The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-04-24

NEW YORK, April % = Saturday.
break in prices of stocks brought large
selling orders into the market and thew
were in evidence all Through the. list at
the opening. But there were also buy
ing orders on very large scale to take
the offered stock. Part Of these were
evidently placed in the market by friends
of different stocks for the purpose of
supporting them. The expectation was
! quite general that the market would open
with something like a crash in values.
out as, II not unusual in Wall street.
oYer-expectattOn defeated itself and there
were enough buyers waiting to take adj
vantage Of the, crash to steady the mar
ket almost Immediately.
Professional Walla street perceived the
absence of pressure of long stock in the
steel industrials. with a cynical lack of
surprise. Evidently the opportunity had
been seized to dispose Of long stock at the
higher level of prices, and the shorts
were the most eager operators in the
market In endeaYorl to cover This pref
~ nearly indirated a pause. In the aggres-
slye bear campaign. "A collateral object
OF that campaign Is generally believed
TO take on various stocks at the lower
level of prices. . 'e-,.@'s Sza
Pressure Of liquidation. continued dur
Ing the first hour, and a second drive
was made by the bears at the end Of that
time. But the steady absorption of offer
lngs begot a very cautious mood among
the professionals and decidedly uuieter
tone ensued Some Of the bull pool
winch have recently been active, notably
that in Missouri Pacific, showed a dispo
Sltlon to resume operations.
Lie undertone of the market was firm
during the latter part of the day. and
the closing was strong and rather active,
with the steel industrials at the best
level or the day and at considerable net
cams, amounting to 2as in the case of
Federal Steel and Of 2k in Steel. and
wire. Wall street still keeps an anxious
eye on the situation in the iron and steel
trace, but is inclined to go back of off
c1al utterances in forming opinions The
alarm hrst created over the cut in prices
Is mitigated by the well filed ranks of
the consumers who are known to be
waiting to place. contracts at a lower level
OF prices Last years high prices are
known to have been made by belated bid
ders who had to buy at any price to fill
contracts, and the dealings at the high
level were for only a small part of the
total product. large part Of the last
years business was on old contracts,
which have been worked off at lower
rates.
While the reduction in current rates has
proved a severe shock to the financial
world and great disappointment to
holders Of the stock of the steel COM
panies, Wall street is beginning to in
dulge the hope that even at the cut
prices the years average rate may still
prove to be above the average for last
year Gold exports are looked to with
out alarm on account of the ease of the
money market. Today's small shipment
to. Buenos Ayres was without influence.
The feature of the bond market was the
quick rise to S5as of the Western New
York e Pennsylvania general mortgage
SAs on the arrangement perfected with
the Pennsylvania railroad Otherwise
prices yielded in sympathy with stocks.
Total sales par vafues-$2, GOO. United
States bonds were unchanged in bid quo
tations. rSM
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