The Savannah morning news., 1901-05-14
STOCKS AND BONDS.
Better Feeling Results in Some Sub
stnntiuI Gains.

stnntiuI Gains.
New York, May 13.-The stock market
made appreciable progress to-day toward
that condition of lassitude which usual
ly follows such a violent couvulsion as
that of last week. This was most nota-
bly, shown in the volume of the dealings.
The feverishness of the market and the
wide extent of the fluctuations showed
that sentiment was still much unsettled,
but in this respect also there was not so
Wide sweep of the pendulum
There was a pretty general upward
movement at the opening, which might
be sufficiently accounted for by the feel
ing of great relief over the tiding over
of the Stock Exchange settlement in
London. AS there was known to exist
large short interest In Northern Pacific
In that market in addition to large de-
clines In other Americans since the last
settlement, there was much uneasiness
lest heavy losses and failures should re-
suit. The news that settlement with the
shorts in Northern Pacific had been ar
ranged which would allow them to cover
at l4O was, therefore, an immense relief
to sentiment In New York, which was in
dread of reflex action of renewed dis.
order in the London market.
After only a short time Union Pacific
began to absorb pretty much all the buy.
ing demand, and its buoyant flight OF
ll%4 points began to arouse obvious un.
easfness among stock operators After
last weeks experience the first thought
aroused by any such movement is that
another corner is in process of lorna.
ton. The most conspicuous shares OF
Union Pacific's strength were st. Pau
and Amalgamated Copper The former
rose . points and the latter T. Meantime
some points of weakness which had beer
moderately developed early In the day
began to grow and spread. When Union
Pacific touched 1884. the buying demand
for other stocks showed a notable de.
crease and was not sensibly revived for
the rest of the day. The selling pres
sure was not severe as to volume when
the reaction set in, but very wide con-
cessions had to be made in order to eff
feet sales Of even small amounts OF
stocks. In Rock Island, which had ad-
vanced quite eagerly to IL over Friday,
there was a drop of S7s on the sale of
only 100 shares.
There was similar weakness in other
stocks. These wide declines, however
ulSlOuSCQ very llIllG BIOCk, lIlQlcdIlnR tine
small new commitments for speculative
account on the long side. On the other
hand prices were bid up with apparent
ease when any effort was made to sup
port the market. The source of the buy
ing which caused the earlier strength was
not easy to perceive, London was a seller
in this market and there was nothing tc
show that there wasany renewal of bull
speculation on a large scale. The mere
fact of a higher range of prices Is of OBJ
vious advantage In the adjustment of in.
debtedness growing out of last weeks
troubles by increasing the value of col.
lateral on loans. There was doubtless
some manipulation of prices with this
end in view and the absence of liqulda-
ton sales on the advance facilitated the
movement. The money market was free
from disturbance and large repayments
of loans made In the crisis last week were
reported to have been made The trans
fer of great sums from. the interior help.
ed this movement.
In response to the easier condition OF
money there was a violent rebound In
sterling exchange, demand bills rising to
A.ssA, which is near the point at which
gold went out in April The buying OF
stocks for New York account in Lon
don had it's principal effect on the rate
for cable transfers. The preparation for
the Russian loan and for the future in.
stallments of the British loan were ap-
parent In the foreign money markets and
also affected the exchange market. The
strength of exchange may have had ia
do with the later weakness In the stock
market, which required after the various
rallies, many stocks closing at the lowest
But the general opinion is that the re-
action is due to the fact that the natural
rebound after the panic had spent its
force.
The bond market was generally strong
but not very active. Total sales, par
value, 5000 900. United States new 4s
advanced u per cent. and the SIS decin-
ed "A per cent on the last call
The total sales Of stocks to-day were
1,136.3O0 shares, including Atchison 50. 400;
do preferred. $4,000; Baltimore and Ohio
$500; Canadian Pacific. 10, 800; Chesapeake
and Ohio 2S1OO; Burlington, 1900; Colora-
do Southern. 100; Erie. 2s.1oo; Louisville
and Nashville, 1920; Manhattan, 1900;
Metropolitan, 1880; Missouri Pacific, 81
300; Missouri, Kansas and Texas pre-
fererd, 5000: New York Central. 900;
Norfolk and Western. $500; Ontario and
Western, 10000; Pennsylvania, 500;
Reading. 1920; do first preferred 1O7O0;
do second preferred, 300; st. Paul, IS,
500; Southern Pacific 1880; Southern
Railway. 1890: do preferred, 5000;
Texas and Pacific 11,200 Union Pa
cihc. 221. 100; do preferred, 500; Wabash
preferred. 5000; Copper. 3s.4O0; Linseed
OIL, 1880; Smelling. 900; Tobacco, 10, 200:
Brooklyn. $500; Continental Tobacco.
27.20o Peoples Gas. 1900; Sugar. %, 300:
United States Steel 129. 300; do preferred,
1890; Western Union. 7,400.
New York stock and Bond List.
Railroad Stocks.
Atchison ....... TN Mo. Pacific>.... 1854
do pref ...... 9sh NJ. X. e. T. -. 27h
Baltimore e. o. 100 do pref ....... IS
Can. Pacific .. 10S NJ J. Central. 1852
Can. Southern 66lz ". Y. Central 1914.
Chess. a. Ohio 47h Nor & West. 5OA
c., b. e. Q. .. 1908 do pref ....... 81
c.. Ind. g. L. 80 Northern Pac.. 1856
do pref ...... SO do pref ...... 1851