The age-herald., 1901-04-09
SOLAR PLEXUS HIT . TIE STOCK MARKET Gall Loan Rate Caused the De-
 moralization A SPASM OF LIQUIDATION Even the Widest Excited Market of Last Week Left the Bulls unpre-
 pared for Yesterdays De-
 veiopments.

New York, April S.-The call loan rate proved again to be the solarplexus of the stock market as 1t has done on many oc- casions before. The conditions of the money supply and the absence of the rate for call money precipitating such spasm of liquidation as thew the stock market into condition bordering on demorali- zation.
 What happened today in the stock mar ket was that, according to the common agreement of all classes of observers, was bound to happen in the course of time' Nevertheless as Is the wont of stock mar ket happenings, the days events came as surprise. Eeven the most enthusiastic bull has agreed to the proposition that such a rampant speculation as has been going on for weeks past was bound to overdue itself and be followed by re- lapse of corresponding violence. Only the enthusiastic. c.bull has chung to the suppo- sition that the relapse was still remote and has continually moved forward the supposed date of It's occurrence in the hope that there was time for still am other speculative turn. Eleven the wild est evcited market of last week which was ar omtnous symptom left the bull unprepared for today's developments. The tips for a rise in many stocks were still widely prevalent before the opening this morning and the explanation was offered that Thursdays furry in call loan rates was due to manipulation by the bears. But the instant the market opened it be- came evident that the developments since Thursday had induced a widespread de- termination to sell stocks. Another pal pablo fact was that some of the most powerful operators in the market had all ready sold their holdings and taken prof It's during the wild excitement of last week and were compactly organized on the bear side of the market this morning.
 The bears fell upon the market with great fierceness several times >during the afternoon and cut a wide breach in prices at the first onslaught The wide extent of the first declines, which were made by successive drops from 1 to PIE points between sales, invited quick profit taking, by the bears, and the violent ral lies, which ensued encouraged the bulls to make some stand against the reduc- ton, hoping that the furry was tempo rary and the market prepared to renew the advance. This was the only period of the day when there was any show of positive. strength, and Sugar, Peoples
 
 less important stocks were marked up sharply over last Thursdays level The strength was short-lived however, and af- ter the demand from the bears had been satisfied many banks began calling loans. This brought a 8 fresh lt, supply of iiquidation by the 0sara Tn" sa',s9 2 .s. ggecasne prseipi- tate as the fall in prices wiped . mar gins and uncovered s-op-loss arde thc ullucky bU.la e'.isoned great bales of stock with thH hope of their relieving their loads ssynr otNar headings from the shlpwreck wne lnly important de- rnand at ruy time csms from the shorts and the occas 1ndi srasInodlc rallies were not held in any eesa. afis was true oi the last as of formei 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 low est.
 Business In bonds was relatively less active than in stocks and the movement of prices was irregular. Total sales, par value, $3.510.0O0.
 United States refunding 2s advanced A and the new As .A per cent on the last call.
 , New York Stock Market.
 yt~u- A. hoo Q. A