The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-19
OVER MUCH LIQUIDATION
ACTIVE STOCKS, WITH FEW EN-
CEPTIoNs, SHOWED LOSSES
AT THE GhosE
STEEL STOCKS WERE HEAVY
4 e
Losses in Common Reacted as High
as Seven POints-Preferred
Issues Seemed More
in Denland.


RI 6aa Close. Day.
Bar silver New Yorkfs .r.. 6l1s Ga
Can money, New York ........Z-212 -.
NEW YORK. Feb 4l8.lETodav was ONE
of active speculative HQUidation In the
stock market The Bears took a very
active part in the day proceedings, both
by short selling and by Manipulation for
the decline, onering prices down freely
and boldly. There was not much evil
dence of determined support, except by
Sympat hetic influence, OF the persisting
strength of a few individual stocks. Be-
sides the extraordinary movement in the
steel stocks there was decided strength
shown by the new Toledo, St Louis &
Western stocks. st. Louis & San Fran
cisco second preferred; Illinois Central
Cleveland Lorraine & Wheeling prefer
red, Amalgamated Copper and Consoli-
dated Gas. There was evidence of con-
tinued activity on the part Of bull pool
in Burlington, ana the other grangers
showed sympathy at one time There
was some support at intervals also by
sympathy with Delaware & Hudson,
which was extremely erratic all day. 1t
sold down early 2 points and then got
34 over Saturday. There was a down.
ward plunge in the period of general
weakness Of points, and the final rally
left the net loss only IA. In the steel
stocks it was clear enough that specula-
tors were attempting to adjust prices to
the supposed terms of exchange OF the
existing securities into the stock OF the
i I
pretty clear that in the present condl-
ton of the plan of combination the pre-
ferred stocks are intended to benefit in
the exchange far more than the common
stocks. The first class were all extra
ordinarily buOyant, and the common
stocks showed signs of decentralization
Hoop preferred advanced at one time ~
and other gains by the preferred stocks
Steel, 4 by Steel 81 Wire and "a by Re
public Steel. These advances were cur
tailed by the reaction in the market Ma
tional Tube led the decline in the COM
mon stock of the Steel companies break
ing full points, and closing at the
lowest. The losses or The others were
partly recovered, but, at one time Col
orado Fuel was down ia, National SteS
American Hoop, 312;G american Steel eI
Wire, 3A, and Tin Plate, 25s. In the
general list the reaction ran all the way
from one to three and half points the
which have been most manipulated for
an advance, notably the Southwestern,
including Missouri Pacific and Kansas &
Texas preferred, and some of the lately
developed obscure stocks, such as Evans
vile d Terre Haute and the new North
American stock 1t was clear enough
that the dubious outlook for the money
market was the impelliHg cause of the
liquidation, and not Aany serious doubt
Yet entertained over general conditions
In fact the liquidation did not appear
to be voluntary, 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 brokers and commission houses
which were carrying them for the Gus
toners. The call loan rate went to 215
per cent during the day. but dropped
back to 2 per cent; partly due to the
receipts of $500, 900 credit by one of the
banks for Australian 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 continued to ex-
press confidence that Tiers will be- no
actual stringency, but such large re-
quirements for credits due to the heavy
financial transactions in Pittsburg re-
main still to be met that sentiment over
the money outlook nervous. .r
Very, heavy buying of Southern Pa,
cif1c As was the feature of the railroad
bonds market. The tendency elsewhere
was generally reactionary. Total sales,
par value, $5525, 600.
United States old As advanced u on
the last call.