The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-01-11

The General Market Yields Owing
TO Less Activity.

new 1ofhs Jan, W mere was uc-
cided further falling off in the activity
of trading In stocks to-day and prices fell
back very generally throughout the list.
There were abortive efforts to continue
the advance both at the opening and at
different times during the day, but the
decided strength.
The most that the bulls were able to
achieve was to check the reactonary ten
dency The pressure to sell was much
relaxed during the latter part of thG day
and the demand to cover from the shorts
lifted the level of prices considerably
above the lowest. The squirt in Louisville
just at the close on the increase in the
dividend rate helped the market some
what, although there was no general re-
Spouse. The closing was in fact decided
ly unsettled and irregular and at sub
stantially lower level of prices
The first movement of the bulls was In
the Southwesterns and some of the spe-
cialties, including Texas and Pacific
Union Pacific, Southern Pacific, Delaware
and Hudson, Peoples Gas and Western
Union. The last named stock was the
only one of the group which showed sus-
tanned strength with an extreme advance
of nearly points. Missouri Pacific was
marked up at one time 20 81, but fell back
below IS in the sharpest reaction OF the
day. Still later there was a movement
in the Tobacco stocks, which carried Con-
tinental and American Tobacco up 3
points, Tennessee Coal, Az and General
Electric Sl2, But the general disposition
to realize profits and the rather agrees
sive mood of the bears frustrated all the
attempts to advance the market.
The rather violent break in So Paul
of Az points at the opening had de-
cidedly disturbing effect on speculative
sentiment, and some of the other stocks
which have been the subject of the most
| persistent stories of inclusion in vast new
consolidation were also quite acutely af-
| fected The repeated disclaimers by the
| financiers concerned many of the stories
which have circulated regarding these
combinations have been totally disregard
ed heretofore by the speculative element,
| but something like conviction was borne
in upon them to-day, and while the be-
| lief was unaffected that something very
important had been going on in St Paul
and in other railroad quarters, the spec
ulators awoke to the realization that the
elaborate details published from time TO
! time were based on very flimsy evidence
and that they did NOT know much about
the actual transaction. The extreme de-
cline in st. Paul was 81, and it reached
| from l to points in practically every
! important stock on the list. The Fries,
the Readings, the Changers, Pennsyl-
Vania and the Pacifies We're most affect
| ed. Rubber preferred broke Az points,
Pressed Steel Car AZ and the preferred,
! 6. The bears were timid, however, about
pressing their advantage. This element
| is so eager TO discount the expected re-
| action that they keep the market we'll
| filled with short accpunts, and upon any
considerable reaction they begin to buy
| eagerly to cover. The existence of the
| persistent short interest is a material fac
tor in the resisting power of the market.
| II played its part in effecting the rally
| from the extreme low point. After the
| first drop in prices and the dislodging of
| the weaker speculative accounts there
was a decided falling off in the pressure
of liquidation, which added much to the
| timidity of the bears. The rally extended
to "a in St. Paul. 21a in Erie first pre-
| ferred, "a i'm Delaware and Hudson and
between l and points in quite number
of stocks The marked features of the
| trading after the heavy selling ceased
was the dizziness and the sluggish move
ment Of prices.
Prices of bonds moved irregularly in
sympathy with stocks, Total sales. par
value, $S,4O0,000. Unified States refunding
Is advanced 4 an the last call
The total sales of stocks to-day were
k l274,500. including Atohson, % 500; Atchin-
son preferred, ex-divdend, %, S00 Balti-
more and Ohio, Is 100; Chesapeake and
| Ohio, 500; Burlington, 81, 500; Rock Island
2l,6O0; Colorado Southern, 5000; Delaware
| and Hudson, 800; Erie, $500; Erie first
preferred, 81 SEQ; Louisville. $4,000; Man
haitian, 1880; Metropolitan, $500; Mis-
souri, Pacific, 6O,5sO; Missouri. Kansas and
Texas preferred 80, 400; New York Central,
500; Northern Pacific, $500; Northern
Pacific preferred. 800; Ontario and West
ern, $500; Pennsylvania, 1890; Reading,
22,3O0; Reading first preferred, 1850; Read
ing second preferred, 1860; st. Louis and
San Francisco, 5000; st. Louis Southwest
ern, 5000; st. Louis Southwestern pre-
ferred, 1890; st, Paul $1,000; Southern Pa
cific, 25,2O0; Southern Railway, 19,7OO
Southern Railway preferred. 5.7OO Texas
and Pacific, 95,TOO; Union Pacific, 81. 600
Union Pacific preferred 500: National
Tube, 400; Copper, 1O,7OO; Steel and Wire
500; Tin Plate, $780, Tobacco, 43, 800
Brooklyn 80 800; Colorado Fuel, $500; Con-
tinental Tobacco. 81, 700; Federal Steel, TO-
800; National Steel 5000; Peoples Gas
227C0; Sugar, 24,OOO; Tennessee Coal, Is, 500
Western Union, $500.