The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-11-20
BEARS RUSH TO COVER.
xzE UGLY RUMoRs ON THE STREET
TaEIR CREATION.

Nesrlv Every Stock on the List Scores
an Advance-A Fluctuation of 10
points in Jersey Central During the
0av-The Market Undoubtedly Oyer
sold.
NEW YoRK, Nov. 19.-Last night there
,,ora cabled to London the alarming rumors
vvbich had become current here during the
dav about certain large and influential
bonses on the street being in finarcial
trouble. and predicting further failures and
. gloomy look altogether. These were re-
Aected back here this morning in the shape
q, rumors that large houses in London were
on the verge of bankruptcy, and the effect
of last nights cables were seen in the Lon
don market in a panickY feeling and sharp
loss in American stocks, and this market
was opened from to 314 per cent. lower
than last nights prices.
BUYING BRISK.
That the circulators of the rumors stood
ready to take advantage Of the situation
Gre ted bv the false reports. however, was
nroyed bv the excellent demand for stocks
iii along the line at the concessions, and the
lowest prices of the day were reached DUR
ing the first five minutes, while only few
stocks went below the opening figures. To
many. tho reason for the drive at the
market Yesterday through Pacific Mail,
Missouri Pacific and Union Pacific was
made plain when it was announced that the
Pacific Mail people had surrendered to Jay
Gould. and that his son George would be-
come president of the company.
sCANDALoUs STORIES.
The stories circulated on the street in re
gard to the firms doing business here, are
many of them scandalous in the extreme,
and some of them may initiate the example
ofS V. White, if they can collect evidence
enough against the disseminators of the
rumors. The market had no sooner opened
here than private advices from London
came, denying the stories sent early,
and the posting of notice by
the Bank of England that it would not call
loans created materially better feeling
there, which was soon reflected here by
purchases Of foreign houses and a cessation
Of the sales of abitrage houses. The none
tary situation here showed marked i'm
provement as the day wore along, and buy
ing assumed larger proportions immedi-
ately, while the purchase of securities by
investors shows no diminution. The over
sold condition of the market was revealed
By the high loauing rates for stocks, several
commanding q premium. burlington COM
msnded per cent. and Jersey Central, New
York Central and Lake Shore eone-sixteenth
and Reading and Louisville and Nashville
one-slxty-fourth.
SHORTS RUSH TO COVER.
Tie rush of the shorts to cover increased
in the afternoon, and, while dealings were
not Of large volume, the advance IN prices
was most pronounced, and before the deliv-
cry hour there were few stocks which had
not recovered all of the losses, both at the
opening and early trading. The reaction
IN Jersey Central was most marked. After
dropping to 80 it rose to 100, though it
shaded of to 50 at the close Burlington and
Quincy and Northern Pacific preferred
each showed about 5 per cent. difference be-
tween the lowest of the forenoon and the
best figures, and all the leading stocks a3-
Vaacet in proportion. The upward move
nent ceased only with the close of business.
ana the final prices were as a rule the best
OF the DAY, the close being active and
strong.
THE FINAL CHANGES.
Ice final changes are quite irregular, but
tHe advances are largely in the majority,
anu The losses shown are very unimportant.
Alncng tae advances Burlington and Ouin-
NY Wydo, rs up vs., j rsey Central 80, Pacific
Io4 aaI q, Chicago Gas "a, Wheeingsand
LAKE Ere e, Union Pacific l, Lacka-
wanna "a, Northern Pacific preferred II.
new fork Central and North American
eae.: eaca per cent, and others generally large
ascSioAs. Yoa ions The sales of listed stocks were
oO~'0Vo snares, and of unlisted 5000 shares.