The Savannah morning news., 1901-02-08
STOCKS AND BONDS.
Advances scored, but the Market
Yields 10 PrOfit-TakIng.

Yields to PrOfit-TakIng.
New York, Feb. 1.-THE glamor of the
vast projected steel combination was still
over Wall street to-day and dominated
the speculation almost completely A re-
newed upwarS movement in Union Pacific
formed an effective supplement. The
steel stocks all opened notably strong and
had good advances under the flood of
buying orders attracted by the significant
| admissions from authorities in the steel
trade as to the reality of the pending
| negotiations.
\ The enormous volume of the offerings
| during the first hour especially in Fed
| eral Steel, made it clear to traders that
| holders of very large amounts of this
! stock were willing to avail themselves of
| the good news to realize profits. The
amount of stocks encountered at IS was
| apparently illmitable, and not only Fed
eral Steel, but the whole market stagger-
| ed under 1t. Surmises regarding the fur
| Their plans for the "bllion dollar steel
trust" had evidently run cons derably be-
yond the ascertained facts There were
significant limitations thrown out that
| the whole negotiation was still i'm a some
what delicate stage. such as left the pos
| sibihty that the unbridled speculation in
| the securities concerned might seriously
| Interfere with it's contamination.
| The idea of being long of the steel
stock with the proposed combination col
lapsed and abandoned was sufficient to
| cause a nervous state of mind amongst
some of the spectators, who have taken
| on enormous lines of these stocks
The appearance of inside selling
added to their perturbation. With
the speculative position thus made
| vulnerable the stocks were subject
| ed to severe handling during the after
noon There was momentary pause in
the fall but it was renewed again. carry
ing Federal Steel down an extreme "a.
Federal Steel preferred, Steel and Wire,
Tennessee Coal and National Steel AZ
| Colorado Fuel 4A, and other members Of
the group from to points. That these
violent declines were due to a speculative
raid was made manifest by the sudden re-
coveries when the shorts began to cover,
Steel and Wire rallying "a, Federal Steel
preferred 21a, and other stocks i'm the
group from 1 to 2 points.
The railroad list had its opening bulge
and subsequent decline on profit taking
but it was stiffened up again by the re-
markable advance in Union Pacific of 315
points to 97h The rumor, that a pro-
posed stock issue to provide for the
Southern Pacific purchase had been I'M
derwritten at par, was the cause or the
excited speculation in Union Pacific
Here again the high level invited enor-
NOUS realizing The movement elsewhere
in the railroad list was rather mildly
responsive and only a few other rail-
| road stocks attained any notable price
level above last night With the late
drive against the steel stocks, the whole
list crumbled Union Pacific itself yield
ing all but a small fraction of its add
n
the grangers, coalers, trunk lines, Pa
cifics and Southwesterns falling from l
to points below last nights level. The
selling of Missouri Pacific was especially
urgent, carrying that stock "a under.last
nights leeel an extreme loss of points.
The final rally in Union Pacific left .it
| with net los of 49,
The volume of dealings again reached
figure far above the normal and near to
| the record and there have seldom been
| such excited dealings and such wide and
cratic fluctuations in the market.
| The reduction in the Bank of England
| rate and the fall in the sterling exchange
rate put gold exports at present out of
| the question. The rate for loans did not
rise above per cent. on the exchange,
but spectators are not entirely free
from uneasiness as to the possible effect
| of the money market of the enormous
The railroad bond market continued
very active, but there were some recess
| sions in prices In sympathy with the re-
action I'm stocks. Total sales par value,
81 100000. United States bonds were un-
changed on the last call.
Total sales of stocks to-day were ! 49,
600 shares, including:
Atchison, SO 800; AtohIson preferred, 2s,-
500: Chesapeake and Ohio, q 500: Chicago,
/ Chicago
/ indianapolis and Louisville. 1880; Chi
| cago Rock Island and Pacific, 1890; Del
| aware and Hudson, 1900: Denver and Rio
! Grande, Il 400; Erie, a. 400; Erie first pre-
ferred, 20 100; Louisville and Nashville,
IS 400: Manhattan, g. 300; Missouri Pacific
q. 600; Missouri Kansas and Texas, $500
| Missouri Kansas and Texas preferred
l,l0O; Northern Pacific. s7.4O0; Northern
| Pacific preferred, 800; Ontario and West
| ern. rs, 100; Pennsylvania, $500: Reading
| 81 400: Reading first preferred, $780,
| Reading second preferred, 27700; st. Paul
| e3 200: Southern Pacific. 4i,90o; Southern
| Railway, 1880; Southern. RaiiSay pre-
| ferred. $500; Texas Pacific. IS. 600; Union
| Pacific. 277,sOO: Union Pacific preferred
| 60. 1877: Wabash, 1850; Wabash preferred
| 24,3O0: Wheeling and Lake Erie, q 1907
| Wheeling and Lake Erie second prefer
red. 1890; Amalgamated Copper, 1880;
| American Steel Hoop, 1890; American
Steel and Wire, 122,70O; American Steel
| and Wire preferred, 800; Tin Plate. az 800;
! American Tobacco, 1900: Brooklyn
Transit. 1900: Colorado Fuel. 10,O5O; Con-
tinental Tobacco, 1890: Federal Steel
1903 7OO Federal Steel preferred, 2i9OO; Ma
tional Steel 2O7OO; Peoples Gas. $780,
Sugar, 81 GOO; Tennessee Coal and Iron,
1890: United States Leather Il. l00 West
ern Union, 1880; r. l. & s., 6.10O
| New York stock List
| Atchison ........ 81 Wabash ....... 14&
do pref. ....... ssAl do pref. ........ 3iB
Bait Ohio ..... 9lAl Wheel & l.. b. l4K
Can. Pac. ...-.. 9lIsl do pref. ....... BIZ
Can. So. ...... 57lal Wis, Central 80. II
| Ches g. Ohio .. 4i5si Third Avenue ..iS0
! Chi. G. w. ...... % 3 & 0. pref e.. s7k
Il Csb4 n n n mail T'uba -