The Savannah morning news., 1901-05-09

resultant rallies, which reached as much
as points in one or two instances, took
away the effect to partial extent of the
disordery drop in prices and even in
duced expressions from some Of the more
confident bulls that the health of the
market was greatly improved as a result
of the days happenings The apparently
unlimited buying orders which appeared
in United States Steel preferred when the
decline had reached twelve points, and
the resulting rally of Sia points gave some
of the bull spectators the courage to
claim that the days reaction was really
engineered by the powerful financial in
tereSts, which have been behind the bull
market throughout with a desire to shake
off weak followers, and that it was not
out of proportion to the unprecedented
advances which had preceded 1t, to the
unequalled conditions which at present Cd,
tain in this country, and to the prodigious
dimensions of the market and of the
forces which have been at work in It,
II is the contrary view that collapses
such as that, of to-day do not tend TO
attract new buying demand by such rea-
souing as that prices are more attractive
at lower prices. Anyone seeking to ex-
plain to-days movement win have to so
back over a period of many weeks, and
for every suggestion of a great financial
combination or consolidation he will have
to suppose deep seated doubt or appre-
hension such as was shown by the disclos-
ures of this morning in Northern Pacific.
1t came with a chilly shock to the specu-
lation that the country's great financial
forces which it was supposed were earn
estly working in accord to secure a COM
munity of interests in the whole railroad
world, were in fact arrayed against each
other in measures of bitter retaliation and
antipathy. The Burlington deal on which
such far-reaching conclusions have been
based by the SPECTATORS, was seen to be
in jeopardy.
1t was learned that the level to which
prices had attained had induced insiders.
presumably best posted on the value of
their properties, TO sell sufficient holdings
to endanger their control. This explana-
ton of the competitive buying which has
induced some of the recent sensational adj
vances threw doubt upon the whole series
of rumors Of plans for great consolida-
tons and trans-contiuental combinations
among the railroads. In other words the
broad intimation was carried by the dis
closures growing out of the Northern Pa
cifc development that the recent great
buying of stocks was for the most part
wholly speculative, and without the sup
posed basis in investment purposes. Add
to this the growing constructions of the
money supply continued Unsuitable de-
mands from the stock speculation in
roads upon the narrow bank surplus by
the taking up Of the revenue surplus of
the government, a further shipment of
gold to Europe to-day, and growing un-
easiness among money lenders as to the
stability of values of the securities which
they hold as collateral, and the delicacy
of the position is easily seen. 1t is not
surprising, therefore, that the shock OF
the Northern Pacific episode calling upon
the Situation toppled prices over North
ern Pacific's skyrocket course this morn
ing 10 $50 compared with 1917 at last
nights close, and 1872 for the London par
ity this morning, is almost unprecedented
for short time movements in the local
stock market This stock was up to that
figure, and back to the opening figure of
155 within three minutes. 1t went as low
as las afterward and as high again as
no. closing at 100. The close corner into
which the shorts were crowded, OF course,
explained this movement
Among the severest sufferers in the aft
ernoon slump may be mentioned, st. Paul
which fell 1888, Union Pacific 17Iz, Rock
Island IA, Missouri Pacific Is, United States
Steel preferred r. Delaware and Hudson
10. Amalgamated Copper 12H, Pullman l1A,
Illinois Central'11 Burlington 1913 Brook
Ign Rapid Transit 1917. Kansas and Texas
10, Western Union 10. and other stocks all
the way up to 10 points. The final rally
reduced most of these losses considerably,
but the closing showed speculative senti-
ment still in mueh disorder, and prices
were breaking anew at some points while
rallying at others.
The excitement in the stock market dis
tracted attention from the bond market.
but prices went off there In sympathy
INIT esfo
CSC, 900. United States old As advanced Il:
per cent. on the last call.
The total sales of stocks to-day were
2461, 100 shares, including Atchison, 1885,
800; do preferred. $500; Baltimore and
Ohio, II, 400; Canadian Pacific, &c. 400; Ches-
apeake and Ohio, 1890; Chicago, Burning
ton and Quincy, 81, 800; Chicago, Rock ISL
and and Pacific, 81. 800: Colorado Southern,
800; Erie. 9s 100; do first preferred, $50;
Illinois Central 10,500; Louisville and
Nashville, Is 100; Manhattan, IA, 800; Metro
politan Street Railway, 800; Mexican
Central, $500; Missouri Pacific. 50, 800; Mis-
souri,, Kansas and Texas preferred, 800;
New York Central. $500; Northern Pa
cifc, $500; do preferred. 2l,SOO; Ontario
and Western. 10000; Pennsylvania, 80, 200;
Reading, % 100: Reading first preferred.
81 500; do second preferred, 5000; st. Louis
Southwestern preferred, $500; st. Paul
lly,lOOs SOQtneTn racine, lO0,0DO, southern
Railway, 81 400 Texas and Pacific, lis, 900;
Union Pacific. 1920; Union Pacific pre-
ferred 1890; Wabash, 300; Amalgamated
Copper, $1,000; American Smelling and Re-
filming. 1850; American Tobacco. 2010O ;
Brooklyn Rapid Transit 31,500; Contlnen.
tai Tobacco. 1850; General Electric, $780,
Peoples Gas. 5000; Sugar, AZ, 600; Tennes-
see Coal and Iron, $500; United States
Leather, $500; United States Steel. 1856 500;
do preferred 1l7,e 300 Western Union. II, 900;
Chicago Term. and Trans. 400 do pre-
ferred, $500; Baltimore and Ohio prefer
red, 1900 Chicago and Alton, 1890; Con-
solidated Gas $500.
New York Stock List
Atchison TIL Sou. Pac........ 49A
do pref ....... 98hl Sou. Ry ......... 29A
Bait. a. Ohio JOB do pref .,...... s2h
Can. Pac. ...... 1864 Tex. g. Pac. .... 43h
Can. Sou. ....... SO Union Pac. .... l13%
Ches. g. Ohio .. 46 do pref. ....... 93A
c., b. a. q. ....l9034 Wabash ........17h
"MONARCH"