The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-01-04
WENT DOWN WITH A BANG
IJoVIDATION STRUCK WALL
STREET MARKET BETWEEN
WIND AND WATER
WHOLE LIST WAS AFFECTED
Prices TumbIed in All Directions,
Even the Conservative Bond
List Sharing in the
General Decline.

VI, Close. Day
Call money, New York ...4A@512 412Gl0
NEW YORK, Jan. S.-The long. expect
ed storm Of liquidation broke over the
stock market today and swept prices in
a torrent CT selling on a downward
NcourSe which was not effectUalIy check
ed even at the close of the market.
There. We're wide breaches in prices. by
that time sad the preclpitate character
of the selling gave the. market tine ap-,
pearance OF semi-dcnoralizat- On. Specu-
IatOrS who were long o. ockS showed
many of the symptoms Of panic III the
scramble to- save the imposing. proIftS
which the prolonged rise had indicated
for them On PAPER The MAJ ket was So
tOp-heavy by reason of the vast number.
of accounts on marrow margins sWhi2h
infested it SThati the, all in p. ices gained
momentum as it progressed. The twiFtcg
out of margins with the de crease in the
SAGE value of stocks forced them to sale
To prevent losses by the brokers. Wheth
er any Of the liquidation beyond this vAas
forced would BE- difficult ito say. The
money market maintained a calm Sur-
face all day the .CaIl loan rata ruling Eat.
8 per cent or Below that. There was a
cOntEhued shifting of loans, however,
contiguous. TO. the emo: nous transactions
involved in the yearly settlement, and
the disturbance of loans thus caused add
ed to the unsettled feeling IN the s ok
market. The aggregate sum called for
by the checks passed through the clear
ing-heuse banks today reached $3.50, IS,
0O5 which, with the single exception of
yesterday, is the largest total on Fec-rd,
exceeding the previous maximum by over
Sl5,O0G.0t- There were various contrlbu-
tory causes assigned to account for the
violent break, bat all of them together
would have proved Intellectual to induce
selling in the speculative mood which
has pTeVa led in Wall Strest fer many
weeks past. The real root of The trouble
was that faith in the level of prices be
gan to be impaired and a convection was
borne in upon spectators that tie large
demandS 4or stocks which they have ex=
pecteQ to continue during January has
been pretty largely discounted. "A real
izing sense of the flimsy authority CT
many of the sensation ii stories on which
stocks have been advanced broke III upon
the minds of buyers, who confounded
their own eager demand fer stocks with
a supposed ali-Cmbracing plTblic demand.
Seeing themselves long Of stocks at the.
Very high level attained by prizes and
with g very dc ubt-ul D aspect o. large
additional advance. they threw over their
holdings with the utmost p ecipitancy. Of
the causes Contributory to TIE slump,
most importance must be attached to the
advance in the Bank OF England's dis-
was supplemented by the statements OF
the three great government banking in
situations 2broad, showing radical i'm
Gairment of resources on account of the
requirements in the yearly settlements.
Selling CrCeIS from ChicaF1 over pri-
Vate wires were estimated by stock eX-
CndnSe / uIn0r at as nlSn as ZUJ.UU)
shares and were attributed to the ex-
element Of this following. Tie vi lent
slump in the. rubber st&RkS was
another disturbing influence. The joint
effect OF these various causes can be
gathered by study of the rr ce changes
for the day in the list of stocks. The
extreme decline in Rubber was IA. IN
Rubber pr; fer.ed 81, in Sugar 61k Met
ropolitan Street railway, e1$$, Federal
Steel 5, and In. most OF the leading in
oustial stocks between 2 and 5 points In
the railroad stocks, those stocks which
have recently been under mist palpa-
bic manipulation were naturally most al
fected. The most notable decline frem
the high point We're Erie 1St preferre d
as Delaware 6 Hudson 4, No. thern Pa
ciiic 33s. Baltimore e Ohio and Lacka-
wanna & Western 394, Iowa Central pre-
ferred 50. Pennsylvania Reading I'd pre-
ferred. Denver & Rio Grande preferred
and Chicago Great Western pre- erred
b. 81, Kansas & Texas preferred S3S
Union Pacific 3k. and through the rail-
road list from ! to 8 points. The closing
was IN many cases near the lowest
The bond market was very active and
liquidation was in force there as we'll as
in the stocks, but the declines in prices
weld by no means so marked. Total
sales, par value. $3,9 90 United States
refundiEg Is declined y and new IS reg
fstered Il on the last call
The leading features ranged as follows:
lOpen-l High-IT.ow-lClos-