The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-01-05
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concentrated character of some of the
dealings, ii is no exaggeration to say that
vast fortunes were made and lost on the
floor OF the exchange during the day The
occasions are very rare when sentiment
on the exchange has been so abruptly
changed from a mood of depression to one
of excessive exhilaration as was shown
to-day, although events have occurred
to precipitate sudden panics in the midst
of speculative excess.
1t would be useless to attempt to
analyze closely the causes underlying such
a market. There was a recrudescene In
full force of all the bullish sentiment
which has stirred up the stock market
for two months past. The effect was the
more acute by reason of the rebound from
yesterdays depression. There was, of
course, the actual buying requirement
from the bear element, which overextend-
ed itself yesterday on the confident as
sumption that the reaction once estab-
lished and liquidation started it was bound
to run a heightened course, but the ac-
tual buying from this element could have
formed but comparatively small proper
ton of the total transactions conducted
to-day
The sentimental effect of the rebound
on current opinion was far more worthy
OF account. The day opened with the
bears in confident mood, and they at
tackled the market with enthusiasm The
decidedly gloomy state OF mind on the
London stock market was of material aid
TO them, and they were able to force de-
clines running from / 20 2 points at the
very outset The weakness of the mar
ket was not Immediately overcome and
there were notable losses all through the
hrst hour. Yesterdays sharp reaction
| brought in profit-taking and stop-loss or
ders from many outside sources But the
evidences of support were sufficient even
IN lhe opening dealings to serve as a
warning to the bears, and they began to
cover very early. The rebound in Sugar
on the story of settlement Of the trade
war was In itself backset for the bears
But the powerful lever which moved
the whole market was ST. Paul The
story current for some time that the road
Is 20 De leased to the Northern Pacific and
Treat Northern on the guarantee of a
dividend, with a preliminary distribution
or the companys great surplus received
renewed credence, although there was no
addltional confirmation. The variations
wrought in this tale in the current ru-
mors were almost infinite, and will prob
aOiy never be Strengthened out until an
official authorized statement is given out
IL Is suincient for the purposes of this
review TO state that the price moved up-
ward as result 1871 points from the low
leVel on sales of over 243,000 shares. Not
Wlthstanding feverish vibrations. the
price closed within quarter of the ton
Parallel with this rise was an inward
movement IN Northern Pacific OF points
ana IN Great Northern preferred OF z
points. Without attempting TO specifv
other individual movements it is sufficient
10 say that the gains in all the stocks
most actively traded In ranged from 10
over points, and In Jersey Central the
rise reaches nearly points The mar
ket closed amid intense excitement end
FURIOUS activity, with many stocks at The
top prices and rising buoyantly
hecoVerles in the bond market were NOT
SO general as In stocks and the weakness
OF many railroad bonds persisted Total
sales, par value, s3.3sO,OCO
united states new A. coupon d. cI' ned rer
cent, do registered y. and refunding 2s
"a. old -, coupon, advanced a.
1o-uay total stock sales were S37 900
shares, including Atchison, 26 500. Atcbi-
son preferred, Al 800; Baltimore and Ohio
4'SOO; Chesapeake and Ohio. 1910. chi
cago Great Western, $780, Burlington
l .' Nofeh"estern, $500; Rock Island.
4i0OO; Denver and Rio Grande. g 400 Erie
IOniG-
vile and Nashville, II 400; Manhattan 81
9V1, metropolitan, G,S0O; Mexican Central
9,zo; Missouri Pacific, 1880; Missouri
Kansas and Texas preferred 111Oo. Men,
Jersey Central, 5000; New York Central
E'Wo; Norfolk and Western. 1000: North
ern Pacific, 10000; Northern Pacific nre-
Ierred' l3,4o0; Ontario and Western. ~ 0oO.
rennsylVanlh, 400; Reading. 4e 100.
reading first preferred 1880. Readinc
second preferred, 1880; ST. Louis South
western 1.lOO; St. Paul, 2l3. 700, soutbern
sac!nc, @.Ioo; Southern Railway. 1880:
southern Railway preferred, $500. ,rexas
ana Pacific HOO; Union Pacific 14l Soo.
Union Pacific preferred. 61Oo; wabash
preferred. 5000 National Tube. $3.50; con
per, 1900; Shelters, $4,000: Steel Hoop
9,'o1; steel and Wire, 1880; Tin Plate
nSOO' Tobacco, 1880; Brooklyn. a. zoo.
colorado Fuel, $500; Continental Tobacco
t 20 ,Co rederal steel 22,2c0; Peoples Gas
iron, 300; Leather $500; Rubber. q zoo.
Western Union, 7.i00. Vow