The Savannah morning news., 1901-01-18
STOCKS AND BONDS.
The Market Irregular With the
whole List Weak.


New York, Jan. 1.-THE state OF mind
of SPECTATORS in stocks was one of ex-
IRENE nervousness to-day. The cloud of
distrust was somewhat dispersed during
the course of the day and prices were Ia
boriously lifted to level above last
late dealings and the market closed with
urgent selling in force and with violent
breaks in a number of important stocks.
The excessive confusion of the price
movement during the early part of the
day served to put Spectators long of
stock in a state of bewilderment. There
was bold and powerful manipulation used
to support prices and to dissuade holders
from selling The extreme dullness into
which the market fell after the early SELL
ing movement had been checked was proof
of the success achieved by this maneuver,
but when it began. to appear that the
marking up Of prices had been simply for
the purpose of affording a market to re-
alize on, the pressure to sell BECAME urg
ent again, leading 10 the final break in
prices. 1850
The price movement was so irregular
and mixed at all times as to defy any
close analysis Theyopening weakness was
most marked in the steel group and the
conditions among the great steel corpora
tions continued to excite. grave uneasinsss
during the entire session, The conviction
is taking form In speculative circles that
a war between the steel companies is dan
gerously imminent, which if it comes, will
demoralize earnings in the trade. The
tacit admission by inside authorities of
coming bond issue by Federal Steel is ac-
cepted as foreshadowing a coming strug-
sic. That stock had a further decline of
31s, and. Federal Steel preferred of ?
points, on this account, and losses In
other members of the group ranged from
/ to 8 points.
Meantime manipulative support was eff
fective in other parts of the list, Sugar.
Peoples Gas, st. Paul Manhattan and
number of the Pacifics and Southwest
ems were lifted from ! to points. Then
support was accorded to the steel stocks
and the principal members of che group,
including Federal Steel Tin Plate, Steel
and Wire and Smelling were lifted sharp
ly above last night. Meantime there was
realizing in the railroad list and prices
generally fell away there with occasional
exceptions, which were held up as a sup
port to the market. In the final slump
the whole list fell again with very few
exceptions, below last night. There were
such violent breaks as "A in Baltimore
Ign Transit and Great Northern preferred;
S4 in Sugar and 21a in St. Paul and New
York Central. Many of the railroad
stocks were at the lowest when the mar
ket closed
The statement of President Fill of the
Great Northern, that he had never owned
share of st. Paul stocks in his life had
a greatly unsettling influence on specu-
lators who have worked in the conviction
that st. Paul had passed to the control
of Great Northern and Northern Pacific.
The declaration Of a 2 per cent. dividend
on New York, Chicago and st. Louis Sec
ond preferred, where all the way from "a
to per cent. had been confidently ex-
pected, caused a readjustment of ideas
as to large number of analogous cases.
The denial Of the rumor that Metropoli-
tan Street Railway had leased Manhat-
tan, upset another line of speculative cal
culations. The money supply continues
superb bundant, but the growing belief
that notable outward movement of gold
has begun, served as an additional drag
on the market. s+na
The bond marketiwas rather quiet and
irregular. Total sales, par value, 81, $685.
600. United States bonds were unchanged
on last call
Total sales of stocks to-day were los. =
GOO shares, including Atchison, 1890;
Atehison preferred. 1900; Baltimore and
Ohio 24600; Chicago Great Western, $780,
Chicago, Burlington and Quincy 229OO;
Chicago, Rock Island and Pacific, 1O5OO;
Erie, 1880; Erie first preferred, 1880;
Manhattan, $4,000; Metropolitan. 800; Mis-
souri,, Kansas and Texas preferred Is 500:
Norfolk and Western, 1900; Northern Pa
ciflc, 1880; Ontario and Western, 30 300:
pennsylvania. 1880; Reading, q 800; Read
ing first preferred, 1880; st. Paul, 10000;
Southern Pacific, 1903, 800; Southern Rail-
way, 11,50O; Southern Railway preferred,
$500; Union Pacific, 1900; Wabash pre-
ferred, 7,20O Amalgamated Copper, q, 400;
Smelling and Refining. 31,5OO; American
Steel and Wire, 1920; American Tin
Plate, 271OO; American Tobacco, 10,400;
Brooklyn Transit, S1,200; Continental To-
bacco, 1920; Federal Steel, 81, 800 Nation
al Steel, 5000; Peoples Gas 10000; Sugar,
1880.