the principal metals being In ciulot demand and the undertone steady for copper and speller but easy on tin and dull In Iron Tin Is quoted at 25C2WJ25871i Copper Jll J I for lake 31375 for electrolytic electro-lytic and J11RO for casting Spoiler SU121 Lead S4GO Iron nominal Weekly Bank Statement New York Oct 111ho statement of average of the clearinghouse banks of this city for the week shows Decrease Loans 011505500 9 s IHWSOO Deposits bSSGluGOO 4050800 Circulation 455jOCO 3100 Legal tenders MftMDOO l 1G72000 Specie 1CIGS3SOO 7OJ2SOO Reserve 231G7S300 SOCJSOO Reserve required 221IOI10 1021500 Surplus 10271150 7G70COO Ex U S deposits 10503330 71551200 Increase The Financier says Unusual Interest was manifested on Saturday In the disclosures dis-closures of the official statement of tile New York associated banks because of the recordbreaking withdrawals from those Institutions of money through treasury treas-ury transfer and also by direct shipments to St Louis Chicago and New Orleans those amounting as estimated from the traceable movements during the week to 15603000 l The statement showed however how-ever a decrease of but SSWlSOO cash while the estimates Indicated IL net loss on all movements of 15340060 The discrepancy discrep-ancy between actual loss as shown by the statement and the estimated lots may be explained by the operation of the average aver-age system The movement of money to St Louis and to Chicago was almost entirely en-tirely confined to the early part of the week and the average for the three days would call for but onehalf of the 310 SOO 000 sent to these two cities or 55100000 Tile movement to New Orleans was also largest early In the week and tin average would reduce this 53330WO forwarded to that center to about 500000 making the average outgo for the week 7000000 The average of shipments to other points would bring up the total to an amount very closely corresponding with thii loss as official given In the bank return The loans were expanded by 51400500 whereas a decided contraction was looked for This gain In loans seems to show that the banks remitting to the Interior were not generally under the necessity of contract IPJT their loans for the purpose of meeting these extraordinary requirements Doubtless Doubt-less part l of the expansion in this item re Hecled the replacement of foreign loans which had been paid off within the past fortnight and possibly also some domestic negotiations The deposits were decreased OOSKX which Is I only S1S73GO below the sum of the loss of cash less the gain lu loans therefore the statement shows a good I balance rile required reserve was reduced f 1021500 through the dcoi eased loans and deducting this amount from the loss of cash loaves 7 < > 70iOO as the decrease In surplus reserve to 510274150 Computed on the I basis of deposits less those of f715fiSCO of public funds the surplus IB 519513250 Ills noteworthy that the loans were In excess of the deposits by 2isaiJOO the highest recorded during the year This however simply shows thaI In meeting the weeks extraordinary demands the banks drew largely I upon all I their available resources which they arc clearly permitted to do Comparisons of the estimates of loans of Individual banks show that there was a net decrease hour h-our of the largest Institutions of 3100 COU In 1 the Hem of cash the net decrease by six banks was 55700COO Silver and Drafts New York Ort 31llar silver 50ic Mexican l dollars 4ne San Francisco Oct 31 Sliver 1 bars fiOlic Mexican I dollars nominal Diafts sight 2Vtc telegraph 5c Money and Exchange New York Oct 31Close Prime mer cunllle paper 51ki6 per coin Sterling exchange steady with actual business In bankers hills at 4S175Q1IS7 for demand and at IBl iQ IS150 for sixty days Posted rates JJS2V4M S3 and lSGl1ISIiI l Commercial bills I SOliSl Imports and Exports New York Oct 3170Ial imports of dry goods and general meiclmndlHo at New York this week were valued at 13107175 Imports of specie from Ibis poit for the week wero 5011203 silver and SSOOO gold Imports of specie at Now York for tho week were 1701 silver and 10370 gold I Grain and Provisions Chicago Oct 31 There was a better trade In wheat than for borne time past and aftei an easier opening the market turned strong and prices were well maln lalncd throughout the day The opening was a trllle lower on easier cables favorable fa-vorable weather and larger receipts in the Northwest December being i Vic lower at SQVnSbOiC Soon after the opening commission com-mission houses became active buyers I of December and with traders showing a disposition to hold on to that month the market quickly turned strong and lie price advanced to Sic within the first hour May was Influenced by tho stiength in the Immediate nearby delivery and showed a fair advance Heavy clearances were a bull factor late In the session Just before the close some of the advance was lost on tcalzlng but the close was strong with December c higher at 0c i Clcaiunces of vheat and Hour wore equal to GGOCO bushels Primary receipts ivere 1223000 bushels against 1E93100 bushels a vcar IKU Minneapolis and Duluth reported ro cclpls of DG3 cars which with local receipts I re-ceipts of S7 cars none of contract grade made total receipts for the three points I of 1032 earn against 772 cars last week and 1002 cars a year ago Early selling of corn due to the weakness weak-ness l of cables caused an easier feeling at the start but offerings wero light and when wheat began to show signs of strength the corn market also became Inner I December rlowl a shade hl heat he-at Me after Felling between 43 > 1 < T417C and 4IHftlic Local receipts were 45G l cars with GG of contract grade There was a little t idling pressure In oats at the start along with the weakness In other grains but the strength In wheat soon checked this selling desire but prices remained practically stationary Decem her rangedbetween Sojdc and lil Jc closing at a bade higher at SOftc Local receipts were 2C9 cars ProvisIons were firm the bulk of trade being covering by i local packers of January Janu-ary ribs and lard Prices advanced easily helped to some extent by the slnnglli of Ito hog market and ihe gain was well maintained duo to mall offerings January Janu-ary pork clqsed lc higher at 51223 1 laid was tip 10c at SCSOJCVii while ribs were 12fce bettor al G40 RANGE OF TII1C l I LHADING I T FUTURES Articles Open High Low Close Wheat No 2 December SOi SI SOi SFf I May 75 s 791j 7Sf 7n > 4 Corn No 2 October 4376 December 43 I 4IV1 1 43 i 4 1 1 May 1 Il 1 43 I > i 42T 4014 Oats No 2 October December sj 51551 54 33Vt May Mir 1 Wrj G7 mv Megs I Pork per barrel October 1150 January 1220 1230 1220 Juis May 1225 1210 1223 Im lard per 100 lbs October C50 Cfi21s G50 ifi2 A January t72 t 072X I G72M G72uJ May USO CS7IJ G80 5S7U Short Rlbsper 100 ibis January Gro GIO iiiQ cio i May G45 C C2M 013 3 G50 CASH QUOTATIONS Cash quolallons were as follows Flout plejidy winter patcnls 1105 120 winter straights M2 M30 bprlng patents JUOfl > 150 utralghts 53705360 bakers 205 p = 2m Xo 2 prlng whaL SltiSic No 3 il i 8Z1e 00 i red 8lPS2c No 2 COIl tll No 1 yellOw l1t4l1 I l No 7 oats 38c No 3 1 white 15675c zoo 2 tye SGc fall to choice maltlJl barley jG1Hilic No 1 flax seed HUc No 1 orinwestcrn OGc prime llmolhv need J2 00 mess pork por barrel U50JinG2 lard per ICO pounds WWfiiW short ribs Bides boss 700 liji7lJi short clear sides boxed 253730 |