The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-05-08

supposition is that the recent effort to
control Union Pacific led to a retaliatory
movement on the part of the powerful
capitalists who control Union Pacific to
embarrass the Northern Pacific interest
with an enforced contest to maintain their
control. The success of the plan must be
admitted, il such struggle is really the
cause of the buying in Northern Pacific.
The brokers employed in the buying serve
as some -corroboration for such a suppo-
sition. house which was credited with
buying 100000 shares yesterday was buyer
of tens of thousands of shares to-day and
was at the same time lending out the
stock for the benefit of the shorts to an
amount estimated at 100000 shares, thus
striving to allay the alarm of the short
interest, and thus discouraging the hy-
pothesis that the buying movement was
designed for a squeeze against the shorts.
Appearances went rather to show that
the short interest was among the insiders.
The presumptions which might flow
from the fact of such i struggle between
great groups of capitalists had chilling
effect ON the whole speculation. For one
thing it would point 10 a state OF vindic-
tiveness between interests which have
been supposed to. be working in accord.
Instead of progress in the community OF
interests it would point to a growth of
gigantic rivalry with resultant power of
competition exceeding anything in the
railroad wars of the past. 1t would also
indicate that the leading financial interest
which has been the conspicuous figure in
all the recent great financial plans had
been outgeneraled There were fears also
that the collapse to follow the volatile
rise in Northern Pacific would unfavorebly
affect the whole stock market.
The rumors regarding Northern Pacific
did not begin to take this form until late
in the day. Reports that the preferred
stock was to have the option of exchange
with the common stock and so doing away
with its prior claims. sent Northern Pa
cific up over 10 points Canadian Pacific
continued its advance on the theory that
it's prospective control by the Northern
Pacific gave the latter stock it's strength
Union Pacific was run up to 1902 in on
attempt on the part of it's friends to rally
| it to figures commensurate with Northern
Pacific. Those stocks constituted the
really notable features of strength In the
market after the opening bulge, which
was quite general and was due to the in
rush of buying orders from the now wide
ly extended speculative public. These
opening gains ran from 1 to points
pretty generally and from to points in
Sugar and Union Pacific. The quick in
roads made upon these prices by realiz-
power discouraged the continuance of the
speculation for the rise.
The higher rate for money and the de-
mands by brokers for larger margins also
had a repressiVe influence on speculation
The late selling was enhanced by the
discourageme of timid holders who are
only willing 10 hold on rise. The break
at the last was severe, reaching SA in
Northern Pacific SIa- in st. Paul, . in
| INIT Do In n
timore and Ohio and between two and
five points in the large majority of the
active list.
The United States Steel stocks were
again under pressure throughout and the
current gossip attributed this liquidation
to a shifting of holdings from the steel
stocks into railroads. Prices closed above
lowest as the bears took quick profits,
but the closing undertone continued dis
tncty weak.
The bond market was quite active and
irregular Total sales par value s5,58O,OOo.
United States SIS declined u and the Ss
"a per cent. on the last call.
Total sales of stocks to-day were 2,076,-
900 shares including: Atchison, $4,000;
Atchison preferred 1900; Baltimore and
Ohio, 1880; Canadian Pacific, $780, Ches-
apeake and Ohio. $500; Chicago, Burling-
ton and Quincy, 25,3O0; Erie, $500; Louis
Vile and Nashville, 5000; Manhattan,
%, 400; Metropolitan, 5000; Mexican Cen
trail 1i7OO; Missouri Pacific. 2l,700; New
York Central, 800; Northern Pacific,
2S1, 400; Northern Pacific preferred, 1880;
Ontario and Western, 1890; Pennsylvania,
II 100; Reading, 49, 100: Reading first pre-
ferred q, 100; Reading second preferred,
$500; st. Paul, 7O,5OO; Southern Pacific,
70, 400; Southern Railway, 1890; Southern
Railway preferred, 5000; Texas Pacific,
81, 800; Union Pacific, 340,100; Union Pacific
preferred, Is. 700; Wabash preferred, 81 400;
Amalgamated Copper, 1850; Smelling,
1900; American Tobacco, l4,700; Brooklyn
Transit, Ii 500; Continental Tobacco, q 800;
Sugar, 81 800; United States Steel, 145, 800;
United States Steel preferred $1,000; West
ern Union, 1920.