The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-05-21
ESTABLISHED ls7a.

of these causes. The market gave grow
ing evidence of its abandonment to the
class of professional operators, some of
them of large means and broad methods
yet but with the public evidently not a
factor in the market and disinclined to
respond to the temptation of price move
ments. The maxim of the professional
operator to sell stocks on a show of
strength and to buy them in a decline
comes in to interrupt the movement of
prices before it has extended far in either
direction and to bring the market con-
stantly nearer to state of equilibrium.
The market opened irregular and then
yielded all around to the realizing, but
recovered quite strongly in response to
movement in the coalers. There was
some strength also among the Southwest
ems, apparently on the score of published
reports of a projected new steamship line
from Mexican port to the Orient.
The obvious fact that the struggle for
control of the transportation of future
trade products to the Orient lies at the
root of most of the movements working
out in the trans-continental railroad terri
tory gives any suggestion in this line an
influence. The movement in the coal
ers was apparently speculative
not explained by any news, but the buy
however. in the late weakness and closed
a a net loss. The weakness of Union Pa
cine was an effective factor in upsetting
the market. Allegations of a further is
sue of convertible bonds to finance the
purchases of Northern Pacific stock were
the prime factors in the stocks weak
ness. 1t closed az par ~ points below
Saturdays close and at the lowest of the
day.
A number of the minor industrials show
ed notable strength, although their best
prices were reduced by the late weak
ness. There was large buying of Burling-
ton for cash, which was apparently con-
nected with the fact of the proposition
for the Burlington deal being conditioned
upon the deposit of at least two-thirds
of the capital stock on or before May 20
The bond market generally was dull
and irregular, with some yielding in the
late trading in sympa thy with stocks To-
tai sales, par value, 50, 100000. United
States bonds were all unchanged on the
last call.
The total stocks sales to-day were 9s4,-
800 shares, including Atchison, 5000;
Atchison preferred, 2l7OO; Baltimore and
Ohio, 1880; Colorado Southern, $780,
Chesapeake and Ohio, 1900: Erie, 1850;
Illinois Central, 500; Louisville and Nash
Vile, $500; Manhattan, 900; Metropolitan
Street Railway, 1900; Mexican Central,
1900; Missouri Pacific, 300; Ontario and
Western, 27,700 Pennsylvania, IL 400;
Reading, $4,000; Reading first preferred
$500; Reading second preferred 29.400;
St Paul, 1880; Southern Pacific, 1710o;
Southern Railway, %, 800; Texas and Pa
cihc, 21,30O; Union Pacific, s4,10O; Wabash,
800; Wabash preferred 1890; Amalga-
mated Copper, 1l,6O0; American Linseed
Oil. 1900; American Linseed OIL preferred,
$500; American Tobacco, 1910; Brooklyn,
100; Consolidated Tobacco, 500; Inter
national Paper preferred, 5000; National
Lead, s,4oo; Peoples Gas. $500; Sugar,
1920; Rubber. 500; Rubber preferred,
5000; United States Steel, "A. 800; United
States Steel preferred. $500; Chicago and
Alton. 800; Toledo, st. Louis and West
ern, 300; Toledo, st. Louis and Western
preferred, 1900.