The Savannah morning news., 1901-02-20
ESTABLISHED 1872.
STOCKS AND BONDS.
The Reaction Makes Severe InrOads
into values Generally.

The Reaction Makes Severe InrOads
into values Generally.
New, York, Feb 19,-There was an ele-
ment among the professional operators
on the stock exchange which worked for
a rally to-day on the theory that yester-
days selling was largely due to, opera
tons for the bear account, and that the
vigorous support of the market would
drive these bears to cover. The maneuver
was entirely without success, especially
in the early dealings, but all of the mar
ket's strength was confined to a very
few stocks and was not long maintained.
Business fell away to the point of semi
stagnation at times during the day, show
ing no signs of the recent large general
demand or of the operations by large
banking and financial interests, which
was the backbone of the market for a
long time Obviously none but profession
al operators We're interested to any great
extent in the days transactions. The sus-
pense over the negotiations for the steel
merger is trying to the nerves of all spec
ulators. 1t was rumored to-day that it
was proposed to divide the cash assets
OF one of the principal companies contem-
plated in the merger before ii shall be
taken in. The preferred stock of the
company would have a prior claim, thus
offering a very abstruse problem of the
relation of the present value of the stocks
to the value of their share of the new
securities after such divisions of assets
has been made. The steel stocks were all
feverish and unsettled, but generally
weakened during the course of the day.
The money market was not violently
disturbed, but the tone continues to har-
den. check for over 500, 100000 on ac-
count of the New Jersey Central Railroad
purchase went through the clearing house
to-day and was a reminder of the continu-
ing influence on the money market of the
recent deals. A development which may
have important consequences was the re-
covery in the discount rates in London,
in spite of the general supposition that
the bank rate will be reduced this week.
Sterling exchange hardened on a demand
for remittance by Tomorrow steamer. 1t
seems to be the expectation in London
that the low point has been touched for
discount rates, which would have an i'm
portant bearing on any future require
ments of the New York money market.
The decision to close the stock exchange
from Thursday afternoon until Monday
morning was an influence towards dull
ness. There. was some uneasiness due
to the reopening of the wages question in
the anthracite region, the present agree
ment extending only to April /. The coal
ers were in consequence especially weak.
Delaware and Hudson was cratic break
ing violently 81 from the top and closing
with net Toss of 21a. The Southwesterns
were all notably weak, declining from ! TO
rs, and there were some losses in Great
Northern preferred, General Electric and
the Smelling stocks, besides those in the
steel stocks. There was an upward turn
in Sugar, but 1t did not hold. Compare.
tive firmness was shown by Union Pacific
Illinois Central and for a time st. Paul
though that stock gave way at the last.
There was large buying again in South
ern Pacific bonds, but they lost most OF
their gain before the close. and the gen.
eral bond list was reacuonary. Total
sales, par value, $i.6S5. 900. United States
bonds were ali unchanged on the last call
Total sales of stocks to-day were 795, 900
shares, including Atchison, 1900; Atchi-
son preferred, 11,700: Baltimore and OHIO,
1l,500; Chicago, Burlington and Quincy,
1890; Chesapeake and Ohio, 5400; Chi
cago, Rock Island and Pacific, 1880; Del
aware and Hudson, 1850; Erie, 1920;
Erie first preferred, $500; Illinois Central,
$500; Louisville and Nashville, $500; Man
haitian, 14,3OO; Missouri Pacific, 20,90O;
Missouri, Kansas and Texas preferred.
1920; New York Central, 6, 700; Northern
Pacific, 1850; Pennsylvania, 5000; Read
ing, $500; Reading first preferred, ex-divf-
dend, 14,7O0; Reading second preferred, s.
100; st. Paul, 1900; Southern Pacific, 3D.
TOO; Southern Railway, 11,600 Southern
Railway preferred, $500; Texas Pacific,
9O,5O0; Union Pacific, $780, Union Pacific
preferred 1900; Wabash preferred, II 600;
American Steel and Wire, AZ, 100; American
Tobacco, 14.eO0 Brooklyn Rapid Transit,
q, 100; Continental Tobacco, 500; Federal
Steel, 1880; Federal Steel preferred, 20, 400;
National Steel 104O0; Sugar, 1890; Tenn
essee Coal and Iron, 10, 400; Western Union,
$500.
Nam Vel. c4nnIr L L.