The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-23
STOCKS ARE VERY DULL
NO CHANGE IN PROFESSIONAL CHAR
ACTER OF MARKET.
Advance Comes Early and Reaction Later
In the Session, Reversing the Procedure
of Monday-Liqudatio In United
States Steel Is Thought to Be Over.

NEW YORK. Sept. 22-There was no
cnange today in the narrow and profess
slonal character of the stock market The
guinness and laSSitude were somewhat ac-
centuated by the occurrence of the Jewish
New Year, which caused the absence of a
part OF the membership of the exchange.
The price movement was a reversion to
that of yesterday. the advance coming
early and the reaction later, with final
prices showing insignificant changes from
last night. For the first time in num-
Der OF days United States Steel did not
reach new record and this was taken
by the traders to indicate that the liqui-
cation in that security was over. They
marked up the price accordingly, and the
ADVANCE In the general market was little
more than sympathetic response to this
movement. Late in the day urgent sell
ing pressure developed in the United
States Steel second mortgage bonds. They
We're forced down to 70, which is &c
lower than their previous lowest price,
and they. closed only ~ better
This prompted the traders to throw
over the stocks they had taken earlier in
the day and wiped out the days advance
with the result that small net losses are
ihterSpersed with small net gains. The
puylng movement of the morning was
largely concentrated, a single house being
cfedlted with the purchase of no less than
oO0O0 shares around the ROOM There
was little in the news of the day to ac-
count for the movement of prices The
collapse of the efforts to save the Con-
Solidated Lake Superior COMPANY from
bankruptcy seemed to have been discount
ed, and may even have been a factor in.
the recovery of United States Steel The
removal of the prospect of the immediate
demands upon capital to keep this COM
pany af1oat seemed to afford a grim sort
of relief in the spirit of dread. corporate
requirements which Wall street has come
to-
Crop News Favorable.
The same spirit was responsible for the
sharp drop in New York Central on the
revived reports that the company was
negotlating large loan to provide for it's
immediate requirements in connection
with terminal improvements in this city
The news from the crops continued favor
able, the weather bureaus weekly report
receiving a bearish Interpretation as to
corn and cotton. The grangers were well
supported in consequence throughout. A
round million of dollars was deposited at
the subtreasury for Geographic transfer
to New Orleans, showing the approach to
the maximum flow for the season of cot
ton crop funds.
change market continued scarce and the
advance in discount rates in London was
reflected In the firmneSs of the exchange
here. London fearing an early advance in
the Bank of England discount rate to 5
per cent. With the freeP movement of the
cotton crop evidently imminent, it is hop
ed that the supply of cotton bills In the
exchange market will soon make its in
fiuence manifest. The days transfers to
New Orleans We're sufficient to about wipe
out the gain by the banks from the sub
treasury since late Friday. The market
closed easy.
The late break in United States Steel
second 5s caused a sympathetic weaken
ket. Total sales, par value. $1.9S5, 600.
United States bonds were all unchanged
on the last call.
ClosIno List.