The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-12
STOCKS TAKE 4 TUMBLE
LACK OF CONFIRMATION OF MANY
RUMORs WAS ONE OF THE
CAUSES
CHANGERS SHOW SOME LOSS
With the Exception of Northwest
ern, Which shows, Three Points
Net Gain-DeaIings Com
tfnue Large.

NEW YORK. April n.-Speculativo
liquidation was very clearly at work
again in today's stock market It was
offset during the early part OF the day
by the aggressive strength shown by
handful of stocks. The advance In these
was helped by violent manipulation but
it served to sustain the rest of the mar
ket in the face OF heavy selling until
the call money rate ran up again, when
the pressure to sell became greater than
the abSorptive power, and the market
turned weak. Even the notably strong
stocks lost all of their gains as a rule
and the market closed dull and at about
the lowest, and at considerable net loss
except in a very few stocks. The arrival
IN London OF j.. Z. Morgan. the New York
fnancier, who has been the moving spir-
it in most of the recent vast financial
projects IN this country, aroused some
expectation that the London market
would reflect his presence there and that
action would be taken on some of the
projects which have been supposed to DO
waiting upon his counsel The rurnored
Burlington deal was the most important
9of these and the failure of official con-
fr1nation of the very positive assertions
which have been current that this trans
action was completed, had good deal
to do with the depression which perme-
ated the whole market as the day pro-
crossed. 1t is evident from the persist
ence of disclaimers of the deal that an
important minority of the stockholders is
still opposed to 1t, even # 1t be true that
actual control has passed to the Hill
Morgan inte1 est. The widespread belief
in impending consultations of import
ance in the copper world made Analga-
mated Copper very active and buOyant
but here again the failure Of expected
official continuation aroused some feel
ing of dfStrust among the spectators
who had bought most largely and with
least information, and the proft-taking
cost the stock practically all of its-SA
point rise. The Chicago & North-W estern
stocks continued their remarkable rise,
eclvre1x ,.s--
and the preferred II points, each of them
showing { points advance between sales
DenialS from official sources of the ru-
lnored consolidation OF this road nth
Chicago, st. Paul, Minneapolis & Omaha
and with Union Pacific, caused a re-
action in the stock of rs. There were
denialS of the rumored sale of ConSclidat-
ed Gas real estate, cauSing a reaction OF
The advance Of ~ in Rock Island on ru-
E1orS of buying fer control by PennSyI-
vania was more than lost.
Sugar rose al extreme 314 and saved
more of its gain than other stocks. The
United States Steel stocks showed a not
able relapse from their early strength,
closing at net declines OF a fraction to
q point The selling pressure was most
marked in Burlington and in Northern
Pacific, and it was only for a brief period
that they were lifted, at all over last
night The reaction in Burlington
reached SO and in Northern Pacific 223
The requirements Of the subtreasury
and the demand from the interior con-
tinued to make fproad On banking re-
serves, and the refusal by the secretary
Of the treasury of bonds offered to him
at the market price dfscourages the hope
of relief from that source. The harden
ing of the money rate in London also
causes apprehension of a renewal Of
pressure for gold from that point, al
though the higher morey here was suf
ficient to cause a yielding in the sterling
exchange rate today. The weekly return
of the Bank OF England shows that it
has made heavy demands upon the open
market for repayment OF loans and the
coming needs aof the money market there
give promise that the outside market
Must resort to the bank again which
would mike an advance in the bank
rate effective in influencing the private
dis count rate as well as the exchanges.
The bond market was moderately active
and yielded in sympathy with the late re
action in stocks. Total sales, par value,
SALE, O00 United States old IS advanced
4 per cent on the last call.
Furnished by Charles II. F. Smith &
c.. members OF the New York Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago and New
York Closing prices are bid: