The Savannah morning news., 1901-06-26
STOCKS AND BONDS.
Bears Break Down the Bulls De-
lenses.


acted to-day sharply and were carried
down under such active selling as has not
been seen in the market for several weeks
past. This development did not make it.
self felt until late in the day, and after
such period of neglect and apathy on
the part of speculative and investment
interests as in itself invites an attack on
prices by professional bears. There was
continual slight dribble of stocks ON
the market, under which prices slowly
but pretty steadily yielded, except for
a few special cases, where a desultory
speculation for the rise centered, or where
buying was induced by causes individual
to the stocks.
These were entirely without influence
on the general list. A rather general
tendency to recover from the opening de-
clines had the edge taken off it by the
first bulletin announcement of the sus-
pension of an important bank in Lcipsic.
The course of the German bank shares
for the last few days has indicated an
unsettled condition of affairs in Germany
and to-day's occurrence arouses appre-
hension that the coming semi-annual set
Elements in Berlin may be the occasion
Of more or less extended collapse. The
recent failure of bank in Dresden re-
vealed such a state of involvement with
formerly inflated industrial securities
which had suffered from the industrial
depression in Germany that the credit OF
many industrial enterprises was consider
ably undermined.
The fear of a crisis has probably
prompted the Imperial Bank of Germany
to recuperate it's resources to their pres
ent extraordinary strength. With the
gain in cash this week and the receipt
next week of the New York gold ship
ments, the banks cash reserves will be
lifted to near $3.50 900, 900. The banks out
standing note issues are also nearly $780,
100000 below the legal maximum exempt
from taxation. So that the German
money market is unusually well equipped
to meet a crisis. The consideration of
these conditions made the speculative
mind sensitive and late in the day, when
many rumors began to circulate of local
banking troubles, there was a lively spill
ing out of stocks all through the list.
The bears made the most of their unex-
pected opportunity and offered prices
down boldly while the rumors were at
the high tide of exaggeration. They sue
ceeded in breaking through the defenses
which had been established by the bull
leaders, while they were away for their
vacations and heavy stop loss orders
were uncovered
Stocks with any large speculative ac-
counts in them were naturally most af-
fected. st. Paul and Missouri Pacific were
conspicuous, as were a number of less
prominent stocks, which were marked up
in the early trading to-day. The drop
in St. Paul extended to points. When
the nature of the Investigation made by
the Clearing House Association of the
affairs between one of the banks and
the association hapnr faIx "
known, and it was announced that no ac-
ton would be necessary, there was a
lively scramble on the part of profess
sional shorts to cover and the rally in
the principal active stocks was between
and 2 points. St. Paul recovered 2A,
Missouri Pacific "a and Manhattan 2h.
But the. closing was not free from fever
ishness and was rather irregular. The
money market was not disturbed, the
somewhat easier tone of yesterday being
maintained. The earlier gains "a tho mar
ket were from causes peculiar to the
stocks affected, such as has been the mo-
tive of these movements for several days
past.
The bond market was affected by the
late selling, but in a much less extent
than stocks. Total sales, par value, ST.
10000.
United States refunding Is and new As
advanced " per cent. on the last call.
The total sales of stocks to-day were
575.700 shares, including Atchison, q. 800;
Atchison preferred, 10. 100; Illinois Central,
1890; Iowa Central. $500; Iowa Central
preferred, 1900; Louisville and Nashville,
1890; Manhattan, 1880; Metropolitan.
1900; Missouri Pacific, 900; New York
Central, 1890; Pennsylvania. 26,8O0; Read
ing, 14.2O; Readin first preferred $780,
Reading second preferred, 800; st. Paul.
80, 100; Southern Pacific, 41,1OO; Southern
Railway, $500; Union Pacific. 57,70O; Anal
gamated Copper, 10000; American Car
Foundry, 100; Smelling. 900; Brooklyn
Transit 2s,30O; Peoples Gas, 1O,1 100; Sugar.
29.900; United States Steel, 81, 800; United
States Steel preferred, 29,900