The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-01-04
VENT DOWN WITH A BANG
LIQUIDATION STRUCK WALL
STREET MARKET BETWEEN |
WIND AND WATER
WHOLE LIST WAS AFFECTED
Prices TumbIcd in All Directions,
Even the Conservative Bond
List Sharing in the
General Decline.
WHOLE LIST WAS AFFECTED

rrev.
- vi, Close Day;
Cali money, New York ....4Iz@515 41k11O
NEW YORK, Jan. 3.-The long expect
ed storm Of liquidation broke over the
stock market today and swept prices IN
a torrent Of selling on downward
Ncourse. which was not effectually check
ed even at thu close of the market.
There We're wide breaches in prices by
tEat lime nd the precipitate charac .er
OF the selling gave the market the ap-'
pearanCa O9t mi-dC1aoral lat On. Specu-
latOrs who were long o ocks showed
many of the symptoms Of panic III the
scramble. to- save the. imposing prOIltS
which the prolonged r,se had indicated
Tor them en- PAPER The MAJ ket was So
tOp-heavy by reason Of the vast number,
OF accounts on narrow margins walsh
infested 1t th8ti the, all in p. ices gained
momentum as it progressed. The iWlftCS
out of margins with the decrease in the
SeCe Value of stocks forced them to s ale
To prevent losses by the brokers. Wheth-
er any Of the liquidatiun beyond his vAas
forced would b. diff ult - to say. The
money market maintained q calm Str-
face all day the can loan rata ruling mt
3 per cent or Below that. There was. a
continued shifting of loans, however,
contiguous 10 the enormous transactions
involved in the yearly settlement, and
the disturbance. of loans thus caused add
ed to the unsettled feeling IN the SOCK
market The aggregate sum called for
ing-hGuSe banks today reached $50, 81, =
005, which, with the single exception of
yesterday, is the largest to al on rec-rj,
. exceeding the previous maximum by over
Sl5,O0G0Ct. There were various cOntribu-
tory causes assigned to account for the
violent break, but all of them toGether
would have proved Intellectual to induce
selling in the speculative mood which
has praYa led in Wall streat fer many
weeks past. The real root of The trouble
was that faith in the level of prices be
l.. iraTN q vEal q Il faFlI 9
borne in upon spectators that tie large
demand fOr stocks which they have eX-
pecled to continue during January has
been pretty largely discounted. r. al
iZing sense OF the fiilnsy authority Ct
many Of the sensational stories on which
stocks have been advanced broke III upon
the minds of buyers, who confounded
their own eager demand fer stocks w tn
a supposed all-CmbraCing pUblc demand.
Seeing themselves lCng OF stocks at the
Very high level attained by pric s and
with 9 very doubtful p aspect O. a large
additional advance, they threw over their
holdings with the utmost p ecipitancy. Of
the causes contributorE 10 TIE slump,
most impOT lance must be attached to the
advance in the Bank OF England'S els
count rate from to per cent This
was supplemented by the statements OF
the three great government banking in
stitutiCnS abroad, showing a radical i'm
Iairment of resources on account of the
requirements in the yearly settlements.
Selling CrCefs from Chicapl Over pri-
V8te wires We're estimated by stock eX-
change Iumor at a. high as 2O)0O)
shares and were attributed t. the ,ex-
element cf this following. Tie vi lent
slump in the rubber stSeks was
another die bing influence The joint
effect OF these various causes can he
gathered by a study Of the rr'ce changes
for the day in the list of stocks. The
extreme decline in Rubber was IA, IN
Rubber pr, fer:ed 91a, in Sugar 6k Met
ropolttan Street railway 64%, Federal
Steel 5, and In most OF the leading in
CuStial stocks between 2 and points In
the railroad stocks, those stocks which
have recently been under MIST palpa-
bic manipulation We're naturally most al
fccted. The most notable de line rrcnl
The high point were Esia 1st preferre d
AS, Delaware 6 Hudson /, No. them Pa
cific 37s. Baltimore & Ohio and Lacka-
wanna 6. Western 324, Iowa Central pre-
1erred -. Pennsylvania Reading I'd pre-
ierred, Denver & Rio Grande preferred
and Chicago Great Western pre- erred
%" 81. Kansas & Texas preferred S3s
Union Pacific BIS and through the rail-
- road list from ! 10 8 points. Tie closing
was IN many cases near the lowest
The bond market was very active and
liquidation was in force there as we'll as
in the stocks, but the declines in prices
fWe1J by no means so marked. Total
sales, par value. $3,955,00. United States
reIundiEg 2s declined = and new IS reg
1stered a on the last call
The leading features ranged as follows:
Open High Low Clos