The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-15
STOCK MARKET IS WEAK
SMALL AMOUNT SpF LIQUIDATION
STARTS A WIDESPREAD
DECLINE
.sirs'
UNMN PACIFIC IN THE LEAD
Net Drop Registered of IL Points,
Followed by 9~3-s In st. Paul
Northern Pisfifc 10
Points Lower.
UNNN PAcIFIc1N THE LEAD
re Closing.
"-1 y

~ Closing.
Tuesday. Monday.
bar silver. New York, g.. 5.N 5 u
tail money, New YORK;. 3-6 81
NEW YORK Mag@d4.-The fnhe-en.
weakness of the stock market after last
weeks severe shock to .confdence. be-
came obvious today and some yf'lent &c
clines were caused by. COMPARE iye,y
light volume of liquidation The weak
ness was partly due to the fact that che
natural rebound after the panic las ex-
pended itself The factors which caused
that rebound were elements of weakness
at the higher level OF prices. For m
stance, the professional operators VINO
were so fortunate as to secure stock that
was sacrificed at the low level on Thurs
Gay were very willing TO sell and take
profits when they perceived that the re
bound had about reached it's limits.
! here was another class. that of the OFT
siders and friends of .ious stocks who
bought heavily on Thursday to SUPPORT
their favorite5 in order to protect thei-
values as far AS possible. This class was
anxious to tighten it's holdings when the
panic was checked and took advantage
of the high level Of prices. The e was a
large amount of belated liquidation 50
III today's market on the part OF oa~i-
enough to hold through the panic and
save their property from absolute sacr-
fec, but who were nevertheless bent on
liquidation. The Saturday holiday was
street district to bring up accr unss to
Gate and the weak condition disclosed in
many cases, prompted the closing out
of these accounts. This factor would
have had more influence Yesterday had
it not been for the encouraging feet
of the favorable outlook of the London
settlement. The bears also removed tn l
aggressive mood today and not only cf
fered prices down to take the msr'xet
away from those see1ing to liouldate
but were industriously circulating alarm
its rumo!s OF the further CONSEQUENCES to
enSue from the conflict In Nolthe.n Pa
cifc 1t was observed with apprc hen
sion as indicating a>possible spread of
hostile tactics to aa general stock mar
ket warfare that brokers usually sup
posed to be employed by the st md ri
OIL interests were sellers of s7-caJled
Morgan stocks. while the supposed Nor.
Gan brokers were in evidence when III
stocks in the Southwestern group regan
to give way This might easily have
been a bear maneuvef. but 1T was cffec-
tive in driving prices downwards Thor.
were whispers also about the exchange
of Now element of disturbance the
Union Pacific situation That stock WIS
most prominent in the market all dav
and its violent break after a bflef De fod
or strength, WAS an effective influence in
Cnsettling the whole market. The Sc lin
was seemingly for the account Of instd-
ers Judging from the agents employed In
executing orders and very large selling
orders in this and In other Western rail-.
road stocksDcame from that portion of
the country through Chicago Boston
was also active on the selling 81 lie! wit
the obvious tendency of the market TO
yield, the Investment buying Which was
more or less IN evidence for the last day
or two, was largely Withdrawn in the
nope of Il getting stocks later, Rt lower
prices. 1T was the prevalent belief in
the market also that the powerful oper-
atoTs, including the most conspicuous enc
OF, the group. who were so long fore
most in the bun market had turned to
the bear side and were selling freely.
w hatever the causes at work it was
Glear mat the buying demand for stocks
had fallen to Insignificant proportions
ana the liquidation eyer. of cornparative-
ly light lines. caused Sudden and rapid
melting away of values. There were in
terYals on the down grade of l. 2 and
even 8 points between sales. A scrutiny
of the price changes OF the day will re-
veal net losses Of between and points
for large number of the principal ac-
tive stocks. The decline below last nj yht's
level reached in Union Pacific IS, St Paul
94s. Delaware & Hudson Missouri Pa
cific and Consolidated Gas 8; Northf IN
Pacif1c 10 Lackawanna IA, Manhattan
and Anlalganaated Copper 615 and Rock
Island .. The money market was not
am influence. as there was no large Do
mand for call loans. In fact people were
mostly converting securities into money
as rapidly as was possible. For the SAM
reason the growing difficulties of the
'4iOAiS9 9INudIIOIl anu the HDcIlSI
that it Will draw largely on New York,
supply was viewed with lessened appre-
hension. The coming installment of tho
6rlllSh war loan, the expected issue of
the Russian loan III Paris and the elu-
halTassment feared for the London mar
Ret by the withdrawal of French c:e Its
are expected to result I'm a conslderab
movement of gold for New York, not
withstanding the easier tone of the ex.
change market today
Bonds became weak In sympathy with
stocks. after an early show Of strength
Sales par value, $2.sIo0e0. United States
cent on the last cali
STOCKS.
Furnished by Charles II. F. Smith &
To-, members of the New York Stock
exchange Pioneer. Press building. who
nave direct wires to Chicago and New
YORK. Closing prices are bid.
oil" Closing.
SPSlI1ighlT owl ID ( 10