The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-29
SELLING IN STOCKS
LIQUIDATION is STILL WITHOUT
SPECIFIC EXPLANATION
1t Comes From Every Direction and Is
Mostly in Small Accountable News of
Favorable Tenor Is Ignored and De-
mand Is Practically Paraiyzed.

NEW YORK, Sept. 28.-Another days
liquidation in the stock market kept ap
prehension alive, and was as much with
out specific explanation as that which
has gone before. The liquidation was
mostly in small amounts and came from
all quarters. There was a considerable
accumulation of these selling orders over
Sunday, and there seemed to be a good
deal of selling out by commission houses
whose notifications to customers for adj
ditional margin had been ignored over
Sunday. All the foreign centers which
held any appreciate quantity of Ameri-
can securities also figured in the selling
All news of favorable tenor was ignored
ana the demand was practically par
alyzed- Except for occasional buying by
uncovered shorts at periods of pause in
the liquidation there was no demand dis
tinguiShable
The buyer who forms the complement
for every seller seemed to wait for stocks
to be offered to him and made no bid :,
There was considerable amount of this
sort of buying, which was traced with
confidence to some of the largest banking
interests, who satisfied themselves with
this measure of support for the market.
1t was quite ineffective In preventing the
though it may have prevented a democrat
lzatfon which was feared. All three Unit
ed States Steel securities lowered their
record prices by wide margins, the COM
mon touching Is, the preferred 59N and
the bonds 67A
The pressure upon the last named was
especially urgent and vigorous The only
attempt to explain this selling was by ru-
NOR that 1T came from that part of the
membership of the syndicate underwrit-
ing the stock conversion plan which de-
sired to avoid the terms Of the extension
Of the syndicate.
Another Center Of Weakness.
The local traction stocks were another
center of weakness, led by Metropolitan
street Railway, which fell to within a
shade of par. This weakness was vari-
ously explained as due to the liquidation
forced by overextension in other. quarters
and by unfavorable internal developments.
Part of the selling in this stock was said
to come from Philadelphia, which also
was an enormous seller of Pennsylvania
The pressure upon Pennsylvania carried it
down Az at the last, and was the factor
In unsettling the close. Previous to this
last slump in Pennsylvania there had been
/ quite an effective rally all around = Ciue
to the relief felt by the apparent cessa
ton of the urgent liquidation in the Unit
ed States Steel issues
Amdlgamated Copper was another
stock which was severely handled and it
was suspected that the abandonment of a
plan for an upward campaign by pool
was the cause Of this selling. The news
OF the DAY was not an influence. A batch
or favorable railroad net earnings for Au-
gust was ignored. Money rates hardened
both on call and on time, but gave no
indication of stringency in any case. The
closing was active and irregular
Bonds were weak in sympathy with
stocks Total sales, par value, S. 055, O00
United States Is declined Il per cent and
the IS and new As. u per cent on the last
call.
Closing List.