The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-02-07


The days business in bonds was also
very large, bue IL did not reach the level
attained at various times in the bull mar
ket of the spring of 1899. 1t must be
borne in mind also that dealings in bonds
are estimated according TO the par value
of the securities transferred and the bonds
which were most prominent in the days
transactions were low-grade speculative
bonds, in many cases selling at less than
half their par value. The demand for
railroad bonds is, nevertheless. a very not
able feature in the current market, and
the pressure of investment funds into
these semi speculative securities had a
great influence on speculative sentiment in
the stock market.
The days market divided itself quite
distinctly into three classes. The first
was comprised in the opening bulge in
which the violent competitive bidding due
to the congestion of urgent buying orders
over night caused some sensational adj
vanoes. Prices promptly ran off on profit
taking, attracted by this high level, and
the market yielded so easily that the bear
traders made a vigorous attack. causing
some rather serious breaks in prices. This
comprised the second cycle of the mar
ket. When the selling mood had exhaust
ed itself. traders began to be impressed
with the character of some of the buying
at the decline When the semi-annual
dividend on Reading first preferred was
announced, showing an increase from ~
the previous rate, to per cent, the buy
ing again became furiously active, and
considerable short interest was driven
pfecipitately to cover This comprised
the final cycle in the market. The final
recovery was broken up by frequent peri
DDS of realizing which continued in some
cases to the close, making the tone slight
ly irregular at the last, though the GTl-
dertone was strong.
The opening bulge was most pronounced
in the steel stocks under the influence of
the growing belief in the plan to consolt
date all the great steel combinations. This
"bllion-dollar consolidation" is so stu
pendous in its proportions and offers such
vast possibilities for fiotation of new Sc
curities as to dazzle the most fertile spec
ulative imagination. The current belief
in its accomplishment really underlay the
whole speculative movement of the day,
although there were other considerations
which supplemented 1t. The most con-
spicuous movements in the steel stocks
and the largest transactions We're in Fed
eral Steel and Steel and Wire. Federal
Steel rose 9ss and the preferred "A. Steel
and Wire rose and the preferred ?. Ma
tional Tube was up 35s and Republic Iron
and Steel preferred Ava. There were con-
siderable reactions in this group as well
as inthe whole group after the opening
bulge.
The selling TO take profits showed signs
of urgency at many points in the railroad
list and some of the leading stocks got
from 1Q2 points under last night. Those
which have recently advanced most
strongly were weakest on the decline,
Pennsylvania the Coalers, the Changers,
the Southwesterns Qncluding Atchison and
Southern Pacific and Louisville, were all
conspiouously heavy. Some of them Ie-
manned comparatively heavy until the
close, although the late violent recovery
in the Readings and st. Paul affected the
members of their respective groups. The
belief has been rather fostered that the
dividend on Reading first preferred would
be maintained on 8 per cent. basis and
its increase to per cent. basis caught
a large short interest, both in that stock
and in the Fries. The hope is encouraged
of a commensurate dividend on Erie first
preferred. The late movement carried
Reading first preferred 31s over last night
and Erie first preferred ?, Union Pacific
yielded under the early proft-takng, but
took very prominent part in the recov-
cry, reaching a level u over yesterday.
Denver and Rio Grande made a sensa-
tional advance of SIS and the preferred
of 2ls, while other Colorado stocks were
affected to a less degree on the SUPPOSE
ton that their amalgamation Is imminent.
Call money again rose above the re-
gently current rate In the late dealings,
but without affecting the bullish enthus-
iasm.
Wabash debentures We're the feature OF
the railroad bond market on an extreme
advance OF AZ. Other low-prIced bonds
We're in large demand. Total sales, par
value, $S595,00O United States refunding
Is declined Is per cent on the last call.
The total sales OF stocks were 1904, 800
including Atchson, 81 200; Atchison pre-
ferred S,4O0; Baltimore and Ohio, 1900;
Chicago, Burlington and Quincy, 237OO;
Rock Island. 2400; Denver % 1907 Denver
preferred 1900; Erie, 1S.40O; Erie first pre-
ferred 4O,100; Louisville and Nashville
1910; Manhattan, u 400; Mexican Central
5000; Missouri Pacific, 1900; Missouri,
Kansas and Texas. %. 800; Missouri. Kan
sas and Texas preferred, 1890; New York
Central, $780, Norfolk and Western, 400
Northern Pacific, 109 500; Northern Pacific
preferred, 500; Ontario 1920; Pennsyl-
Vania, So, 600; Reading, $500; Reading first
preferred, 90 100; Reading second preferred,
49,20O ST. Louis and San Francisco 10 100;
St. Louis and San Francisco second pre-
ferred $500; st. Louis, Southwestern,
9,4O0; st. Louis, Southwestern, 1000; st,
Paul, 63,400; Southern Pacific, 1850;
Southern Railway. 46, 300; Southern Rail-
way preferred. l4,400; Texas Pacific, $500
Union Pacific. 203 700; Union Pacific pre-
ferred, 1900; Wabash II, 200: Wabash pre-
ferred 1880; Wheeling and Lake Erie,
1900; Wheeling and Lake Erie second
preferred, 100; National Tube, $4,000;
American Smelling. 14700; Hoop, II 800;
American Steel and Wire. l24 1905 Ameri-
can Steel and Wire preferred, $500; Amer
lean Tobacco, 2O,7OO; Brooklyn Rapid Tran
sit. 1920; Colorado Fuel, 1900: CONT
mental Tobacco. 22,2OO; Federal Steel, 49,
200; Federal Steel preferred, 1880; Ma
tional Steel. $3.50; Peoples Gas. $500:
Sugar, 1900; Tennessee Coal and Iron,
1920; United States Leather, 6,4OO: West
ern Union, 1900; Republic Iron and steel.
$500.
New York Stock List.
Atchison ........ 54aa do do pref 81 /
do pref ....... Ss7sl Wabash ...... 15lai
a. " '''.''''' Us 90 pref ....... 31Ml
90 90 pref .... Sh Wheel. e. l.. e. 1874
can Pacihc 9lhl do do End pref 3lh
Ian south zee. 0S4 WIS. Central -. II
Z; d o ........... ~ Third Ave ......122
chi Ht. West. 2Osl Anal Copper 9Oh
=" - Q.....li7%, Adams Tx 900, 9Oa
e, l. LIZ. 29ls' Am. Express. O.. 1852
90 DO pref zee. Gshl Y. 8. Express. IS
CHI q. u w