The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-14
Stocks BANE OUT FREELY
LIQUIDATION WAS THE FEATURE
OF Yesterdays WALL
STREET aFRsADTKG
STOCK OF RUM0Rs USED U
without Any gaIls OF Worldwide
Financial Combinations, the
Bear Spectator Had a Run
for His Money.
rsil5,s.s s4agz6 q 40 A-sr p y-sA

Prev.
Bar silver, New YopkT.... 607s 6lh
Calf money, New y ok 49,, .2-2lA 2-2a
NEW YORK, Feb 13-SpecuJative
liquidation was the order of the day to-
day on the stock fnafket, and towards
the close of the day the Selling became
urgent in some of the stocks which have
been highly manipulated in the prog
ress of the extended advance. The .depIe-
ton OF margins and the uncoVering of
stop-1osS orders Were evidently ~reSpon-
sible for some of the heavy offerings
of stock which were tumbledv unonrsthe
market in growing volume as the de-
cline in prices proceeded. Generally
speaking there was a feeling in Specula-
tiev circles that the good news was
all out to use a favorite Wall street
phrase. Th9zfaet that the days news
did not bring any announcement of
new gigantic. combination in prospect or
in course of achievement probably had
much to do. with this feeling The highly
seasoned fare to which the Wall street
palate had been accustomed leaves the
speculation rather fiat without it's ac-
cuStOmed ''bracer' of a. financial con
solidat1on running UP into the millions.
The disinclinatien to look for further
important developments in the immedi-
ate future was emphasized by the cur
rent reports of contemplated winter va
cation trips by several of>the capitalists
who have been foremost figures in the
great financial projects which have re-
Gently dazzled the speculative world.
There has been daily and even hourly
expectation that the details of the fnan-
ciai plan for effeetipg 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 the spectators
long of the steel stocks, and they sought
relief today more than on previous -oc-
caSionS since the projected merger
became known by unloading their hold
ingS. The repeated rebuffs which the
bears have received have made them
very timid, and there was not much EVIL
dence Of a demand to cover short ac-
counts, even at considerable declines
There was undoubtedly large short SELL
ing today, however, u the belief that
the extended period of +react.eil had been
fairly inaugurated; a belief Whic.l -
been INDUCED in many times before the
course of the recent extraordinary mar
ket.~ OF course affairs in the money
market gave substantial ground for APP
dependent on loans. for carrying their
holdings 1t is evident that the recent
enormous extensi3T of credits for
financing railroad combinations has
much curtailed the6fueure resources of
the money MARKET The refiux of funds
from circulation iS3distinctly less with
the growing activity of business require
ments incident to the spring trade. The
absence of American subscriptions of any
important volume to 1.-The neW-British
loan eXcites comment. 1t is due in part
to the easier conditions of the foreign
money market, which resulted in q price
for the loan unattractive to American
investors, but there can be no doubt that
the narrowed surplus resources of the
New York market also had to do with
present American bids for the loan The
rate of sterling exchange makes it evil
dent that any considerable subscriptions
for American account to the exchequer
bonds would have neceSsitated gold eX-
ports. The January figures of exports
of aggregate products, showing an in
crease of nearly $20,000,000 over those of
the preceding January, make this con-
dition the more extraordinary 1t is be-
lieved the return of American securities
during the last few months has been in
larger volume than any of the accepted
statements Indicated. London was
large speculative buyer Of stocks here
this morning, especially OF Atchison
and Norfolk. & Western, Sbut the heavy
profit taking. oVercame the London buy
ing and swept nearly, everything in the
market below Mondays level. Western
Union and ST. Louis & San Francisco
I'd preferred were conspicuously strong
and retained small gains. The most
acute weakness was shown by Sugar,
Missouri Pacific, the steel stocks, To-
bacco and the grangers and Pacifics
generally. The market closed under
pressure and near the lowest.
Bonds were weak, in sympathy with
stocks. Total sales, par value, SIS, 1856, eco.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith, &
Exchange, Pioneer Press building, who
have direct wires to Chicago and New
York. Closing prices are bid:
49,