The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-22
STOCKS MEET CHECK
Realization on Wheat Stocks
Causes Depression of
Railroads
SILVER GOES FAR DOWN
Slump in Price of Bullion Believed
to Be Due to Selling in China
in Order to Pay War
Indemnity.
SILVER GOES FAR DOWN

NEW YORK, April 21-There was an
other day of very active and varied spec
ulation in stocks today, but the cam
paign for the advance received a rather
severe check. The day started off with
indications of a repetition of the SUCCESS
full tactics adopted last week Of neavy
buying at some new points to set off
realizing at others. 1t SO happened, how
ever, that the stocks in which realizing
was attempted, namely, the Western and
Pacific stocks, were acutely depressed by
the threat of harm to the crops and by
the leave granted to ne state OF w aSh-
ington to file a suit in the supreme court
against the Northern Securities company.
The leaders of the campaign for the ad-
vance recovered their position to some
extent later in the day by vigorous buy
ing movement in Southern Pacific up to
$50, and in Reading and Manhattan,
Which were lifted respectively az and 31s
over Saturday. This induced a general
covering movement in the whole market
and substantial rallies which material
ly reduced the losses, but still lett prices
generally below Saturday.
The setback came in the face of prom
iSing auspices for the advance. The Lou
isville incident seemed to have convinced
some of the large Eastern banking inter-
ests that the time was ripe for an ad-
vance, although they mad been inclined
to deprecate the movement inaugurated
by Western capitalists as premature, on
account of the uniformed prospects for
the crops
Weather Causes Anxiety.
The steamship merger was accepted as
additional indication of the confidence
of large capital in continued prosperous
conditions. The results of the days OPP
erations in the market showed the i'm
pOrtance of the outcome of the crop sit
uation. The reports Of hot winds IN the
winter wheat belt did not seem to greatly
affect the grain market, perhaps owing
to the large long interests in that market,
but the simple recital of the temperatures
touched at points in Nebraska, Missouri
and Kansas was sufficient to cause O re-
f1eXion of anxiety in the stocks of the
roads running through that region.
The weekly statistics Of railroad traf-
fic reporting decline in the merchan-
disc movement to the Southwest were re-
gardeG as confederation of the threat
Of harm to the crops. Scattered reports
of showers may have had to do WITH the
late rally in the market.
The leave granted to the state Of WASH
ington to file suit against the Northern
Securities company is what was refused
to the state of Minnesota in the previous
attempt. The question Of the iegality OF
the company is now felt to be started
towards a definite judicial decision. i here
is enough doubt over the outcome OF the
suit to serve as an unsettllng influence
the more SO in view OF the a e lSi
projects now known to be on foot and
dependent upon the settlement OF this
question.
Silver Is DemOra1izcd.
An incident of the day was the. dernor-
alization in the silver market, Wnlcn car
lied silver bullion to 501zc an ounce, COM
pared with the previous low ad record +6 Of
gold standard. The slump is said to be
due to selling by China as a necessary r
Incident to the payment OF the indemnity
to the powers.
The strength of Reading. and Manhat-
tan was due to buying by the same orok-
ers who were heavy sellers on Union
Pacific and st. Paul. There were ru-
mors of absorption of Reading in Penn
syIvania interest. The movement was
foreshadowed by the circulation Of ar
guments on the intrinsic value Of proper
ty. The market closed active and about
steady. ,
New York Air Brake, Internat1onal
Power, the Electric stocks, Keokuk q
Des Moines and Nashville, Chattanooga
&c St. Louis made sensational and uneX-
planned advances.
The heavy selling of Union Pacific con-
vertible bonds was the featue of the bond
market. Total sales, par value, S65S5,OJO.
United States bonds were all unchans-
ed on the last CALL
Stocks.