The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-04-03

EtmamcraI.
THE STOCK MARKET.
Swept by n Storm of Iiq uidatiOn Yester-
day Morning.


New York, April 2-To- days stock
market was tempestuous and uneven.
1t was swept by a storm Of liquidation
this morning which caused some vio-
lent declines, carrying prices below
yesterdays level throughout. The bears
did not seem disposed to pursue the
| contest in face of the character of sup
| port which they encountered. Earlier
losses We're largely recovered, but the
/ late activity and strength of the mar
ket conferred very largely In Burlington
and Northern Pacific on revival of
| reports of a transfer of control of the
| former. Burlington had sold down to
| 1729s on the realizing movement, but on
| the rally it gained Roadway on the be-
| lief that the terms offered to stockhold-
ers would be equivalent to 1870 and the
| price crossed that figure by y and then
| fell back on realizing. Northern Pacific
| touched 81.
The general market had recovered
| well after the shorts began to cover and
| the turn had been made, but 1t did not
follow Burlington and Northern Pacific
| to marked extent In their final squirt
and the closing was decidedly irregular
on renewed profit-tal1ing. The early
break was in some part due to the per-
ception that the United States Steel
stocks had been opened high by manip-
dlation and that realizing In them was
very large. The whole market In fact,
opened higher on the average the Steel
stocks also showing strength and Bur-
lington, st. Paul and Manhattan gain
In O Inf ha cl y11n az
who sold United States Steel so heavily
yesterday continued selling to-day.
Probably not a little realizing was In
duced by the announcement which had
been discounted of the inclusion of the
Lake Superior consolidated iron mines
and the American Bridge company in
the merger. The increase In the capital
of $3.50, 100000 over that first contem-
plated also leaves a liberal margin to
the account Of the syndicate after the
terms of the additional exchange have
been fulfilled.
Dealings in the Steel stocks contin-
ued in enormous volume. On the break
Rock Island was handled with notable
severity, being forced 2% under last
nights close. The Steel stocks We're
also conspicuous in the decline. But
there were stocks in practically every
important group which were forced
from to 2 points under last night. The
Southwestern railroads were prominent
in the rally and other points Of notable
strength during the day were Sugar,
Anaconda, Amalgamated Copper, Man
haitian and Pacific Mail, which rose
from 1$ to points, and Colorado Fuel,
which rose AN extreme 71s, with recifr-
rent strength. Northwestern, st. Paul
and Omaha preferred and New York
and Harlem rose s to 5N and Lacka-
wanna az 4
The money market was helped by the
disbursements of government interest,
the checks for which were paid
through the clearing house to-day and
made the ub-treasury debtor to that |
institution to the extent Of $2,332,S22. |
But the sub-treasury has already talk
en- 81, 702, 600 from the market since last |
Friday, Notwithstanding payment on |
account of deposit of $750,000 In for |
eign gold made at San Francisco Ster-
ling exchange rates were slightly low
err, but Continental exchange hardened I
and additional gold exports are expect
ed. The late rally was, helped by the
announcement from Washington that
the secretary Of the treasury had
bought 1000 900 of short-term bonds in
New York for the sinking fund, having
received an offer which complied with
his requirement that the bonds should
be on basis to make the Investment
return as high as that of the new twos.
This implies price below the market
price of the bonds, and does not seem
likely to yield further large returns to
the money market.
The bond market continued active and
Irregular. Total sales par value s7715,-
BOO.
United States refunding twos advanc-
ed "A per cent. on the last call.