The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-09
WHOLE BOTTOM FELL QU|
REAR RAID IN WALL STREET
SWEPT THE BULLS FROM
THEIR FEET
LOSSES ALL ALONG THE LINE
q
Rock Island Hammered Nearly Nine
Points, and some ether High
Class Stocks Suffered
Nearly HsSMuch.
LOSSES ALL ALONG THE LINE

Prev
Bar silver New Yprk5...... 59ta 5sk
NEW YORK, April fS-The call loan
rate proved again to, be the solar plexrs
many occasions before. The construction
of the money supply and the advance in
the rate for call money precipitated such
a spasm of liquidation as threw the stock
market into condition bordering on de-
moralization. What happened today In
the stock market is what according TO
the common agreement of all classes of
observers, was bound to happen in d3a
course of time Nevertheless. as is wont
of stock market happenings, the days
events came as a surprise. Even the
most enthusiastic bull has agreed to the
proposition that such rampant Specula-
ton as has been going on for weeks past
was bound to oVerdoa itself and be lol-
lowed by a relapse of corresponding vio-
lence. Only the enthusiastic bull has
chung TO the suppositfon that the relapse
was still remote and has continually
moved forward the supposed date of its
occurrence, in the hope that there was
still time for another speculative turn
Even the wild and excited market of last
week, which was an cminous symptom,
left the bulls unprepared for today's de-
velopments. Tips for a rise in many
stocks were widely prevalent Def ~. the
opening this morning and the eXplana-
ton was offered that Thursdays furry
in call-loan rates was due to manipula-
ton by the bears. But the instant the
market opened it became evident that the
developments since Thursday had induc-
ed widespread determination to sell
stocks Another palpable fact was that
some of the most powerful operators in
the market had already sold their hold
ings and taken profits during the wild
excitement Of last week and were COM
pactly organized on the bear side of the
market this morning Perceiving the
highly vulnerable condition of the mar
ket owing to the -QESpeXtension of long
accounts, thinly margffed and backed by
market with great-f&&ceness and cut
wide breach in prices at the first on
slaught. The widP pea tent of the first
declines, which were made By successive
invited to quick prnfit-taking by the
bears, and the violent rallies which en-
sued encouraged the bulls to make some
stand against the reduction, hoping that
the furry was Temporary and the mar
ket prepared to renawgthe advance. This
was the only pertQdoFof the day when
there was any showsof positive strength,
and Sugar, People s. Gas, Texas & Pacific
and a number of less important stocks
were marked up sharply over last Thurs
days level. The strength was short-liv-
ed, however, ana atfeBrthe demand from
the bears had been satisfied many of the
banks began calling loans This brought
a fresh supply Of lfduidation in the mar
ket and invited a fresh attack by the
..
the fall in prices wiped out margins and
uncovered :stop-loss orders and the I'M
lucky bulls jettisoned great bales of stock
with the hope Of relieving their load and
saving other holdings from the ship
wreck. The only important demand at
any time came from the shorts and the
occasional spasmodic rallies were. not
held In any case. This was true of the
last as of former rallies and although
prices had not fallen back to the lowest
all around, they were again on the down
grade in most cases, and the closing was
irregular and only slightly above the
lowest. The fail reached an extreme ssl
in Rock Island, G61a in Delaware & Hud-
son, 51a in Amalgamated Copper, 715 in
Colorado Fuel preferred and from to 5
points in practically dl ofiothe active
stocks on the list The egrangers3a Pa
efficS, Southwestern, %Southefns, CoaIei S,
Trunk. lines and high priced specialties
change eased off slightly in response to
the higher money rate, but the ~convic-
ton was not altered that a large addi-
tional sum of gold will be exported to
meet the requirements of the Iondon
money market in connection with the
coming government loan. The movement
of money to the interior, as disclosed by
Saturdays. bank statement was unex-
pectedly heavy and would be sufficient II
continued to quickly wipe out the sur
plus of the New York banks, but an
considerable stringeney in New YORK
would undoubtedly arrest this movement
to some extent although the purely COM
mercial needs for money are likely to be
met without regard to distress of purely
speculative borrowefs.so The subtreasury
drain, which is destined to continue is
more feared than oanSs2 other source OF
encroachment and ethef conditional offer
OF the secretary Of the treasury to re-
deem government bonds for the sinking
fund is felt to offer little hope of RELIEF
for the stock Market.
Business in bonds was relatively less
active than that in stocks and the move
ment OF prices was irregular. Total sales,
par value, were $3,510yQ0)
United States refunding Is advanced "a
and new As a per cgnt5on the last call.
STOCK QUOTATIONS.
Furnished by Charles II. F. Smith &
Exchange. Pioneer Press building, VINO
have direct wires to Chicago and New
York. Closing prices are bid: