The Saint Paul globe., 1900-04-03
STOCKS FALD 70 Gain.
AT THU OUTSET, BUT DRIFTED
DOWNWARD
SELLING MOVEMENT ACTIVE
1t Seemed to Gain Rs the Hour for
Closing ApDrOReheti-Mone Was
Easy, Though Not Much
Effect Was Felt.

Bar silver New York. rk............... 59ss
Call money, New York.
NEW YORK, April 2-The stock mar
ket made q strong opening today. on
large buying orders, which had accumu-
lated in commission houses over Sunday,
for London account. THE influence OF
Saturdays favorable bank statement was
still felt. and the room traders were IN
large absorption Of thes leading iron and
steel stocks, which was attributed to the
operations Of pool and the buying of
Peoples Gas Is said to be included In the
same plan. There was large buying of
Anaconda on foreign account, in sympa-
thy with the strength of copper, both in
London and In Paris, where the short In
terest Is in evident distress.
But Notwithstanding these favorable
auspices and the additional benefit OF
some extraordinary strong statements of
earnings, the strength of the market was
not maintained. The early demand was
very freely fed for the purpose Of TAX
Ing profits by last weeks buyers. The
settled influence on the list The early
strength of the iron stocks gave way TO
quite acute weakness after the assem-
bling of the annual meeting of the stock
holders OF the Federal Steel company
The selling movement seemed to gain
force as the hour for closing approached,
ana the actual close was active and weak
and net losses largely predominated.
Some Of the railroad stocks which had
been notably strong lost practically all
their gains. or, at the best, had them
and the grangers were conspicuous. Quite
number of usually inactive railroads
we're strong. notably the Lake. Erie s.
jumping 129s points, to par, and the COM
mon rising an extreme Az.
The fall In Sugar was accompanied by
the war in the coffee trade being waged
by the same rival interests as that in
the sugar trade. The weakness In the
iron stocks seemed to be due to disap-
polntment on the part of spectators over
| the. showing Of earnings made by the
Federal Steel company. The drop in
Federal Steel from the early high point
was 4as, and In Steel and Wire over 8
points. Other stocks In the group were
less actively traded in, but all showed
weakness.
for February included gains over last
years February net earnings Of "a per
cent for Norfolk & Western, 68 per cent
for Rio Grande & Western. b5. per cent
for Union Pacific and So per cent for
Louisville & Nashville. The stocks Of
these companies. showed good resistance
to the reactionary tendency. but the con-
ditions thus reflected of railroad busI-
| ness were not sufficient to hold the gen
eral list. i 4f
Money. was easy, though not much ef-
feet was felt from the disbursement Of
quarterly interests. and dividend pay
ments. Sterling exchange continued its
| upward course, and the question is now
arising whether the increase in the cir
culating medium by the operation Of the
law of March IA may not result in send
ing gold abroad by relieving the need for
it In circulation here. The process Of
| taking out new circulation, which has
come to a pause, is reported from Wash
1ngton to have received a fresh impetus
and. the subtreasury In New York is
again paying out large amounts for
premiums on converted bonds
The bond market was active today
Wabash debentures BIS, being absorbed
on large scale. Prices generally are
higher. Total sales. par yaluo, So, ,925, 600
r.. and the Is and old ASIA In the bid
price. ~ 80 -
STOCK QUOTATIONS.
Furnished by Charles II, 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: