The Savannah morning news., 1901-02-19
STOCKS AND BONDS.
Longs LIauidate and the Drop
Catches stocks OF stop Losses.

active speculative liquidation in the stock
market. The bears took a very active
part in the days proceedings. both by
short selling and by manipulation for the
decline, offering prices down freely and
boldly. There was not much evidence of
determined support, except by the sympa-
thetic influence of the persiting strength
of few individual stocks.
Besides the extraordinary movement in
the steel stocks, there was decided
strength shown by the new Toledo st.
Louis and Western stocks. St. Louis aud
San Francisco second preferred Illinois
Central, Cleveland, Lorain and Wheeling
preferred, .Amalgamated Copper and Con-
solidated Gas. There was evidence of
continued activity on the part of bull
pool in Burlington, and the other grang-
ers showed some sympathy at one time.
There was some support at intervals also
by sympathy with Delaware and Hud-
son, which was extremely erratic all day.
1t sold down early 2 points and then got
Sh over Saturday There was down.
ward plunge in the period of general
weakness of s points, and the final rally
left the net loss only III.
In the steel stocks it was clear enough
that spectators were attempting to adj
just prices to the supposed terms of eX-
change of the existing securities into the
stock of the new combination. The tape
made it pretty clear that in the present
condition of the plan of combination the
preferred stocks are intended to benefit
In the exchange far more than the com
mon stocks. The first class were all eX-
traordinary buoyant and the common
stocks showed signs OF decentralization.
Hoop preferred advanced at one time 71s
4 H. e. ~ .sairE
were 7, by Tin Plate; 4%, by Federal
Steel; 4, by Steel and Wire, and "a, by
Republic Steel. These advances were cur
tailed by the reaction in the market. Ma
tional Tube led the decline in the COM
mon stocks of the steel companies break
ing 7 full points and closing at the low
est. The losses of the others were part
Iy recovered, but at one time Colorado
Fuel was down "A, National Steel and
Tennessee Coal T. Federal Steel 37s, Amer
lean Hoop 3ta, Steel and Wire so and Tin
Plate rs. & .tst
In the general list the reaction ran all
the way from 1GSlz points, the wider
losses being among those stocks which
have been most manipulated for an adj
vance notably the Southwesterns, iRclud-
ing Missouri Pacific and Kansas and
Texas preferred and some of the lately
developed obscure stocks, such as Evans
vile ana .leGre ltdul6 anu lUt new -ANOl I'll
American stock. 1t was clear enough that
the dubious outlook for the money mar
ket was the impelhng cause of the liqui-
dation, and not any serious doubt yet en-
tertained over general conditions In fact
the liquidation did. not appear TO be yolun-
tary but was forced by the uncoVering
Of stop-loss, orders on the decline, which
the bears were able to effect. With the
wiping out of margins, stocks were
81, 81, III IN
and commission houses, which were car
rylng them for customers.
The call loan rate went to 21A per cent.
during the d9y, but dropped back to 2
per cent, partly due to the receipt of
100000 credit by one of the banks for
Australian gold arrived at San Francisco.
There is no expectation, however, that
closer conditions in the money market
will be escaped in the near future. Bank
ers continued to express confidence that
there will be no actual stringency but
such large requirements for credits due
to the heavy financial transactions in
progress remain still TO be met that sem
tment over the money outlook is nervous.
Very heavy buying of Southern Pacific
As was the feature of the railroad bond
market The tendency elsewhere was gen.
orally reactionary. Total sales, par value,
IS, 525 600. United States old As advanced
4 per cent on the last call
Total sales of stocks were LII 500
shares including Atchison 40 900; Atchi-
son preferred, 1900; Baltimore and Ohio,
600; Burlington, 51700; Chicago, Indian
apolis and Louisville. 1900; Rock Island,
"a 900; Delaware and Hudson, 22,600; Erie,
14,100; Erie first preferred, 800; Illinois
Central, 1850; Louisville and Nashville,
10000; Manhattan, 10,j00 Metropolitan
Street Railway, 800; Missouri Pacific, 12,-
700; Missouri, Kansas and Texas prefer
red, 1850; New York Central, 1880; Nor
folk and Western, 9,4O0 Northern Pacific,
$500; Ontario and Western, 9.400; Penn
sylvania. Is, 800; Reading $500; Reading
first preferred, 1900; Reading second pre-
ferTed, 1920; s.. Louis and San Francis
co, 5000; ST. Louis and San Francisco
second preferred 500: St Louis, South
Western preferred, 400; St. Paul 81, 300;
Southern Pacific, % 400 Southern Railway,
1890; Southern Railway preferred, $500;
Texas and Pacific, 5000; Union Pacific, 46-
800; Union Pacific preferred, 1850; Wa
bash preferred, 1880; Wheeling and Lake
Erie, $780, National Tube, 1920; Anal
gamated Copper, 800; American Smelt-
ing. 12,4O0; American Smelling preferred,
$500; American Hoop 900; American
Hoop preferred, 1920; American Wire,
1890; American Wire preferred, %. 100;
American Tin Plate, 135O0; American Tin
Plate preferred, $500; American Tobacco.
1850; Brooklyn Rapid Transit $780, CoI-'
orado Fuel $500; Continental Tobacco 49,
COO; Federal Steel, 300; Federal Steel
preferred, $500; National Steel, ID. 200;
National Steel preferred, $500 Sugar. &C.
500; Tennessee Coal, 1890; United States
Leather 146o0; Western Union. 1900; Re
public Iron and Steel preferred GaGO.
New York Stock List.
Atchison :. -. IS Wabash o.. - 17H
do pref4.....s.. 1874 do pref .. 2qH
Bait q Ohio -, 500 Wheel. & l.. e. Az
Can. Pac. ...... 90 DO "a pref ,... 3iA
Can. Sou. .......1 Wise. Cen. ..... 49,
Ches. Ohio ., i05aI Third Avenue .12O