The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-05-24
STOCKS AND BONDS.
Price Movement Narrow ana Trad
Ing ON Light Scale.

Ing ON Light Scale.
New York, May 2S.-To-day's stock
market offered very little that Is worthy
of any comment. Still further evidence
was given Of the abandonment Of the
trading to professional operators, most
of them of the class known as room
traders who operate for days turn and
do not often leave their account open
near night.
The see-saw movement of the market is
the natural consequence of this class of
operations. Prices are not likely to move
In one direction beyond the second day.
Yesterdays strength in the Erie stocks
were maintained this morning and helped
the market to some advances, most con-
spicuous in about the same stocks as
those which showed strength yesterday.
The movement in Erie continued the SUBJ
ject of much interest, and the conjec-
ture as to its origin ranged from be-
lief that it was pure speculation with
manipulation by pool to the opinion
that contest for control might be Ina
VolVed The theory that the Gould
southwestern group of railroads were
striving for trunk line outlet to the
Atlantic found it's advocates. This posi-
bility was in itself disturbing to specu-
ielAlNG StilAintHI as threatening 10 up
set the status quo in the trunk line ter
ritory. Declines of ga in New York Cen
trail and ga in Pennsylvania gave some
point of this apprehension. For this rea-
son the strength of Erie had begun to
lose its sympathetic influence before that
stock itself yielded to the later weak
ness of the market
The absorption on the advance was
very heavy, blocks OF 5000 to 5000 shares
appearing on the tape Union Pacific was
the first stock to show notable weakness,
possibly due to the fact that the govern
ing committee of the Stock Exchange at
yesterdays meeting RETAINED from ac-
ton on the application of the company to
list S100,000,00 of convertible bonds. Lon
don was an active seller during the day.
The lesson of the Northern Pacific corner
was shown in the timdity of arbitrage
brokers about going short of stock even
on arbitrage account, where a purchase
in London had first been made against
the sale here. Northern Pacific sold up
to 205 during the day. The demand was
believed to be due to the requirements OF
London shorts. The London Stock t1x-
change was reported to have decided to-
day not to reconsider Its decision sus-
pending the rule for the buying in OF
Northern Pacific until June 10. But the
movement of the stock here indicated
that the London Shorts had received
some kind Of warning to prepare for a
settlement Anything connected with the
Northern Pacific corner has not lost it's
power to disquiet and it was a disturb
ing influence to-day.
The statement OF the Bank OF England
for the week and the hardening Of the
London money market lifted the ster-
ling exchange rate to higher level. The
sharp advance in sterling In Paris indl-
Gated the relief there over the closing of
subscriptions to the Russian loan and
suggested a cessation of pressure for
gold Exchange experts, however, be-
lleve that more gold will go out from
New York this week. The final selling
movement in the stock market carried
prices down from 2 to over points. The
weakness was seVerest In the leading
Changers, Pacifics, trunk lines and some
Of the important specialties The United
States Steel stocks shared in the general
weakness.
The bond market became irregular with
the development of weakness in stocks.
Total sales. par value, $685.. 900. United
States bonds were all unchanged on the
last CALI
The total sales OF stocks to-day were
SCI. 900 shares including: Atchson 9S,700;
Atchison preferred, $500; Chesapeake and
Ohio, 300; Chicago and Great Western.
6,1Oo: Colorado Southern, $500; Erie, 242-
700; Erie first preferred. 11.6D Erie sec
ond preferred, G,1QO: Manhattan. 5000:
Metropolitan, 5000 Missouri Pacific, 3D.
500; Ontario and western, 1890; Penn
sylvanla, 5000; Reading, 25,2OO; Reading
FIRST preferred. 10000, Reading second
preferred. 2l,To0; St. Paul 201OO; South
efn Pacific, 9,40O; Southern Railway,
$500, Texas Pacific. 800; Union Pacific,
$1,000: Wabash, 1880; Wabash preferred,
1920; Analgamated Copper. 1890; Amer
lean Car and Foundry, $780, Anaconda
Mining, 2S.S00; Brooklyn Transit. 1900;
Consolidated Gas, 500; Continental To-
bacco, 25,400; Peoples Gas. $780, Sugar.
5000, u. S. Leather, $500: U. s. steel,
21,100; U. s. Steel preferred. 1850.