The Savannah morning news., 1901-01-04

There were various contributory causes
assigned to account for the violent break,
but all of them together would have
proved Intellectual to induce selling in the
speculative mood which has prevailed in
Wall street for many weeks past. The
real root OF the trouble was that faith
IN the level of prices began to be inn
paired and conviction was borne in
upon spectators that the large demand
for stocks which they have expected to
continue during January has been pretty
largely discounted. A realizing sense of
the fiimsy authority of many of the SEN
sational stories on which stocks have been
advanced broke in upon the minds of
buyers, who COMPOUNDED their own eager
demand for stocks with a supposed all
embracing public demand. Seeing them
selves long of stocks at the very hign
level attained by prices and with q very
doubtful prospect of large additional
advance, they threw over their holdings
with the utmost precipitancy.
or the contributory causes to the slump,
most Importance must be attached to the
advance i'm the Bank of England discount
rate from to per cent. This was sup
plemented by the statements of the three
great government banking institutions
ABROAD showing a radical impairment OF
resources on account of the requirements
IN the yearly settlements. At the same
time cabled reports from London de
scribed gloomy forebodings over the flu
ture. The result was a sharp Jump in
sterling exchange rates in New York. and
growth of belief that the New York
money market will be called upon for
gold to relieve the strained situation in
foreign money markets. The develop
ments in the foreign trade situation favor
this hypothesis. Grain and cotton bills
have become scarce in the exchange mar
ket, and the relapse in iron prices abroad,
while prices have been well maintained in
the domestic market indicate the certain
ty of falling off in the foreign iron
trade. Imports of merchandise are at the
same time on the increase. The return
TO the money market and to the stock
market of the large funds disbursed here
in the yearly settlements are likely, jud =
ing from presidents, to be delayed New
York Exchange at Chicago to-day sudden
ly dropped from 10c premium to zoe dI s.
count.
The heavy liquidation in Sugar had q
very unsettling effect on sentiment, as IL
was commonly attributed to a well known
steel magnate, who has made his mark
heretofore on the bear side of the market.
Selling orders from Chicago over private
wires were estimated by stock exchange
rumor at as high as 100000 shares, and
We're attributed to the account of this
following. The violent slump in the rub
Der stocks on the reduction in the pre-
ferred dividend was an additional dis
turbing influence. The joint effect of
these various causes can be gathered by
a study of the price changes for the day
In the list of stocks. The extreme de-
cline In rubber was IL, in Rubber pre-
ferred 3D. in Sugar 6h, METROPOLITAN
Street Railway 615; Federal Steel 5, and
in most of the leading Industrial stocks
between and points. In the railroad
list those stocks which have recently
been under most palpable manipulation
were naturally most affected The most
notable decline from the high point were
Erie first preferred AS, Delaware and
Hudson 4, Northern Pacific 49, Baltimore
and Ohio and Delaware, Lackawanna and
western S%, Iowa Central preferred ga,
Pennsylvania and Reading second prefer
RED, Denver and Rio Grande preferred, and
Chicago Great Western preferred 49,
Kansas and Texas preferred 33s, Union
Pacific, 3h and throughout the railroad
list, from l to 8 points. The closing was
In many cases near the lowest.
The bond market was very active and
INCUBATION was in force there as we'll as
III STOCKS, out the declineS in prices were
by no means so marked Total sales
par value, SS,955,000. United States refund.
ing Is declined II, and new As registered
u on the last call.
To-day's total sales were 1868, 800 shares
including Atchison. 37,70O; do preferred
$500; Baltimore and Ohio, 81 300; Chesa.
peake and Ohio, 800; Burlington, 81. 200
Rock Island. S2,100; Delaware and Hud
son, $500; Erie, 5000: do first 81 500; Iowa
Central, 5000; Louisville and Nashville
$500; Manhattan, 25,5OO; Metropolitan, $500
Missouri Pacific, 80, 300; Missouri, Kansas
ana Texas preferred, p, 400; New YORK
Central, 5000; Norfolk and Western. 1900
Northern Pacific, $780, do preferred, T..
SEQ; Ontario and Western, $4,000; Pennsyl.
vania, 2l,600; Reading, AZ 800; do first. 81 :.
400; do second, 21,1OO; St. Paul. s77OO
Southern Pacific, $1,000; Southern Rail.
way 1900; do preferred, $500; Texas and
Pacific, 1910; Union Pacific, III, 300; dc
preferred, N,4O0; Copper, 14.300; Steel and
Wire 2S,SO0; Tin Plate, $500; Tobacco
lS,sOO Brooklyn, $500; Colorado Fuel. T..
800; Continental Tobacco, q ,9OO Federal
steel, $4,000; National Steel, 7,4OO; People.
Gas, 1850; Sugar. no. 800; Tennessee Goa
ana iron, 1850; United States Rubber. 40,
ZOO; United States Rubber preferred, G.
900; Western Union, 500.
New York Stock List