The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-02
LOAD OF LIQUIDATION
STOCK MARKET UNDER CONTINUED, BUT
NOT SEVERE PRESSURE
Net Declines in the List General, but
for the Most Part Confined to
Fractfons-Great Northern Pre-
ferred a Conspicuous Exception
to the General Trend.

NEW YORK, Feb. 1.-The stock market to-
DAY had load of liquidation to carry, still
heavier than Of yesterday, and there were
FEWER prominent stocks to exert sustain
ing force by special strength. The heavy
offerings were well absorbed, and net declines
are for the most part confined to fractions,
but are general.
For time after the opening, there seemed
to be no dimtnution from yesterdays active
cumulation Of outside orders over night, and
London was also buyer of stocks. This
demand was satisfied, however, without effect
ing any marked advance in prices, the offer
lngs being very large. Later prices began
to yield under the weight of continued offer
ings. but the pressure was not great, and
the market fell into dizziness, holders ap-
parently being content to await rally to
| continue the liquidation.
The rallies were helped by the continuing
strength Of number of stocks, especially
Union Pacific and all its securities. The
strength OF these gained during the day. and
this stock closed at the highest at a net
advance of over a point B. & o. showed
early weakness but rallied 2as on an author
ised assertion that the reorganization had been
stock fell. but closed with a small net gain.
The Ohio soft coal roads gave evidence of
strength on the better outlook for the coal
traffic, and reports of agreement amongst
them for It's distribution. Des Mones &
Fl. Dodge made conspicuous movement of
32s points. There were some very marked
gains also among usually dormant stocks
such as Great Northern pfd, Chicago & East
ern Illinois pfd, Cleveland, c., C. & st. L..
Western pfd.
There were periods of strengths in other
stocks stocks during the day. notably the local
trio, but the order of the day was profit TAX
ing, and this tendency extended over to
Northern Pacific pfd, upon which there was
quarterly dividend of l per cent decline
late in the day.
London early bought some stocks in this
market but sold more, which evidently had
the effect of giving a somewhat sitter tone
/ exchange noted
however, that part of the cash from the
interior, which is being received in New
York is on account of the remittances of the
Australian gold, which has been received
in San Francisco, to the order of the New
York houses. There was notable growth
In activity in the commercial paper depart
ment Of the money market today, the sup
ply showing decided increase but without
any quotatable effect upon the rates. The
rates of call loans worked to lower basis
in spite of the withdrawal Of the second 10
per cent installment of the government de-
posts Of the Union Pacific payment. This
withdrawal was called for tomorrow, but
most Of 1t was made today.
In the bond market the Kansas Pacific
consols were the most conspicuous feature
with an advance of 83s per cent to 110B
Other bonds of the Kansas Pacific advanced
1 to points, on the belief that they would
be included in the Union Pacific reorganiza-
ton or without arrangement with the gov
eminent. The bond market generally showed
continuance of activity, and prices - con on
United States new fours advanced Is bid, the
coupons exinterest.
Total sales of stocks today were 4O1 .13O
shares, including: Is, 10, Atchison pfd; 1,615,
B. & o.; q, 800, c. & O.; $3.50. Burlington
1905, l.. & N. 49, 35, Manhattan 1856, Met
ropolitan; 1850, Mo- Pacific; 5,6s5, NJ, K.
& T. pfd; 1910, N. Y. c.. 13,22S, Northern
Pacific; 3O,277, do pfd; 1920, Reading; To-
525, Rock Island; 17,4O5, st. Paul; $500,
Union Pacific; 10000. Tobacco; 1880, Peoples
Gas; 1852 General Electric; 9,S47, Sugar; 49,
344, Western Union; $3.50. Chicago Great
Western.
The following were the fluctuations of the
leading railway and industrial shares fur
nished by c. H. F. Smith & Co., members
New York stock exchange and Chicago board
Of trade: