The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-06-09

NEW YORK, June s.-Further severe
inroads upon prices of stocks were made
today under a renewal of active liquida-
ton In the last hour Of the market this
IlqqIdatlon had apparently spent its force
ana N order 10 cover their short contra C IS
the room traders were obliged to bid UP
prices from to I II for the active stocks
curtahlIsg by that much the extreme
The principal selling was among the
corn carriers and the cotton carriers and
the coalers were also subject to heavy
Seulng pressure. These movements were
PASSED IN part upon the belated planting
OF the corn crop, the poor condition Of the
cotton crop and the fears that labor
TROUBLES VIII again break out in the
anthracite mining region An JInconfrme ed
rumor that the new Rock Island author
lzIng are taking steps in the matter of
4 tfs mat threaten a widespread unset
Ilenent IN their territory was current
put II was not clear that 1t had anything
70 do with toGay's weakness. Rock Island
ltse4 was not as weak as some other
/ stocks. The decline of over three points
IN Atcn1son and the heavy dealing in that
stock combined to make it the most con-
splcuous in the days trading
One Sensational Slump.
The 338 point drop in Reading was
somewhat sensational, in view of the re-
cent support in that stock and some of
the Northwestern stocks, with unimpor-
tanI corn traffic, shared in the DAYS
weakness. Chicago 6. North Western sold
Gown TO log, and Northern Securities on
the curb Went to a new low record 1T
was to be expected from the showing
made by the banks in the SATURDAYS
sla[eInent, there was some calling of loans
ana forced liquidation as a result The
selling came from many directions Lon
don Joining in the early offerings on ac-
count OF me ADVANCE In the discount rate
OF the Imperial Bank Of Germany.
commission houses Were also very gen
eral sellers on orders from many paris
q lhis country. A small engagement Of
goId 1or export to Germany was an
hounced, but this was without special
eject as the question of large exports
was an open one, in spite Of the lowering
OF tne exchange rate, owing to the de-
hlaIfd Ior money In Germany and the de-
cline IN the sterling rate both at Berlin
and at Paris 1t is reported that German
panks, IN their eagerness to obtain al
iOtnentS of the lately issued ir7onayi11 lon,
have committed themselves so LARGELY q .
70 demand a recall Of German credits
placed abroad. Demand for money in Ger
many IS a!so attributed to reviying indus
ttlaI ACTIVITY. In our own market. prepara-
tlon IS being made for the payment Of an
IilSlal1Ihent OF S7,500,000 of the subscrip-
lions TO the Metropolitan Securities com
Pdny que on w edneSday. The so per cent
instrument on the new Pennsylvania
STOCK, calling for $45, 900, 600 IS PAYABLE
from June Is to June q, although it is
understood that the PENNSYLVANIA COM
pany s six months loan for $40 900 600 sa-
cured last January, is to be paid off with
the proceeds OF these subscriptions
No Embarrassment Feared.
In spite Of the severe declines TODAY
there was singularly little talk of financial
en1Darras sment. But discussion in banking
circles OF the size of the loans accorded
10 individual capitalists especially
amongst those whose recent great for
tunes maze resulted from the Industrial
combination process, indicate formidable
lgTes: 1t is well understood that very
large loans OF this character are in
progress OF repayment and it is common
" believed that important seT+Ianonn+S
nave been made by private agreement, in
worrying very large transfers of holdings
IN important railroad systems and arol1s-
lng suggestions Of possible changes on
the control. There was a notieeabIy firm
tone today in a few stocks which have
Su1ered most from some Of the recent
11quldatIon, notably Pennsylvania New
YORK Central, st. Paul and Southern Pa
cine: But at other points the ABSORPTION
u the offerings was still on q descending
scaIe and clearly in the nature of accept
ances rather than i bidding for stocks
Inc closing was about steady at the raiIy.
BONDS We're irregular. Total sales. PAR
NaIue, S2,400, 004- United States bonds
We're all unchanged on the last call.
Closing list