The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-04-28
No BUYING POWER
IS NOTICEABLE
FriCes Down From Two to Six
POINTS All Along the
Line

NEW YORK, April 27.-The lacl, .,
confidence in the present level of nricee
was the only obvious cause for the wave
Vi lquloatlon which swept over the stock
market today and carried prices COM
prehensively to lower level. The Ho,,ioa
uon was renewed again and again and
me entire lack of support and the failure
10 attract any effective demand at the
cheaper prices caused progressive growth
IN the feeling of distrust The violence
Vi the decline gave rise to crop of SIMS
Ter rumors of something hanging over
the market" No better foundation de
veloped for these rumors while the trad
inS was In progress than for the many
brilliant stories which have RECALLED the
speculative appetite while prices were be
ing. pushed upwards. The stocks CEN
leflng about the Northern Securities COM
b PnHS tt shared fElly in the days weakness
out tEey were not so singly conspicuous
as had~been the case lately Runors re
garding these properties having passed
from the stage of Wholesale conSOlida +i0D
10 mat OF complete antagonism followed
by den1als of the supposed hostilities. the
STOCK market impression has settled down
20 Ihe View that capitalists in control OF
theSe properties probably have been at
tending TO the affairs of their own prop
erueS without contemplating ANYTHING TO
give basis for the rOseate stories regard
belief sf.e'-i "i'''" nave OBTAINED Widespread
Bull Hopes Shattered
The resulting state of mind on this
topic is fairly representative of that on
the many other subjects which have been
made the object of Imaginative reports of
late Yesterdays retention of the former
dividend on Norfolk & Western seemed
to Shatter the hopes of Speculators reoa rC
ing large number of other stocks which
nave been heavily bought on similar ex-
pectations. The story of the Louisville
tease 10 Atlantic Coast Line on per
cent dividend basis, which was the latest
production of this character. obtained so
little credit today that those two stocks
were among the principal sufferers by
reason OF the violent reaction from yes
terdays jump. RumOrS of mergers among
the metal indusuialS which have lifted
prices extensively were equally open to
suspicion with consequent damage to the
stock concerned. Another break i'm the
wheat market served to renew anxiety
regarding losses in that speculation which
would have had to been made good i'm the
stock market. The opening influence on
the selling from foreign financial centers
was strong. owing 10 the unsettlement
there over the international political ont
look. Paris manifested decided uneasiness
over the dispute with Germany regarding
conditions in Morocco. The report that
the cable to the Asian mainland from the
island nearest to the field OF naval ac-
tiVlty had been cut seemed to inspire the
circulation of sensational rumorS that the
expected naval battle already had been
fought with unexpected results.
Equitable Scandal
nut IL - uOuDbIui whether any or all or
these matters had as much influence on
the selling as vague feeling of suspicion
and a fear of some unfavOrable develop
ment vet to be announced The discus
sion of the Milwaukee bank episode and
the Equitable Life assurance scandal.
with the renewed ventilation in that con
nection of the old and unsavory United
States Shipbuildins incident. were be
neVed TO threaten a spread Of diStrusC
over a wide field and the resulting loss
or confidence was dreaded for its results
on credits. The sharpness Of the rally
yesterday had aroused hopes that the
most urgent liquidation was over. although
II was expected that profit taking by those
who supported the market on the break
and who secured holdings at the low price
would check the rally. But a period of
quietude was expected 10 ensue In the
normal course of the market. The char
acter of today's selling was plain intl
nation that important liquidation re-
manned TO be completed. The volume of
the selling gave rise to some startling
estimates of the proportions of the spec
ulative losses which have been suffered
by reason of i'll judged campaigns. Finan-
expressed the opinion that the awakening
to the ilusory character Of much of the
recent gossip would make for the health
of the market, although the readjustment
might prove a painful process The
tone at the close was semi demoraliZed
and showed losses from . to over points
for all the principal active stocks i'm the
list.
Bonds were weak Total sales. par val
ue. s. 995, 600. United States bonds were
all unchanged on call