The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-04-17
GAVE WAY 70 Pressure
AFTER AN INDIFFERENT STRUG-
GLE, STOCKS FINALLY YIELDED
ALL AROUND
MISSOURI PACIFIC BUoYANT
1t Carried the Entire. Southwestern
Group With It-Feeling That
Advance in Prices Has
Reached Limit.
MISSOURI PACIFIC BUoYAN


NEW YORK. April 16.-The stock mar
ket. after making an Indifferent struggle
all day against the forces of depression,
yielded all around in-the last hour and
closed under severe, pressure and with
prices on q rapidly descending scale
Transactions were large all day, and the
railroad list made considerable show of
strength in the opening dealings, but there
was heavy selling in the iron and steel
stocks. But some of-thel railroad stocks
were bid up confidently in the face of vio-
lent declines in this group.
Missouri Pacific was bupyant and car
RED the whole of the Southwestern group
with it. This stock wentJto 61Ss, and Its
influence promised at one time to over
come the reactionary, forces but 1t fell
suddenly to the Thursday level. and the
whole list fell heavily in9sympathy. No
definite news was forthcoming to account
for the weakness Of the. iron and steel
shares, beyond the assertions that the
large selling was fors account Of impor-
tant inside interests Wall, street is con-
fident; that the selling orders in. these
stocks come from Chicag GRAND the West,
and liquidation in Union Pacific and other
Western railway stocks Is attributed to
the same interests for the purpose of pro-
tecting their holdings in the steel stocks.
Union Pacific was the first of the rail-
road stocks to show acute sympathy with
the demoraEZa ton In the metal stocks.
Late in the day a rumor took form that
there was to be extensive shutting down
of plants in the great metal companies
on the ground Of overpFoduction, In an
ticipation of business during the early
part Of this year which had not material
lied. American Steel and Wire and Fed
eral Steel led the decline in point of &C
tivity and weakness
At the extreme declines in the group
were Tennessee Coal and Iron, 8; Steel
and Wire, 81a; Federal Steel, IN; Ameri-
can Hoop, AZ. There were a few railroad
stocks besides the Southwestern group
which made a stand against the weakness,
but the majority Of railroad stocks closed
at from 1 to 2 points under Thursday S
last prices.
There was. a general feeling that the adj
vance in prices, on the strength of the
general outlook, had about reached it's
limit. It had been hoped that last week S
reaction would bring in new buyers and
result in new upward movement of
prices. The failure of the early efforts
today to get prices up caused disappoint-
ment and uneasineSs and when prices be-
gan to crumble large speculative holdings
were thrown over. The absence of initia-
tive from the London exchange, which
was closed, deprived. the markets Of a
usual sustaining force.
The course of the money markets in
London and Berlin gives little prospect
of support for American securities there
and causes some uneasiness for the fu-
ture of these markets throughout the
financial world
The bond market was active and showed
marked strength, which yielded only
slightly to the late depressing influence.
Total sales, par value, 81. 3S5,0OO. United
States new As advanced, .3s but the 5s.
registered, declined u. and the IS, regis
tered, Is in the bid price.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &
Co., members of the New; York Stock ex-
change, Pioneer Press building, who have
direct wires to Chicago and New York.
Closing prices are bid: IS