The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-10


Call money, New York;. .3Z-5 31b-6
NEW YORK, April 9.-An astonishing
mutation of speculative sentiment was
demonstrated by the action of the stock
market today. There was not a sign of
the distress and acute anxiety under
which the market labo1ed all day yester-
day 1t is the almost invariable rule
that such a violent break in prices as
that of yesterday brings in over night
an accumulation of selling orders from
alarmed holders of stocks who wait for
daily reports for their information on
the stock market, but the opening this
morning was quiet and unrul!1ed and
with no important pressure to sell and
with many notable advances caused by
the demand of shorts. When the day was
over the bull leaders had recovered their
full control of the situation, and were
marking up prices and attracting large
following with all the facility which has
characterized their operations for many
weeks past. There was very palpa BILE
manipulation, and there were carefully
organized operations to support the mar
ket. Commission houses which were
prominent In bidding UP stocks and which
have stood for large speculative interests
all through the recent bull campaign.
made free tenders of money below the
rate offered by the banks at the same
time that they were buying stocks The
rumors of the Burlington deal was reha-
hilitated, and had apparently not lost
any of its pristine force, although OIL
cial confirmation was still conspicuously
lacking. There was revived cred6Iity
in many ether rumors which have already
done good service, including that of the
supposed readjustment of General Elec-
tries capital and the Southwestern rail-
road merger The. settlement of the Iii
ternal diSsension in the American Smelt-
ing company. the advance in the price Of
refined sugars, and the)IabSenee of any
engagement Of gold for export by to-
morrow's steamer, We're all used with
effect by the bulls. lnAdvances reached
six points in Burlington, Rock Island and
Northwestern, 31a in Northern Pacific.
in Texas & Pacific, Ain Chicago t5 Eas-
tern Illinois, 313 in Metropolitan, in
Western Union; Consolidated Gas 81.
Amalgamated Copper 4, Sugar 29s, Ua:.ed
States Express So, Rubber AZ, the pre-
ferred S15. and the n4ajOpity of the prin-
points Only in one OF two cases Were
the gains fully maintained, reactions
running from to 2Agobut the market
was vigorously supported again, and the
profit-taking was not notably heavy,
even at the advances: Apparently the
speculative holders of, stocks We're de-
termined to hold for. II further rise, I'M
less they were forced-into liquidation .,y
| calling of loans, or ebys awiping out OF
margins. There was .mEch less calling
for loans today than Yesterday and this
called attention to several caused for
special pressure in yesterdays money
market. Tcday's clearing house state
ment disclosed the enormous total of ex-
change of $437; So, $780, which is over $12-
600, 900 4in, neKcess rOf the largest previous
days record in the history of the clear
ing Louse. 9AtFhe general activity Of tho
stock market yesterday, ~had something
to do with this but the settlement grow
ing cut .of the~di feFences IN the Contracts
to deliver the United States Steel stocks
when issued was a special feature This
involved the adjustment Of transactions
lin over 100000 shares, being the total OF
all the transactions since these contracts
to deliver had been dealt in. Tine prep
aratiOn Of the certificates of the United
States. Steel. stocks made possible actual
deliveries, so that the, operators whom The
cIestrings showed to- be long Of the stock
found themselves called tifptin YESTERDAY
for a settlement, aFfae oeasier money. in
London today lessened the demand fol
exchange and thesrate Cor sterling yield
debtor at the clearing house today to the
amount of $t,599, 537, on account of pay.
ment by the poStoffice department to rail-
ways for the transportation OF MALLS
Yesterdays heavy liquidation also caused
some natural relief to the money market
There was not .cking a suspicion that
yesterdays violent relapse was winked
at, if not connfVed at, by sofd-olt bull
leaders, either to-enaEle- them to get III
at lower prices or to shake out a weak
followipg.H ,ofe relieve the condition OF
OVerSpeCulatlOn.
The bond market was moderately
active and irregular Total sales, PAL
value, $3,0S5, CO. United States old Is cou
pom advanced 4 per centV6n the last call
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &
| Co., members of thes New York Stock
Exchange. Pioneer Press building, who
| have direct wires tosChfcago and New
| York. Closing prices are bid: