The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-03-01
SHARP BREAK IN
RECENT LEADERS
st. Paul, Southern Pacific and
Union Pacific Suffer the
the Most

NEW YORK, Feb. 2S.-The reactionarv
zen, .enuency m stocks gained force today and
Vas OF more influence on speculative Sen
tlment than yesterday. A Mondav reac
ton is viewed with equanimity durint, tba
course OF ris~ in stocks for reasons we'll
understood but there are less plausihIe
sanpi;aIlaI IONS Tor the carrying over of a
selling movement into the second day of
the week The days operations dis
closed well organized bear party in the
t tE and their attacks on prices and
the success which met them We're testi-
mony to the vulnerable condition into
Mhlcn the speculative situation had fallen.
me me railing back of prices was not at
TENDED with unfavorable news devalon
ments and was clearly due to technical
causes For one thing the new Corners in
5he market for the outside public were
tt ac5pl at having bought stocks yes
teIuay morning at the top level only to
see them decline ~
Outside Demand Decreased
There was in consequence a significant
decrease in the outside demand for stocks
ana ailt an inclination by the outsiders to sell
Vut hoIolngs: The failure of confirma-
tion by official announcements of anv of
the numerous reports recently circulated
Degot spirit of timidity amongst buvers
ms was the more pronounced in DrOnnt
ing selllng on account of the large profits
SHOWN by the advances which the lately
current rumorS had caused Many bllvers
were prompted to take profits offered
rather IMAM run the risk of the failure of
reported projects to be contaminated The
shaky condition OF prices Yesterday had
ihe erect of inducing the placing of stop
loSS oruerS TO very large extent at
prices below the current level as a nre-
cautlonary measure
In the recent feverish condition of the
market brokers have been inclined TO in
Slst on this measure of precaution on the
part of customers. This condition was
Suhciently notorious to invite aggression
Dy the pears, who could be sure to buy in
and cover their shorts at a profit if once
these stop loss orders We're uncovered
The action of the market showed very
plainly that raiding tactics were resorted
10, wide declines and sudden recoverieS
showing the eager haste to cover shorts
on the part of the bears. Recent favor
ties IN the speculation We're naturally
Union Pacific, Southern Pacific and Penn
sylvania consequently suffered most Sc
verely in the days movement
SpecIaltIes Advance
In the period of recovery special stocks
We're pushed upwards. apparently with the
purpose of supporting the market and ex-
tending the rally. Amalgamated Copper
the New York public utilities. the Fries
ana number of specialties, including the
nigh grade induStrialS, made such adj
Vances from time to time The imminence
of the hearing in the Northern Securities
appeal may have been an influence in the
aSa,1atng %hicn was in progress, as, the
made the basis for such long continued
movement in the various stocks affected
that further results from the announce
ment are hardly to be expected. Yester-
days advance in United States Steel came
TO pause: although further heavy pur-
chaseS OF pig IRON by this corporation were
reported. Readings strong statement of
January net earnings did not help that
stock
The days record clearing house bal
ance exchanges only slightly below the
highest record, witnessed the heavy re-
quirements of the Southern Pacific bond
payment made Yesterday. With this OPP
Grafton completed, easier money conditions
are to be expected, but this did not serve
to check the speculative liquidation in
stocks The feeble rallying power of the
market aggravated the tendency to throw
over stocks, and the pressure increased,
making low prices for the day in the final
dealings and a decidedly weak closing
New York CentraPs loss ran TO nearly five
points, and the other active speculative
leaders We're down from to 8 points.
Bonds were easy Total sales par
value. $4,720 600. United States bonds
were all unchanged on call