The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-03-21
STOCKS AND BONDS.
Profit Taking and Hardening OF
Money Rate Brings Declines.


Money Rate Brings Declines.
New York, March 2O.-The market was
overwhelmed with selling orders during
the course of to-day's trading and the
phenomenon occurred of an eager unload
Ing of stocks by alarmed holders without
any bad news bearing on the value OF
their property to alarm them. Such move
ments always occur as an occasional cpl
sode in a bull market, and as a sequel
to prolonged bull movement
The bull leaders attempted for a time
to-day to contest the decline and to di-
vert the speculation into new channels.
But the market was obviously tired and
responded languidly to the manipulation
for the advance. Yesterdays heavy prof.
it-taking brought further selling orders
through commission houses and the bears,
detecting the strained conditions in the
market, put out larger short lines. When
the bulls finally ceased their efforts 10
check the decline, prices crumbled rapid
ly and stop loss orders We're dislodged on
a large scale. With only a few excep-
tons prices fell we'll below last night.
Protit-taking by the bears caused a con-
siderable rally in the last hour, so that
last prices were not the lowest, although
HAOhb-bdhliS was l6Il6h Ell Oh tIle ADVANCE
making the closing tone irregular.
The taking of speculative profits in
Burlington was on an enormous scale.
The contest for change of control of this
road seems to have been Intellectual, the
competitive buying of insiders, which car
ried the price to yesterdays high level,
having defeated the attempt. Yet the
recorded transactions in the stock within
few days past have been much more
than would be sufficient to change the
control. The highly speculative character
of the dealings is thus clearly indicated
An effort was made to substitute St. Paul
and Northern Pacific as market leaders.
and Missouri Pacific was marked up very
buoyantly to 1O1, crossing par for the
first time in many years. There was a
strong upward movement in Brooklyn
Transit on rumors of official changes and
on buying of the same character in Man
haitian.
The steel stocks all continued strong.
the dealings being mostly in the trust
certificates for deposited stock, as the
time for deposit expired to-day AS the
success of the plan was obviously as
sured, there was a final rush to deposit
stocks, so that the clerical difficulties Of
the transfer make it probable that de
layed deposits win be lenently treated
strength, gains extending to "A Mem.
bers of the group reacted with the rest
of the market, but resisted better.
There were signs of an effort to shift
the speculation from railroads into indus
trials, as it is expected that the power
full interests behind the steel deal will sup
port the new stocks. The profits of the
syndicate are apparently to accrue in the
shape of allotments of the new stocks.
for which a strong market will inure to
the benefit of the syndicate. There was
no disturbance in the local money mar
ket, Notwithstanding the days payment
on account of subscriptions to the new
Union Pacific bond issues, calling for over
$40, OOO, 900.
There was a further decline in the ac-
tivity of the railroad bond market, and
the price movement continued irregular.
Total sales, par value $3.50, 900. United
States 3s advanced "A. and the new As and
old As * per cent on the last call.
Total sales of stocks to-day were 1876
100 shares, including Atchison 80, 200 do
preferred, 1880; Canadian Pacific, 5000:
Chesapeake and Ohio, 1o,7OO Burlington,
$4,000; Chicago and Northwestern. $500;
Rock Island, 27,3O0; Erie $1,000; do first
preferred, 11,OOO; Lake Erie and Western.
800; Louisville and Nashville, IS, 200; Man
haitian, sc, 100; Metropolitan Street Rail-
way, $780, Mexican Central, 29,7OO; Mis-,
souri, Pacific, 61eOO; Missouri, Kansas and
Texas, 14,1OO; do preferred, 17,9OO New
York Central, $500; Norfolk and Western
$500; Northern Pacific, $4,000; Ontario and
Western. $500; Pennsylvania, q, 100; Read
ing, 10000; do first preferred, 1900 do sec
ond preferred, 11,6OO; st. Paul, $500;
Southern Pacific, 21600 Southern Railway,
So, 200; do preferred, q 500; Texas Pacific,
1890; Union Pacific, 461O0; do preferred,
$500; Wabash preferred 1900; National
Tube preferred, $500; Amalgamated Cop
per, $500; American Smelling, 145OO do
preferred. 5,4OO; american Steel and Wire
preferred, 5000; Brooklyn, 116,9OO; Amer
lean Tobacco, 43 400; Continental Tobacco.
5000; 'Federal Steel, 600; *do preferred,
1920; National Biscuit, 500; Peoples Gas,
100; Sugar, S7,7O0
New trust receipts