The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-24


NEW YORK, April % q. 1AToday's stock
market presented even more variety tnan
that of yesterday, although the hlgn rec
ord Of transactions established yesterday
was not disturbed by todays business.
Dealings were on smaller scale tnan
yesterday. In fact it was not until the
urgent selling movement of the last hour
had gained full Roadway that the market
citation during the morning to Stmething
which characterized 1t yesterday. Specu-
lation ran oyer pretty much the whole
gamut of emotions, from that OF buoyant
like collapse in the afternoon. Although
the market closed at net declines through
out, extending IN some cases to or
points or even more, there was time
during the morning when the level of
prices was materially higher than yeSter-
day, and the market had the appearance
of a full resumption of the bull specula-
ton. The htgh-priced railroad stocks con-
tinueo to be the principal subject in the
speculation, especially st. Paul and Tn on
Pacific. Atchison preferred had a strong
upward movement and there We're points
of strength among the Southwesterns
Burlington and Northern PacificS were
strong and held better than the average
of stocks in the late break. Among the
SpeclaitieS Amalgamated Copper recov-
cred quite vigorously from yesterdays
depression, and United States Steel
stocks made a show of strength for the
first time in several days. These were
the principal centers of the early strength
In the market, but their influence was
|
1t would be somewhat difficult to assign
causes for the early strength or the late
weakness, as it seemed to depend little
on the news of the day. The motives of
the traders were confined for the most
part to fears or suspicious of what others
were doing Powerful support and vio-
lent manipulation were resorted to in the
early dealing and the success of these
measures in turning prices upwards
caused heavy covering movement
among the large short interest which was
formed yesterday. There were intima-
lions during the morning that official
statement regarding the Burlington deal
would be given out later in the day, and
a rulnor was current that it would be
round to provide an exchange Of bonds
to the value of $50 per cent and a cash
payment of $50 per share together with a
cash payment OF g per share for the next
dividend; The report that the price Of
ton was the cause of the advance In
united States Steel, although profess onaI
manipulation was mueh5in evidence. az
1t was in all parts of the market. The
announcement over night of an engage
ment Of ST. coo in gold for export seem
ed to have little effect on sentiment and
reports were set afioat- that large blocks
or government bonds We're held ready 70
offer for redemption which would 0ro-
Vlde gold for any export demand without
anect1ng the money market The source
6 6on 1hls ava ayaila6fe supplyof government
cnange- also yielded slightly under the
offerings against the gold sh spment Prob.
aoiy Its recovery later in the day was q
large influence in the renewed IInea siness
manifest over the money outlook. The
Suptreaslry is again taking money from
the market, and New York exchange in
the interior has fallen back to discount
lndleatlng a cessation of the supply Of
1unuS from that source The adjourn
H1ent OF the Burlington directors Will
o9iHer1ng an official announcement was a
disappointment. The success of the hIJIIs
Nfeo
very heavy offerings to realize attracted
by the advance. This was Especially SO
IN the United States Steel stocks, owing
70 the suspicion prevalent in Wall street
that heavy liquidation IS going on In
these stocks on the part of former rge
| interests in the individual companies alb
sorped by the combination and who are
retlr1ng. Bear selling also became very
pold and extensive when the futflfty Of
the bun efforts to sustain the market be-
gan to, be seen. The closing was weak
at the lowest and showed such violent
decHnes from the top level as 81 in
sugar; AZ in st. Paul Az in Brooklyn
transit, in Consolidated Gas, Az in
hock Island. and from 1 to over points
In long list Of important stocks : - :"
The bond market was active and frreg
MAR. Total sales, par value. s4.g7o am
United States IS, coupon, declined Il per
cent on the last call. - -
STOCKS.
Furnished by Charles H. F. Smith 2.
Co., members OF the New York Stock
s4&change. Pioneer Pfess-b.rlding, VINO
nave direct wires TO Chicago and New
4crk. Closing prices are bid: