The age-herald., 1901-04-03
STOCK MARKET
 WAS TEMPESTUOUS Bears Were Not Disposed to
 Follow the Contest A STORM OF LIQUIDATION General Market Had Recovered We'll When Shorts. Began to Cave and
 the Turn Had Been Made.
 Break Comes Early.

New York April 2.-Today's stock mar ket was tempestuous and uneven. It was swept by a storm of liquidation this morn Ing, which caused some violent declines and carried prices below yesterdays level throughout. The bears did not seem dis posed to pursue the contest in the face Of the character of the support which they encountered. Earlier losses were largely recovered, but the late activity and strength of the market centered very largely In Burlington and Northern Pa ellie on revival of reports of a transfer or control of the former. Burlington had Sold down to 1725s on the realizing move ment, but on the rally 1t gained headway on the belief that the terms offered to stockholders would be equivalent to 1S0 and the price crossed that figure by k, and then fell back on realizing. Northern Pacific touched 97. The general market mad recovered we'll after the shorts be- gan to cover and the turn had been made, put 1t did not follow Burlington and Northern Pacific to a marked extent in tne1r final spurt, and the closing was de- cldedly irregular on renewed profit-taking rho early break was In some part due to the perception that the United States Steel stocks had been opened high by ma nipulation, 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 Burling- ton, St. Paul and Manhattan gaining q point or over. The same brokers who sold United States Steel so heavily yes- terday continued selling today. Probably not little realizing was induced by the announcement, which had been discount ed, Of the Inclusion of the Lake Superior Consolidated iron mines and the Ameri- can Bridge Company in the merger. The increase in the capital of $25 OO0, 900 over that first contemplated also leaves a lib- erai margin to account of the syndicate aiter the terms of the additional ex- change have been fulfilled. Dealings in the steel stocks continued in enormous volume. On the break Rock Island was handled with notable severity 1t being forced 2A under last nights close The steel stocks were also conspicuous in the oecl'ne But there were stocks In practi- caiiy every group which were forced from to points under last night
 1ne southwestern railroads were prom 1nent in the rally and other points of notable strength during the day were such as Amalgamated Copper, Anaconda. Manhattan and Pacific Mail, rising from lss to 3 points, and Colorado Fuel, which rose an extreme 1A, with recurrent strength. Northwestern. St. Paul and omaha preferred and New York and liar lem, rose to 5%, and Lackawana 2%.
 The money market was helped by the disbursement of government interest. the checks from which pa ssed through the clearing house today and made the sub treasury debtor to that institution to the extent of $2,702.000 from the market since Friday, notwithstanding a payment on account of a deposit of $750, GOO in for eign gold made at San Francisco. Sterling exchange rates were slightly lower. but continental exchange hardened, and addi- tlonal old exports are expected. The late rally was helped by the announcement from Washington that the secretary of the treasury had bought two million of short term bonds in New York for the sinking fund, having received an offer which complied with his requirement that the bonds should be on a basis to make the investment return as high as that of the new 2s. This implies figure be- low the market price of the bonds and does not seem likely to yield further large returns to the money market
 The bond market continued active and irregular. Total sales. par value. T,715,- OOo United States refunding 2s advanced 4 per cent on the last call
 New York Stock Market.
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