The daily morning journal and courier., 1901-02-19
gt,ramctal.
 THE STOCK MARKEI.
Yesterday One of Active Speculative
 IiQuidattOM.

New York, Feb. 1S.-To-day was one
 of active speculative liquidation in the
 stock market. The bears took a very
 active part in the days proceedings,
 both by short selling and by manipula- i tion for the decline, offering prices
 down freely and boldly. There was not
 much evidence of determined support to | the market, except by the sympathetic | influence of the persisting strength of a i few individual stocks. Besides the ex- | traofdinary movement in the steel stocks, there was decided strength
 shown by the new Toledo, St. Louis and Western stocks, St. Louis and San
 Francisco second preferred, Illinois
 Central, Cleveland, Lorain and Wheel ing preferred, Amalgamated Copper
 and Consolidated Gas
 There was evidence of. continued, ac- tivity on the part of bull pool in Bur- lington, and the other grangers showed
 some sympathy at one time. There was some support at intervals also by sym
 pathy with Delaware and Hudson,
 which was extremely cratic all day. It
 sold down early 2 points and then got 3H over Saturday There was down.
 ward plunge, in the period of general weakness, of points and the final rally left the net loss only 1%. In the steel stocks it was clear enough that specu- lators were attempting to adjust prices to the supposed terms of exchange of the existing securities into the stock of the new combination. The tape made it pretty clear that in the present condi- tion of the plan of combination the pre- ferred stocks are intended to benefit in the exchange far more than the com mon stocks. The first class were all ex- traordinarily buoyant and the common stocks showed signs of demoralization. Hoop preferred advanced at one time 71a and other gains by. the preferred stocks were by Tin Plate, AZ by Fed eral Steel, by Steel and Wire and 2A by Republic Steel.
 These advances were curtailed by the reaction in the market. National Tube led the decline in the common stocks of the steel companies, breaking ' full points and closing at the lowest. The losses of theS others were partly recov- cred, but at one time Colorado Fuel was down Az, National Steel and Tennessee Coal 4, Federal Steel 3B, American Hoop 31A, Steel and Wire 3A and Tin Plate 29s.
 In the general list the reaction ran all the way from 1 to 31s points the Iaiy which have been most manipulated for an advance, notably among the south- westerns, including Missouri Pacific and Kansas and Texas preferred and some of the lately developed obscure stocks, such as Evansville and Terre Haule | and the new North American stock It | was clear enough that the dubious out look for the money market was the im- | polling cause of the liquidation, and not | any serious doubt yet entertained over general conditions. In fact, the liuui- | dation did not appear to be voluntary, 1 but was forced by the uncovering of | stop loss orders on the decline, which | the bears were able to effect. With the wiping out of margins stocks were thrown on the market to protect broh- CTS and commission houses which were them for customers. The call | loan rate went to 2h per cent. during the day but dropped back to 2 per cert, partly due to the receipt of $50OCC0 credit by one of the banks for Austral- ian gold arrived at San Francisco There is no expectation, however, that closer conditions in the money market will be escaped in the near future Bankers continue to express confidence that there would be no actual stringen- cy, but such large requirements for credits due to the heavy financial trans actions in progress remain still to he met that sentiment over the money out ook is nervous.
 Very heavy buying of Southern Pa ,ific fours was the feature of the rail- road bond market. The tendency else- where was generally reactionary. The total sales par value aggregated $5525,- 100.
 United States old fours advanced A per cent. on the last call.
 sEW YORK STOCK MARKET.