The Savannah morning news., 1901-03-08
STOCKS AND BONDS.
The General Market for shares
Closes at the Decline.

The General Market for shares
Closes ut the Decline.
New York. March s.-The market made
vigorous resistance this morning to an
early bear drive. BY means of the sus-
tanning influence OF individual stocks, early
losses were large wiped out and the level
Of prices generally carried over last night,
but during the latter part of the day the
market succumbed TO depression and spec
ulative liquidation came into force. The
result is a predomlnance of net losses on
the day.
The narrowing supply of available cred
it's and the calling of loans by some of the
banks was the most important influence
in the reaction. In addition the movement
of prices had grown quite obviously under
the influence of manipu.ative pools and the
selling to take profits by this class of
operators in market where the public
is not taking large part, had the effect
of turning prices downward. There has
grown up some feeling that the recent
case of the money market, has been in
some sort due to artificial causes prompt
ed by the desire of large capitalists to in.
sure smooth sailing for some of the inn
poTtant financial operations recently set
afioat Such artificial ease must necess
sarily be limited in duration, the natural
course of events having their inevitable
results in due time.
Money rates worked closer, and some
OF the holders OF stocks on margin have
been prompted to iquidate. This selling
was particularly marked to-day in Penn
sylvania. Union Pacific and Burlington,
which were made the subject of joint
operations for rise during the last few
days. An effort was made to continue
pool operations for the advance by re.
vival of reports OF the st. Paul absorp-
ton by great Northern and Northern Pa
cific interests. This had the effect of lift
ing ST. Paul Ia. An advance in Cheea-
peake and Ohio Of 1Ts on rumors of large
earnings and an increased dividend was a
strengthening factor and there was quite
an active speculation for the rise la Peo-
pies Gas and Sugar. With the exception
Of Chesapeake and Ohio, which saved a
net gain of 12s, the stocks lost practically
oil their gains and the selling movement
carried the principal active railroad
stocks from l to points under yesterday.
There was a turn against the shorts IN
some of the steel stocks not included in
the United States Steel corporation, which
resulted IN advances OF from "a to 69s In
the Republic Steel stocks, Colorado Fuel
and Tennessee Coal. All of these stocks
fell back after the demand from the
shorts had been satisfied. The steel stocks
continued very dull and generally heavy.
Provision has been made for trading on
the stock exchange in the certificates IS
sued by the trust companies in return for
the stocks deposited in assent of the mer-
ger, but there was not single transac,
ton in these certificates to-day.
The bond market was quite active to-
day. but irregular. Total sales par value,
S. 100000. United states refunding twos
declined Is on the last call.
Total sales of stocks to-day were SCI 800
shares, including Atchison 307O0; Atchi-
son preferred, $500; Erie first preferred
$500; Louisville and Nashville, 1850: Man
haitian, 4. 100; Missouri Kansas and Texas.
preferred, 1860; Norfolk and Western.
$500; Northern Pacific, 10000; Pennsyl-
vania, $500; St. Paul, $500; Southern Pa
cihc %, 400; Southern Railway, 1900,
Southern Railway preferred 1920; Union
Pacific 2s,30O; Wabash preferred, 1850;
Amalgamated Copper. 1900 Smelling and
Refining, 5000; Steel and Wire. $500.
American Tobacco. q .5O0 Brooklyn Tran
sit 1850; Continental Tobacco. 10 800; Fed
erai Steel preferred, 800; Peoples Gas.
1890; Sugar, 1890; Tennessee Coal aud
Iron, 1880; Western Union, s.4O0; Republl-
can Steel. 1900; Republican steel pre-
ferred. 1880