The Savannah morning news., 1901-05-04
STOCKS AND BONDS.
Sharp Drop In values Under Pres
sure of Higher Money.

phase or the bull market set in. 1t was
absolutely without cause in news of any
thing that would do harm to intrinsic
values OF securities. commerce or indus
try. A furry in the money rate coming
on over-extended speculative accounts,
indicates the whole situation In a nut
shell.
1t is characteristic of a boom that it
should continue undated into the very
teeth of such situation, with every pre-
liminary warning, but pushing recklessly
onward until the actual event forcibiy
checked the advance. The danger has
been obvious that the speculation was
overrunning the bounds of reason and
safety. The buying was admittedly with
out motive or information beyond the
hope, and belief that there would be
enough future buyers to lift prices to
higher plane, and so offer profits. There
were exceptions in the case of the great
market leaders, in which there were
plausible theories and reports OF buying
to change control. But in these also, the
horde of spectators who have tailed on
precipltateiy each movement of this kind
for several weeks past, was a very large
element In the buying
Increasing trepidati ton has been felt
among commission brokers and lenders Of
money who assume responsibilities for
speculative buyers that many of this
class were stretching their resources un-
duly dependent as they are on the main
tenance of the price of securities to keep
their credit good AS a consequence
there has been an increasing pressure
from commission houses upon their Gus
toners 10 take their profits and tighten
their load. But the buying demand has
been constantly reinforced by newcomers,
and the fnrnalz hn ma l.of
extended.
The preliminary figures of to-morrow's
bank statement made it clear that only
a weak showing can be hoped for from
that statement, and the bankers began
calling loans to recuperate their position
The call loan rate ran up in consequence
to Z per cent, and the spectators began
to manifest acute distress as they found
themselves obliged to look about for new
accommodations. The extreme sensitive
ness of the situation was manifest in the
violence of the reaction caused by what
was really moderate hardening in the
money rate. The delicacy of the situa-
ton was enhanced by the furious specu-
lation this morning in Atchison st. Paul
Rock Island. Baltimore and Ohio, Mis-,
souri, Pacific, and a number of stocks in
huenced by these movements, Advances
of 3l4 to rs had resulted during the morn
ing among these stocks. ST. Paul being
particularly buoyant. When the pres
sure came upon the market these stocks
were naturally among those which were
most acutely affected by the selling.
Enormous blocks were unloaded on the
decline at successive drops OF Y to l
point, through many points decline. The
bears were so eager to take profits after
their long abstinence that their demand
to cover caused rallies among these stocks
Of from to AZ. But the rallies were not
well held and prices went off again in
some cases to the lowest. The closing
was feverish and unsettled and the I'M
dertone continued weak.
The preliminary figures Of to-morrow's
bank statement Indicate a gain on the
interior movement of less than S2.000000
to Offset the loss to the sub-treasury
which was reduced in to-day's statement
by the payment of government interest
checks and bond redemption of $4,71500O.
But the extent of the disturbances in the
money market to-day indicates that the
available surplus OF the banks had been
considerably impaired by the great de-
mand of the stock market speculation
as well as by this indicated loss in cash
of nearly S3,00OO00. The easier tone OF
the sterling exchange market followed
naturally from the sharp demand for
money, and there was no further engage
ment Of gold for export tomorrow.
Bonds gave way i'm sympathy with
stocks, but there was no great activity
in the general list. Total sales, par value,
IS, $4,000. United States 3s and IS declined
X below, and the new As and refunding
Is %, and do coupon u per cent. on the
last call.
Total sales of stocks to-day were $780,
500 shares, including Atchison, 434, 900; do
preferred, 1920; Baltimore and Ohio, 49,
100; Chesapeake and Ohio, go. 200: Chicago.
Burlington and Quincy. 1850; Rock ISL
and, 1880; Denver. 1920; Erie, 133, 800;
Illinois Central, 11,400;; Louisville and
Nashville, 1900; Manhattan. 1910; Met
ropolitan Street Railway, II, 600; Mexican
Central, 1850; Missouri Pacific. 81 800;
Missouri. Kansas and Texas, 1900: do
preferred. 1900; New York Central. 49,
200; Norfolk and Western. $500; North
ern Pacific, $500; do preferred, 100; On
tario and Western 1900; Pennsylvania,
40 100; Reading, q 500; do first preferred,
10 400; St. Louis and San Francisco, o.
100; st. Louis Southwestern, 600: st.
Paul. 1880: do preferred, $500; Southern
Pacific, 109.300; Southern Railway, $500;
Texas Pacific. $500; Union Pacific, Ssl -
100; do preferred, 1890; Wabash preferred,
II 800; Amalgamsted Copper. 49, 800; smeit-
Ing, 1880; American Tobacco. 100; Ana
conda. 100; Brooklyn Rapid Transit H.
900; Continental Tobacco, 21.10O; Peoples
Gas, 1890; Sugar s9,l0O; Tennessee Coal
and Iron. $500; United States Leather.
500: United States Steel, 1852 100; do
preferred, $1,000; Western Union, 1900;
Chicago Terminal, 800; do preferred, g.
900; Baltimore end Ohio preferred, "a, 100;
Chicago and Alton, $500; do preferred.
$500; Eric second preferred. 800; To.edo,
st. Louis and Western preferred. 1880;
Continental Gas 800: International
Power, 1900
New York Stock List.
Atchison .. .... S294 do 1st pref g.. 773.
do nref 1OlJ C. % nref 55iki