The Savannah morning news., 1901-04-24
STOCKS AND BONDS.
The Market irregular at Further Re-
cessIOns From Ton Prices.

New York. April 2S.-To-day's stock
market presented even more variety than
that of yesterday, although the high re-
cord oe transactions established yester-
day was not disturbed by to-days bust
ness. Dealings were. on a smaller scale
than yesterday. In fact it was not until
the urgent selling movement of the last
hour had gained full headway that the
market presented anything like the anil
nation which characterized it yesterday
Speculative sentiment ran over pretty
near the whole gamut of emotions, from
that of buoyant elation during the morn
ing to something like collapse in the af-
ternoon Although the market closed at
net losses extending In some cases to 3
or 4 points or even more, there was a
time during the morning when the level
of prices was materially higher than yes
terday and the market had the appear
ance of a full resumption of the bull
speculation. The high priced railroad
stocks continued to be the principal SUBJ
ject in the speculation, especially St.
Paul, Union Pacific and Southern Pacific
Atchison preferred had a, strong upward
movement, and, there were points of
strength among, the Southwesterns. Bur-
Gngton and Northern Pacific were. strong
and held better than the average of stocks
in the late break. Among the specialties.
Amalgamated Copper recovered quite
vigorously from yesterdays depression,
end the United States steel stocks made
show of strength. for the first time in
several days, These, were the principal
+. centers of the early strength in the mar
ket, but their influence was radiated pret-
. ty generally through the list.
1t would De. somewhat dificut IN G.
sign causes for.the early strength or the
late weakness as it seemed to depend
little on the news of the day. The mo-
tives of the, traders, were confined for the
most part to fears or suspicious of what
others were doing. Powerful support and
violent manipulation We're resorted to
early in the dealings and the success of
these measures in turning prices up
wards, caused a heavy covering among
the large short interest which was formed
yesterday. There We're limitations dur
ing the morning that the official state
ment regarding the Burlington deal
would be given out later in the day, and
a rumor was current that it would be
found to provide an exchange of bonds
to the value or $50 per cent. and a cash
payment of $50 per share, together with
a cash payment Of 81 per share for the
next dividend
The report that the price of steel rails
was to be advanced to $28 per ton was
the cause of the. advance in United States
Steel, although Professional manipulation
was much in evidence, as it was in all
parts of the market. The announcement
over night of an engagement of s, 900 900
in gold for export seemed to have little
effect on sentiment, and reports were set
afloat that large blocks of government
bonds were held ready to offer for re-
demption which would provide gold for
any export demand without affecting the
money market. The source of this availa-
Bile supply of government bonds was not
disclosed. Sterling exchange also yielded
slightly under the offerings against the
gold shipment. Probably it's recovery lat
er in the day was large influence in the
renewed uneasiness manifest over the
money outlook. The sub-treasury is again
taking money from the market, and New
York exchange in the interior has fallen
back to a discount, indicating a cessation
of the supply of funds from that source.
The adjustment of the Burlington di-
rectors without Offering an official an
nouncement was a disappointment. The
success of the bulls in getting prices up
was offset by the very heavy offerings
to realize, attracted by the advance. This
was especially so In the United States
alcnt in Wall street that heavy liquida-
tion is going on i'm these stocks on the
part of former. large interests in the in
dividual companies absorbed by the COM
bination, and who are retiring. Bear SELL
ing also became very bold and extensive
when the futility OF the bull efforts to
sustain the market began to be manifest
The closing was weak at the lowest and
showed such violent declines from the
top level as 5Ia in Sugar. AZ in ST. Paul,
~ in Brooklyn Transit, 4 In Consolidated
Gas, 412 in Rock Island and from / to
over points in long list OF important
stocks.
The bond market was active and irreg-
uar Total sales par value S4,970,0O0. Unit
cd States Is coupon declined 4 per cent.
on the last call
Total sales Of stocks to-day were L.
S05, 900 shares, including Atchison, 26,7O0;
do preferred, 3i,i00; Chicago. Burlington
and Quincy, 1890; Chicago, Rock Island
and Pacific, 49, 100; Erie. 33,7O0; Louisville
and Nashville. 'l7.A0O; Manhattan, 1850;
Metropolitan. 3i.40O; Missouri Pacific, &C.
OcO; Missouri Kansas and Texas, 27,400;