The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-03-27
STOCKS AND BONDS.
The Market Turns Upward After
Sharp ReeesSions.

New York. March 26,-The recurrence
of the story of Northwestern railway
deal covering Northern Pacific and Bur
lington was the occasion of an extraor-
6inary and impressive upward movement
III the late stock market to-day. What
ever may be the validity of the often re-
newed claims of trans-Continental ar
rangement for the benefit of Northern
Pacific and Great Northern, ii was clear
enough that the recovery in the general
market was due to the precipitate cover
ing of short contracts which were put
out with great freedom and holiness by
practically air of the trading element on
the exchange.
The attack on the market by the bear
element had met with inviting success
and they had broken prices practically
throughout the whole market There was
some show of strength In the early deal
ings, and an apparent attempt to renew
the bull movement, but 1t soon became
evident that the attempt to advance
prices was no longer in such powerful
and capable hands as has been the case
during much of the recent bull specula-
ton. When the bears found their attack
no longer contested they offered prices
down very boldly and. made inroads of
between / and 2 points in practically all
the active stocks in the list The grang
ers and Southwesterns proved themselves
especially vulnerable, in view of the large
commitments for the long account which
have recently been made in them North
ern Pacific itself was forced down near
ly point, but Burlington was held above
lost nights level throughout. Missouri
Pacific after being lifted to 102I2, fell
back to ~ The local traction stocks
we're notably weak, declining from to
"a, and there were especially notable de-
clines in the industrial list Tobacco fall
ing at 'one time 3Is 'Amalgamated Cop
per fell "a and Sugar points Some of
the usually quiet stocks which have en-
joyed recent extraordinary advances fell
back sharply. The steel stocks shared
in the general weakness and many of
them dropped from l to 2 points under
last night. s,s'r4 ~ta
1t was after nearly the whole session
had been consumed IN, this process of ex-
tension of short accounts that the North
ern Pacific movement developed The
bears were completely routed and found
the supply of stocks very small, bid UP
prices on themselves by rapid strides.
There was an almost complete recovery
in the general list, and Northern Pacific
surged upwards "a points to 9194. rec
ord price. The rise in Burlington reached
45s 1t was the current belief in Wall
street that a reaction was favored by
the capitalists VINO are heavily commit
ted to the Pending great syndicate trans
actions, owing to the apprehension that
the demands of animated speculation up
on the money market Threatened 10 ex-
haust the surplus supplies The steady
upward course of sterling exchange gave
good ground for the expectation that gold
fright go out at an early period. In fact,
the report was current that actual ar
engagements had been made for shipments
on Saturdays steamer; but it is pr0ba BILE
that sterling exchange will have to rise
an additional fraction before exports of
gold will be profitable.
Railroad bonds continued active and ir-
regular. Total sales par value, S4720.OO0.
U. ). old As coupon advanced u per cent.
on the last call.
Total sales of stocks to-day were l.
l61500 shares including Atchison, 81 800;
do preferred. 23,SOO; Cincinnati and Ohio,
$500; Chicago, Burlington and Quincy,
79,D0; Chicago, Rock Island and Pacific,
1880; Colorado Southern, Il, AGO. Erie 81, =
100; do first preferred, II, 100; Louisville
and. Nashville, 1l6O0; Manhattan, 80, GO:
Metropolitan, 11,1O0; Missouri Pacific. 49, =
300; New York Central, 1900 Northern
Pacific, 92,100; Pennsylvania, II. 100; Read
ing 1900; do first preferred, $500; do sec
ond preferred, II, 100; ST. Paul, q 700;
Southern Pacific, 1890; Southern Rail-
way. S,1OO; Texas Pacific, IS. 100; Union
Pacific, 1880; Wabash preferred. q, 400;
Amalgamated Copper, "a, 400; American
Tobacco, 51,100; Brooklyn Transit, 81 100:
Continental Tobacco, 5000: Peoples Gas,
1850; Sugar, 50aOO s,-,+