The Savannah morning news., 1901-04-09
STOCKS SHARP DROP
sr IN CALL LOAN RATE CAUSED
WHOLESALE LIQUIDATION.
ooKs LIKE END OF BIG BOOM
,oNGs DUMPED THEIR HOLDINGS
PRECIPITATELY.

~ Iosses Were Reached the
,7,od of Liquidation Made a Rally
osstbIe-Money Market the so-
49,, PIexus of the situatfon-Trad-
wondering Whether the Long
,ooI.ed for Turn i'm the Tide Has
-Mouey on Call Reached
csut. when Bankers Began
calling Loans
~, York April S-The call loan rate
ID gain to be the solar plexus OF the
.,oo< market as it has done on many oc-
.iors before. The construction Oh the
s,,rev supply and the advance in the rate
,a1l money precipitated such spasm
,,,,,idation as threw the stock market
80 condition bordering on demorallza-
ton. -.
,c-ho+ happened to-day in the stock
.,,a,lat is what, according to the COM
.,,r agreement of all classes of ooserv-
u.as hound to happen in due course OF
- Nevertheless, as is the wont Of
took market happenings, the days
events came as a surprise. Even the
ost enthusiastic bull has agreed to the
..ronosition that such rampant specu-
Ioton as has been going on for weeks
-,,st was bound to overdo itself and be
l.,,o7,ad bv relapse of corresponding
,.,olence Only the enthusiastic bull has
chung to the supposition that the relapse
WAS still remote and has continually NOV
49,, forward the supposed date of its oc-
.,,rrence in the hope that there was time
for still another speculative turn. Even
tho wild and excited market of last week.
which was an ominous symptom, left the
huus unprepared for to-day's develop
ments
Tins for a rise in many stocks were still
,yi5elv prevalent before the opening this
morning and the explanation was offered
+5at THURSDAYS furry in call loan rates
was due to manipulation by the bears.
PM the instant the market opened 1t be-
came evident that the developments since
Thur.dav had induced a widespread de-
+ern,ination to sell stocks. Another pal
nabte fact was that some of the most
uowerful operators in the market had al
ready sold their holdings and taken
nrofts during the wild excitement of last
week and were compactly organized on
the bear side of the market this morn
ing.
Perceiving the highly vulnerable condi-
+ion of the market, owing to the over ex-
tension of long accounts thinly margined
and hacked by weak resources, the bears
fell upon the market with great fierceness
and cut a wide breach in prices at the
first onslaught. The wide extent of the
first declines, which were made by success
sive drops of from to 21a points between
sales. invited to quick protit-taktng by
the bears and the violent rallies whlch
ensued, encouraged the bulls to make
some stand against the reduction, mop
ing that the furry was temporary and
the market prepared to renew the ad-
vance. This was the only period of the
dav when there was any show of positive
strength, ana Sugar, Peoples Gas, Texas
and Pacific and a number of less import
ant stocks were marked up sharply over
last Thursdays level. The strength was
short lived, however, and after the de-
mand from the bears has been satisfied
many of the banks began calling loans.
This brought fresh supply of~liquidation
on the market and invited fresh attack
by the bears. The selling became pre-
cpitate as the fall in prices wiped out
the margins and uncoV cred stop loss or
ders and the unlucky pulls jettisoned
great bales of stock with the hope of re-.
lievng their load and saving other hold
ings from the shipwreck. The only i'm
portant demand at any time came from
the shorts and the occasional spasmod1c
rallies were not held in any case. This
was true of the last, as of former rallies,
and although prices had not fallen back
TO the lowest all around they were again
on the down grade in most cases, and
the closing was irregular and only slight
ly above the lowest. Sterling exchange
eased off slightly in response to the high
er money rate, but the conviction was not
altered that a large additional sum OF
god will be exported to meet the require
ments of the London money market in
connection with the coming government
loan.
Business in bonds was relatively less
active than that in stocks and the move
ment of prices was Irregular. Total sales,
par value, $S51000O. United States re-
funding IS advanced Il, and new As 4 per
cent on the last call
The total sales of stocks to-day were
17099C0 including Atehison, Al, 200; do pre-
fererd 3O1OO; Baltimore and Ohio, 1900;
Chicago Burlington and Quincy, $500;
Chicago, Indianapolis and Louisville, 500;
Rock Island Al 700; Colorado Southern,
400; Delaware and Hudson 1870; Erie,
1890 Erie first preferred, 1850; Illinois
Central $500; Louisville and Nashville,
"5W, Manhattan, 26,6OO; metropolitan
Street Railway, So1OO; Missouri Pacific,
$780, Missouri Kansas and Texas, $500;
Missouri Kansas and Texas preferred,
1900; New York Central, S1,100; Norfolk
and Western, $500; Northern Pacific, as
100; do preferred. 10, S00 Ontario and Wes-
tern, 1900; Pennsylvania, $500; Read
ing, 1880; do first preferred, 20,500; do
second preferred, a. 800; st. Louis and San
Francisco 5000; St. Paul. 60, 100; Southern
Pacific 206OO; Southern Railway,
-IW; do preferred. $500; Tex
as and Pacific 24.4O0; Union Pacific, 3d.
$40; do preferred, $500; Wabash preferred,
$50; Amalgameted Copper. 9s, 700; Ameri-
can Smelling, $1,000; do preferred. $780,
american STEELE and Wire, 17.100; American
Tobacco, 1920; Anaconda, 5000: Brooklyn.
-sD; Colorado Fuel, $1,000; Continental
louaoco. 6O00 Peoples Gas, A,400; Sugar
g.7D, Tennessee Coal. 9,40O; Leather 6,O00
western Union, $500; Republic Iron and
St'eI 500; do preferred, $500; United
'''les steel, lS7,4OO; do preferred, $780,
-S
Yesterdays BALL Games.