The Savannah morning news., 1901-04-05
STOCKS AND BONDS.
Feverish and Excited Advances
with the Closing Irregular.

with the Closing Irregular.
New York April 4.--To-day was one of
violent excitement and extreme nervous
tension in the stock market. Prices huct-
uated in an unprecedentedy violent and
erratic manner all day. The speculative
spirit had apparently run wild, and no
features seemed too great to attempt in
the feverish Imagination of the excited
SPECTATORS.
The boldness apd recklessness of the
manipulation have probably never been
equaled on the New York Stock Elk
change. Blocks of thousands of shares
of stocks were tossed backward and for
ward and millions of dollars were vent
ured with no more~eoncern than though
pennies were being pitched. News or
actual conditions of properties played no
part whatever in the speculation. The
method of operations was largely to fol-
low designated leadership. A sudden and
violent advance In any stock was suffi-
cient to attract an overwhelming follow
ing, in which the scramble to buy caused
volatile rise, with quick profits for the
leaders, who hastened to unload. Monday
seemed a. remote period in the view of the
spectators and their operations did not
appear to be designed to go beyond the
days trGding,H
The market was an admirable one In
which to unload stock, and 1t is within
reason TO suppose that the excitement
was stimulated by every possible srtful
device to further this object. How far 1t
was taken advantage of may be inferred
from the, comparatively small number of
stocks which retain any important net
gains in spite of the appearance of ex-
IRENE bueyaney, which the market had
for much of the time. The Trunk Line
stocks, Illinois Central, Amalgamatad
Copper, Colorado Fuel, and some of the
dormant investment stocks may be set
apart, although none of them closed near
the highest prices. Otherwise small gains
or considerable losses will be found to be
the rule.
The precipitate manner in which long
stock was unloaded on the opening bulge
showed the eagerness of the bulls to
take their profits. The violent manner
in which prices broke showed that a
point in the matter of price was of lit
tie account in consideration of making a
quick sale The outside speculative pub
lie were excited buyers at the opening,
attracted by yesterdays extraordinary
advances in the execution Of their orders
which were apparently without limit as
to price, caused an ebullient opening.
Profit-taking met the advance immediate
ly. When the first storm of liquidation
had spent itself efforts were made to re-
vive the enthusiasm by bidding up new
stocks. The attempt met with considera-
bic success although profit-taking con-
tinued heavy under cover OF the late adj
vance In the Trunk Lines and Amalgama-
ted Copper.
The markets sensitive spot was clearly
indicated by its action under the infiu-
enee of the furry in call money to above
per cent Some stocks touched the
lowest level of the day in the spasm Of
liqmda ton thus forced. When the money
rate fell back covering by shorts caused
some violent recoyeries, but the closing
was exceedingly feverish and irregular.
The large demands OF the interior for
cash and the prospect of a weak bank
statement explained the furry.
Space forbids an extended enumera-
ton OF the price changes. That is suffi-
cient 10 specify the extreme advances OF
81 in New York Central. I'm Pennsyl-
vanis. AZ In Rock Island, 81 in Anal
gamated Copper, 81 In Illinois Central
11h in Colorado Feul. 1914 In the prefer
red and to points In an extended list
Business in bonds was not so large re-
latlvely as in stocks. and the movement
OF prices was irregular Total sales par
value, s2,7esOoO. u. s. old As, coupon,
advanced Y on the last call.
Total sales OF stocks to-day were 9i4,-
800 shares, including: Atchison. 30A0O; 60
preferred, $500; Il. A o., 49, 600; Canada
Southern, 500; G. a o.. II 100; C., y. a.
O., 1890. G. n. l. A. r.. 1870; Della
ware and Hudson II 300; Erie, $3.50; do
arst preferred, 1900: Illinois Central "a
700: l.. & ~. 3Sio0; Manhattan. sl.4oo;
Metropolitan. q 200; Missouri Pacific, 49,