The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-23
SHARP BREAK IN STOCKS
LIQUIDATION ON TREMENDeus
SALES ON NEW York STOCK
EXCHANGE YESTERDAY
RECoRD-BREAKING BUSINESS
Days Transactions Reached the
Enormous Total of Nearly 2,4Oo,-
600 Shares-Heavy Losses I'm
Many Active Stocks.


NEW YORK, .April 22-The extraor-
binary activity of tho speculation is wit
messed by the record of the aggregate
sales for the. day, which rose again to
2,3S2, 500 shares, compared with the pre-
yiouS record on Friday. of 2,193 400 shares
The character of the market showed a
marked change from that of the latter
part of the week, when the tendency
was distinctly upward throughout the
list. There was great variety In the
speculation, and extreme irregularity in
the movement of prices all day. and there
was resumption of the feverish tone
which has broken in ON the present ex-
tended advance in prices at various
times. 1t was obvious that there was
very heavy profit=taking going ON in
stocks which have showed the greatest
strength recently, but the bulls had the
situation fairly well in hand through the
carly art OF the day, and the process of
stocks to another, whieir has gone on IN
constant succession all through the
period of the rise seemed TO De going ON
in a normal manner The weight of the
sprofit-takfng became SO formidable how
ever, and the violent manipulation of
special stocks by which it was sought to
sustain prices became SO paipssble that
the bears made powerful concerted at
tack On the market in the final hour
They offered prices down by rapid steps
without meeting any effective support,
taking. the market away from the bulls
who were eagerly taking their profits
The relapse from the nigh point was
very violent IN some stocks and the
level of the whole market WAS carried
well under Saturdays The violence of
the decline invited some quick profit -tak-
ing by the bears. whose covering demand
caused a few sharp rallies, but the gem
eraI tone was weak at the close. Except
for the slump in Amaigarnated Copper at
the opening, the market started off VITA
every evidence of "a repetition of last
weeks active speculation for the rise
Gains of to 112 effainitial purchases Of
from 1000 to To- e09i shares were shown py
a number of the Iead1ng active stocks
including st. Pauls Ufflon Pac.fc, Missouri
Pacific and Pennsylvania and Southern
Pacific was rushed -uP rs The last named
stock was q conspicuous figure IN the
dealings, and even after the general mar
ket had commenced going to pieces tbs
price was advanced to 53st, which was 53s
over Saturdays close. st. Paul after
various fluctuations. rose as much to
IT'S. There were periods of strength also
among the coalerSs the local fractions
the SoLthWestefnS. i Sugar and some
other individual stocks Pacific Mail was
rushed UP 6A. apparently IL sympathy
with Southern Pacific. Tho strength in
the SouuhwesternsJ was on the renewed
talk of combination including Chica go
& Alton, and an entry into Pittsburg
These extreme advances came after the
opening gains had been pretty generally
wiped out under the food Of realizing
selling, which has been the feature of
the mornIng dealings on every day sue
ceeding 4 notable advance It was verv
evident that the ball leaders were using
every endeavor to turn the market up
WARD. II. ordeF to revive the outside spec
ulatiye buying. But they did not sue
eeed IN -reY1VIng general strength at any
time. The upward movements were not
accompanied gene. ally by any 'lieWs, and
We're based almost wholly on the argu-
D1ent that the price paid for BURLINGTON
warranted by contrast much higher prices
for practically all other railroad stocks
The bulls sought to make capital of the
advertised invitation for subscriptions to
lob
confidence by bankers in the future plenty
of money, but the sharp rise in sterling
exchange rates in response TO the large
subscriptions said by the bankers having
loan detracted from the force of this ar
Sument. Call loans did not rise above
Per cent, owing to Saturdays strong bank
return. The profit-takiug on purchases
made in anticipation of that statement
proved larger than the new demand at
tracted by it. In the late relapse In prices
5, Baltimore & Ohio AZ, Union Pact6o
AS and a large number of the active
stocks from 1 to 3 points. Burlington
held wei at point or more over last
been MADE an index to warrant the adj
vance of the whole market, it was well
supported United States Steel stocks
were weak throughout the daJ and show
net losses of u for the common and IA
for the preferred
The bond market was active and broad,
kut the price changes were irregular.
Total sales. par value, Sc, 4SO, OO0 United
States bonds Were ali unchanged on the
last call.
STOCKS.
Furnished by Charles H. F. Smith &
Co., members of the New York Stock
Exchange. Pioneer Press building, who
have direct wires to Chicago and New
4crk. Closing prices are bid:
: RsdI Rid