The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-09-21
MARKET FEyERIsH Ann Irou,D
TIoN GENERAL THROUGHOUT
THE LIST
CLOSE WAS QUIET AND STEADY
But 1t May BE Only the Lul BEFORE
Another STORM Today-Tight
Money aud; Strike Dom
mate

! NEW YORK, Sept. 20.-The closing OF
! the stock markets this afternoon was
quiet AMI steady In remarkable contrast
f, to the state of feeling which prevailed
all day. But there had been such luils
at various times before the storm of ioui-
cation which swept over the market, and
whether the maj quiet marked clearing
! Weather or simply a gathering Of forces
for another outbf eak of the storm was
tne question of greatest interest in Wall
street, ard upon which opinions greatly
| varied. The volume of the selling and The
scope or the movement in the number OF
4stocks, involved indicated plainly enough
/ some general cause or condition at work
/ 10 lnduce the selling. Special conditions
/ In individual stocks aggravated the weak
| ness, but these peculiar causes We're quite
! lladequate to explain the general weak
ness Neither was it very clear that any
/ new factors have been introduced into
I the general situation Which have not been
i IN evidence for some time past, So far
as these general cons .dera lions are con-
! cerned, the violent liquidation Of the day
must De due to a growth Of conviction as
/ to the inevitable effect Of these factors.
rather than 70 any new status. These
general conditions are the hardening
money market ard the coal strike, and
rather in the background. the Chinese
situation, Those wao found nothing III
the actual news sufficient 10 account for
the extreme weakness of the market Of
| Tered a suppositson that some develop
ment not yet generally. known in the
Chinese tanglee had induced large selling
! by persons with advance information.
! Certainly it is hard to account for such
wholesale selling ss that Of today in a
market which has been supposed TO con-
tain comparatively light speculative COM
n1tmentS, on the ground of fears of flu
tuTe events or sent mental considerations.
No selling was forced by actual contrac-
ton of credits. although the rates for
! money showed a Continuance of the re-
cent hardening tendency. The forces to-
, ward the direction Of New York money
reserves continue operative, tie days
interior being
large. The rel eff on SubtreaSuTy opera
lions is also on aTairrinish.ng scale The
progress of the stock arouSes keen aF-
prehension of outhEE ks If, violence and
! extension of the trouble into new fields.
But no actual occurrence of the day
seemed to bring sEffa Requirements ry any
mining. The lettingsB go scf speculative
holdings which have beer recently ae-
eumulated on the. conviction that the
prolonged dufiness IT the stock market
would be terminated by a cuying move
ment was an infitfefice in the weakness
and professional short selling. which I'M
deubteG.y played large par. The spe-
ci3l weakness Of the steel stocks seemed
to show some peculiar apprehension that
the conferences oNerYtwageS, and the eff
forts to adjust prieesTwouid not bring the
Industry to q profitable basis. Tennessee
coat was apparently without support
and was nearly s points off a the lowest
The stock rallied 212 on short covering
Pressed steel car, American ear pfd, steel
and wire and federal steel pfd were down
! from 2 to ~. In the railroad list Mis-
souri, Pacific. B. g. o, and Reading 1st
pfd suffered most severely among. the.
active stocks, los ng 2 points or over at
, tie extreme low level. Among the re-
Gently dormant stocks there were SOME
wider declines. but the length of time
since the last sales detractS from their
Significance. The list Of stocks in which
the days losses reached Pc Mt or up
was a long one, and is striking evidence
of the extent of the liquidation.
E3NrGS- welded in nat1v with iStOfkS.s
but the selling was emo t o1e anything. like
I as large a, zscafe Total sa1 ess par value
SITS. Geo; u. s. new Is and 5s declined I'd
bid price. IeE - a~yrs