The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-09-25

NEW YORK, Sept 2.-The stock mar
ket wailoWed in the slough of despond to-
day. Prices crumbed away first here and
then there and the closing showed a re-
sumption of the tone of demora liza ton
Which characterized the markets Of July
Inc break in prices was unaccounted for
by any news developments. All news,
whether good or bad, was interpreted in
an unfavorable way by discouraged trad
ers.. The relief measure of the United
States treasury announced yesterday
which seems to make $40 600, 900 readily
available tc the money market was used
by the traders on the stock exchange to
ins1nuate dark possibilities undisclosed
IN the situation which made necessary this
unexpected measure of relief
The air was full of rumors of some
thing overhanging the market" Diligent
inquiry in the banking community and in
brokers' offices failed to disclose any def
mite information Of this mysterious
something. The persistent and urgent
character of the selling however, gave
disturbed and nervous all day. The flu
tlllty of the treasury relief measure to
afford comfort to holders of securities as
Well as the prevailing low rate for money
Is pretty reliable indication that the
trouble is not, with the money condition.
Those who can borrow money at ALL can
borrow it on reasonable terms
Unfcrtunates Who Cannot Borrow
This points to the conclusion that those
who are being forced into liquidation are
terms. at least for employment in the
projects for which they seek funds. The
consolidated Lake Superior episode is
looked upon as to some extent sympto-
matte. OvereXtension in new enterprises
whose securities it is impossible to float is
believed to be bringing a new crop of
casualties into effect, which is reflected in
the large selling of such stocks as have
ties. 1t was reported also that some of
the large commission houses which have
carried long standing accounts have
grown tired of failures to respond to re-
peated calls for additional margin and
have been selling out some very extern
Sive accounts.
United States Steel preferred, which
was the sensation of the days market,
was said to be affected in this way. The
growing realization of and the increasing
frankness of the admissions as to the
course aggravated the weakness of this
stock. All sorts of assertions were in
circulation of cancellation of orders in
different lines of industry. Sales for ac-
count Of Philadelphia and Pittsburg were
again reported to be on a large scale and
these were believed to be the effect in a
general way of the iron and steel trade
situation.
Plunge in Steel.
The downward plunge in United States
Steel preferred at the last carried it to 60
where it closed at net loss of AZ :
Losses ran to about three points in Bal
timore & Ohio, Reading. Union Pacific and
st. Paul, which were among those most
acutely affected. Losses of l to 2 per
cent were quite general throughout the
list. The grangers showed some early
resistance, owing to the reported escape
from damage of the corn crop from last
nights frosts but they shared fully in
the latter weakness. The anthracite
carriers were. weak on reports of shutting
down of collferies, while the argument for
the selling of the bituminous carriers was
that the accumulation of steam sizes of
anthracite threatened the extension of the
soft coal trade. which resulted from last
years anthracite strike. A fall in New
York exchange at Chicago to Is cents
discount pointed to the approach of the
currency movement to the West, while
the flow to New Orleans continues. But
these various news items were used by
the traders simply as surmises to ex-
plain the continuous liquidation which
seems to be really due to widespread i'm
pairment of credit which makes necessary
the closing cut of ventures for which no
further support can be had from the flnan-
cial world. The market closed active and
weak at the lowest.
Bonds were weak in sympathy with
stocks. Total sales. par value, $780,
600. United States IS declined u per
cent on the last call.
CLOSING List.