The Saint Paul globe., 1905-04-25
STOCKS HAVE A
SEVERE DECLINE
Louisville s Nashville an Ex.
ception, Raiiylng Sharply
Six and a Half Points

NEW. YORK, April ga hrsak !, .ho
Pic PIicS OF stocks today seemed a forepone
SoHCiuSlon- The promise of sucb a ,,,0I-g
ment was so clear that professiOraI 49,.
ators sold enough stocks during tha a.
ho9r 10 more than cover the reGuiremante
ana they devoted a period of the iaI- 70
covering their short contracts with ~ ~ ~
suit OF practically repairing the losses It
Was Was evident that bargain hunters and
tthSH Willingness to take stocks at the
preak was a material factor in roiI,-imS
tne market. The technical situation nGimte7
ESQ to aeoncln1ESlvely to considerable liquidation
To-Day The heavy decline of T'hnrsd.,tl
last, since which time trading on tba -
chanSe has been suspended induced a
sneaI many calls for additional margin
ph tfle part OF brokers and commission
houses. 1t was known before the market
opened that these calls had brought haclS
many III ~, responses ordering the selling out
Deen so far shaken bv last Uee;x's dayaia,,
inents that no effective support was tn
De anticipated unless at considerabIa con-
49, ,r2'ioiIs III prices. The events of Satur-
cay ; wheat market forced the cOncluSiOu
mat the attempt to corner the NAV on
@ tioll ha9 peen abandoned and the obyiuijs
conclusion that heavy SpecuIativa iCesa.
had been sustained pointed to f,lrtIe,.
IIquldatlon IN stocks as a recuperati,-,.
measure. The pressure centered Inon me
SrochS sloonI1 Whlcn nave been favorites in the
/ 33PeGuIdIioh on account of merger stories.
'HIoh racine leading the railroad Iist i'm
point OF activity and weakness. 80
Northern Pacitc's Reappearance
Northern Pacitics reentry in the mar
hel was the signal for sales down TO 165
compared with the recently PREVAILING
nominal price OF $50 bid. The prevailing
discussion in stock market circles was OF
me danger OF reopening of hostilities and
OF competitive projects i'm the m il,oad
world i'm strong contrast To tba recent
abiding faith in the mutual. determination
oI 9li the great powers of the railroad
world 10 come together and put into force
BloJeCtS Tor the common benefit. Thurs
uiy hurry IN the call money market at
per cent had served to overthrow the
conviction that the ease of the nlonp,, MAJ,
ket was incapable Of being disturbed The
pdhk statement published on Saturday
during the interval of the trading showed
ulaI loanS mad continued To expand i'm
spite OF the liquidation in stocks The
offerings today of S25, eco. 600 of New York
city bonds made heavy requirements ON
the money market. Next month the 800 -
100000 Pennsylvania bond subScriDtion an
lnstallment of all but 10 per cent of the
Japanese loan and the Withdrawal of an
ihstalment OF government deposits are to
De provided for Faith in the ability of
the money market to meet all these re
IulIementS without disturbance is decided
Iy less than during the neriOd of buoy-ap pt
advance in prices of stocks.
Milwaukee DefaIcation UnsettIes
The news of the Milwaukee bank deraI-
cation caused inevitable unSettement
again and gave force to the feeling of un-
easiness as to the effect of losses in the
wheat collapse. The reaction i'm prices
carried Union Pacific to the lowest of the
day and made a broad inroad ON the re
coVery which had been established during
tne middle portion of the day and made
the closing weak. The remarkable rise
IN the Louisville q Nashville group at
racted attention to the published reports
OF plans for the formation Of a great
through trunk line from north 10 south
by Il combination of existing properties.
These stocks relapSed equally with the rest
Of the market in the late reaction. Great
Northern preferred late i'm the day sold at
decline of % points from last week
which may have helped to the late reac-
ton.
Bonds We're irregular Total sales. par
value S3,095, 600. United States bonds
We're all unchanged on call.