The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-03


NEW YORK, Apl. 3.-Today's stock
market was tempeStuouS and uneven. 1t
was swept by storm of liquidation this
clineS and carried prices below yeSter-
days level throughout. The bears did
not seem disposed to pursue the contest
in fact of the character of support
which they encountered. Earlier losses
were largely recovered, but the late ac-
tiVity and strength of the market CEN
tered very largely IN Burlington and Nor
thern Pacific on revival of reports OF
a transfer of control of the former. Bur-
lingtOn had sold down to TIPS on the
realizing movement, but on the rally 1t
gained Roadway on the belief that the
terms offered to stockholders would be
equivalent to $50, and the price crossed
that figure by Is and then fell back on
realizing. Northern Pacific touched 81,
The general market had recovered well
after the shorts began to cover and tie
turn had beer made. but it did not follow
Burlington and Northern Pacific to a
marked extern in their final squirt and the
closing was decidedly Irregular on re-
newed profit-taking. The early break was
in some part due to the perception. that
the United States Steel stocks had been
opened high by manipulation and that
realizing in them was very large. The
whole market in fact opened higher on
the average the steel stocks all showing
strength and Burlington, st. Paul and
Manhattan gaining a point or over. The
same brokers' who sold United states
Steel so heavily yesterday continued sell
ing today. Probably not a little realiz-
ing was induced by the announcement
which had been discounted, of the In
clusiOn of the Lake Superior consolidated
iron mines and the American Bridge com
panv ir the merger. Increase in capital
of $3.50, $50 over that first contemplated
also leaves liberal margin to the &C
count of the syndicate after the terms
of the additional exchange have been
fulfil steel
continued in enormous volume. On the
break Rock Island was handled WIN
notable severity, being forced "a under
last nights close. The steel stocks We're
also conspicuous in the decline. But there
were stocks in practically every import
ant group which were forced from one to
two points under last night. The south
western railroads were prominent IN the
rallv and other points of notable strength
during the day were Sugar, Anaconda,
Amalgamated Copper, Manhattan and Id
cific Mail, which rose from 1Ss to points,
and Colorado Fuel which rose an extreme
71x. with recurrent strength. Northwest
ern, St. Paul and Omaha pre1erra1 an
New York g. Harlem rose to 5A ana
LackaWanna 2a4. The money market was
helped by the disbursements Of govern
ment clearing house today and made tho
sUbtreasury a debtor to that institution
to the eXent of s., S32, S22. But. the SUD
treasury has already taken $2,I020OJ from
the market since last Friday, notw!tn-
deposit of $75o,0Oo in foreign gold made
a. San Francisco. Sterling exchange
rates are slightly lower but continental
exchange hardened and additional gold
exports are expected. The late rally
was helped by the announcement from
Washington that the secretary of the
treasury had bought 10000 of .,s short int
fund. having received an offer which
complied with his requirements that the
bonds should be on basis to make the
investment return as high as that of the
new 2s. This implies a figure below
the market price of the bonds and does
rot seem likely TO yield further large re-
turns to the money market.
The bend market continued active and
irregular. Total sales par value, $i,7.5,-
coo.
per cent on the last CALL
STOCK QUOTATIONS.
Furnished by Charles H. F.. Smith &
c.. members of the New York Stock
Exchange, Pioneer Press building, VINO
have direct wires to Chicago and New
rio 1rn