The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-01-20
TRADE AND FINANCE
.rw YORK STOCKS IRREGULAR AT
THE DECLINE.
PRICES TUMBLE AT THE CLOSE
c,XARDs TOLD BY BEARS TO FUR
TIER THE DEPRESSION.

oDeninE, but the Selling Pressure
Later staggered the Market, Caus-
;nr sharp Declines-SeriOus Ill
ness of Queen Victoria and Ru-
nored Relapse of President Nc
1inIey Used EGectuaIIy by the
Bears - Bonds sympathise With
DrooDing Tendency of Stocks.
New York, Jaa. 19.-The stock market
ms excited and nervous throughout the
short sess on to-day under the varying
fortunes of the speculative contest be-
tween the bulls and the bears. The bulls
made a determined stand in the early
dealings. boldly supporting the weak
snots by liberal buying orders and caus-
ing sharp advances in special Socks.
which had a sustaining influence on the
general market.
The unwieldy short interest was made
uneasy by this show of strength and
bought urgently to cover. When the
hank statement appeared there were mix
ed opinions as to the bearing of the large
changes disclosed, but the bears detected
selling to realize by the interests which
had been opposing them and they fell
unon the market with determination
Prices broke violently under a food of
selling orders for both accounts and the
market Closed active ard semi-demoral-
lied with prices for the most part at the
lowest.
The admittedly serious i'll health of
Queen Victoria caused uneasiness as to
hoA
ities markets which might be reflected
here. The bears also circulated reports
(afterward shown to be groundless) that
President Mckinley had had a relapse
with the grip and the professional man
ipulatve tactics were manifest in other
canards which were put afioat.
At the opening of the market there was
an urgent demand for some of the steel
stocks on the report that the Federal
Steel Company would absorb the Steel
and Wire Company. Steel and Wire was
advanced an extreme 23s and Federal
Steel H. Missouri Pacific, Wabash pre-
ferred and debenture bonds and Texas
and Pacific were also Strong at advances
of 81 for Missouri Pacific, Wabash pre-
ferred q and Texas and Pacific rs.
The violent break In Anaconda and
Amalgamated Copper had the first unset
Ting influence upon the market. The
weakness was attributed to London selE
ing on account of the dull conditions in
the copper market. Anaconda broke S1s
and Ama,gamated Copper Az. Both
stocks rallied in sympathy with the gen
eral strength of the market. In the hnal
break in prices the declines reached in
Brooklyn Transit to points, Metropoli-
tan Street Railway, A; Manhattan, 37s;
St. Paul go; Missouri Pacific, 3R; Steel
and Wire, 234; Federal Steel, Erie first
preferred and Sugar 215: Northern Pa
clfc, 22s; Rock Island, 21s, and a large
number of active stocks, from l to 2
points
In face of the stock market liquidation.
the enormous increase in the loan account
Of the banks of $22, 81 600 was a disagree
abe shock to speculative sentiment, and
served to offset the effect of the cash
gain of nearly 100000. There has been
large placing of loans abroad during the
week but special operations must be look
ed to to help explain the loan item. The
payment on account of the Pennsylvania
Coal Company purchase and large bor-
Towings by one of the great railroad COM
panies to carry purchases of stocks of
other railroad stocks, made last year. are
supposed to account for some part of the
Increase,
Bonds have moved in sympathy with
SUCKS on leSSened volume of business.
y. S. refundir 6 Is declined rs; old 4s u
and IS a on the last call compared with
quotations a week ago.
Total sales of stocks to-day We're $1,000
shares, including: Atehison, 10 e0l; do.
preferred, 1850; Bait more and Ohio. T.
lp; Chicago, burlington & Quincy. S6G0;
Chicago, Rock Island & P, 100;
Erie, % 800; do. first preferred, 10. 200; NJ n
haitian. 2O,S00; Missouri Pacific, 677OO
Northern Pacific. $3.50; Ontario and
Reading, 70 AGO; do. first preferred, a.
zoo; st. Paul, 1850; Southern Pacific. 49,
100; Southern Railway, $50; Texas Pa
eific, 74OO; Union Pacific, 80 900; Wabash
preferred, 1900; Amalgamated Copper,
$40; American Steel and Wire, 1850;
American Tobacco, $500; Brooklyn Tran
ST. $3.50; Federal Steel, 1880. Peoples
Gas, 1900; Sugar, 1900.
Nan ..k