The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-01
STOCKS TAKE A DROP
SUPPORT OF PRICES is NOT EVIDENT
AS ON TUESDAY
Opening Is Firm, but Operators Lack
Confidence and the Market Ends With
Tired Feeling and Good Part of
Tuesdays Gains Wiped Out.

NEW YORK, Sept. 30.-Stock market
operators showed a facl1"of confidence in
the market today in the absence of large
buying by the great banking interests
brisk upward movement at the opening in
continuation of yesterdays movement
gave place to dullness and hesitation, fol-
lowed by slow downward movement and
ending with decided weakness and drop
which wiped out good part of yester-
DAYS gains. News developments were
quite without influence on the movement
and the entire interest of operators SEEM
ed to be centered on the question whether
the leading banks and capitalists of the
country would continue to lead a buying
movement and whether the urgent liquida-
ton to secure relief from embarrassment
caused by over-extension by various syn
d1cateS and capitalists was finished
The opening advance was much helped
by the more cheerful tone in London. The
completion of the stock market settlement
there without embarrassment afforded
greater relief and led to a sharp rebound
in British consols There seemed to be
good demand also from American securi-
ties over there. 1t was suggested that
Americans who go long Of the market
as the closing up of the contract will be
deferred for two weeks until the next
stock market settlement.
Sold to Take Profits.
1t soon became manifestsin the animated
trading of the first hour that stocks
profits. This seemed to demonstrate the
simple purpose of that buying to support
the market and check the disorderly de-
cline and took away the investment char
acter of the buying. The selling of the
United States Steel second IS on the two
point rise was especially conspicuous and
caused fear that it had been marked
up to market holdings.
The renewal of the urgent pressure
against Pennsylvania completed the dis
comfiture of the newly formed bull senti-
ment and turned the tide distinctly down
ward. Pennsylvania fell 29s- below last
night and number of the other market
leaders as much as two points, while the
general run. of the market was 10D2 points
lower than last night. The closing was
heavy and without effective rally. A
feature of the days news was the pay
ment by the subtreaSury of over million
dollars on account of gold received from
Australia and deposited at the San Fran
cisco subtreasury. Redemptions of United
States 5s and the government interests
surances against any immediate stringen-
cy in money. Sterling. exchange weakened,
owing to the conviction that the belated
crop movement will soon make an abun-
dant supply in that market.
Factor of Stability.
The decision of pig iron producers to
reduce their output for October 20 per
factor, and is, in fact, regarded as a fac
tor towards stability in the market The
decision of the United. States Steel cor
poration finance committee to guarantee
the redemption of its preferred stock at
the end Of five years at the price sub
seriped for by its officers and employees
was not known until after the close of the
market. The abstract of the reports of
the condition of all the national banks on
Sept. 4, given out at Washington today
was considered disappointing in its show
ing of loan increase of $66, 401, 021 from
June to Sept. g., with decrease for the
same period in individual deposits of $44
660,010 The increase in cash holdings for
the same period amounts to only a little
over $4,000 900. Compared with last year.
however, the percentage of cash on hand
in the redemption fund and due from re-
serve agents was 1853 aper cent, against
25.74 on Sept Is CT last year.
The bond market was irregular Total
old As declined "a per. cent on the last
call.