The age-herald., 1901-02-14
LIQUIDATION IN THE
 STOCK MARKET Selling Became Urgent in Some
 of the Stocks TIE BEARS ARE VERY TlMlD The Fact That the Days News Did Not Bring any Announcement of New Gigantic Combination
 Caused Flat Feeling.
THE BEARS ARE VERY TlMlD

New York, February l3.-Speculative liquidation was the order of the day on the stock market, and toward the close the selling bccsIle urgent In some of the stocks which have been highly manipu- lated in the progress of the extended advance The Geplctions of margins and the uncovcriEg of stop-loss orders were evidently responsible for some of the heavy offerings of stock which were tum bled upon the market in growing volume as tho decline in prices proceeded. Gensr ally speaking there was feeling in spec ulative circles that "The good news was all out to use a favoratc Wall street phrase. The fact that the days news did not bring any announcement of new gigantic combination in prospect or in course of achievement probably had much to de with this feeling.
 The highly seasoned fare to which the Wal! street palate has been accustomed leaves the speculatoin rather flat without it's accustomed "bracer" of @ financial consolidation running up into the mil lions The disinclination to look for fur ther important developments In the i'm
 
 current reports of contemplated winter vacation trips by several of the capital- iSts who have been foremost figures in the great financial projects which have recently dagzled the speculative world. There has been daily and even hourly eX- pectation that the details of the financial plan for effecting a merger of the steel combinations would be officially given to the public The delay in giving out this information has been trying to the nerves of some of these spectators long of the steel stocks and they sought relief to- day more than on previous occasions since the projected merger became known by unloading their holdings. The repeated rebuffs which the bears have received have made them very timid and there was not much evidence of demand to cover short accounts even at considerable drains. There was undoubtedly large short selling, however, today in the be- lief that an extended period of reaction had been fairly inaugurated: a belief which had been indulged in many times before the course of the recent extraor- dinary market. The course of affairs in the money market gave substantial ground for apprehension on the part of
  rying their holdings. It Is evident that the recent enormous extension of credits for financing railroad combinations has much curtailed the future resources of the money market. The ref1ux of funds from circulation is distinctly less with the growing activity of business require ments incident to the spring trade.
 The rate for sterling exchange makes 1t evident that any considerable subscrip- ton for American account to exchequer bonds would have necessitated gold ex- ports The January figures of exports of agricultural products showing an in crease of nearly 600 over those of the preceding January market condition ls withal extraordinary.
 London was a large speculative buyer of stocks here this morning, especially of Atchison and Norfolk and Western, but the heavy profit-taking overcame the London buying and swept nearly every thing in the market below Monday s level. Western Union and St. Louis and San Francisco second preferred were ronspicuously strong and retained small gains. The mast acute weakness was shown by Sugar. Missouri Pacific the steel stocks, Tobacco and the grangers and Paci4cs generally. The market closed under pressure and near the low est
 Bonds were weak, in sympathy with stocks. Total sales. $5, .0O0
 New York Stock Market.
 py prtvste Wire to Murpby & Co.