The Savannah morning news., 1901-05-07
STOCKS AND BONDS.
Speculative Activity Reneed by vio-
lent Advances.

New York, May 6.-The interrupted
speculative advance was renewed to-day
with great violence, the speculative hold
ers of stocks apparently having been en-
tirely treasured by the check to the re-
action which was achieved on Saturday.
The urgent selling which was in evidence
Friday afternoon not only on the part of
forced sellers whose loans had been called
or whose margins had been wiped out.
but of those who feared that they would
be- was entirely hacking this morning.
Those who still mad their stocks held
them with determination, while those who
had come to grief seemed to be returning
in vast hordes to make good their losses,
reinforced by an increasing tide of new
spectators.
Apparently the speculative public was
convinced that Fridays sharp reaction
was nothing more than manipulative
dip, designed to shake off weak holdings
which are a menace to am advance and to
afford great railroad capitalists opportuni-
ty to, continue their buying for control
to better advantage and at less expense.
There was no sign of timidity lest the
same experience should again overcome
the weaker class OF holders, and the Wall
street district gave ample evidence that
that class of spectators was again taking
an active interest in the market. The eff
feet of the Saturday market seemed to
have had time over the intervening Sun
day to gain great force, and as result
there was a heavy congestion of urgent
buying orders to be executed at the open
ing. London prices before the opening
here indicated that large buying orders in
the American department had been ex-
ecuted there for London account before
ain. 4 fl,ara go
London growing excitement on the part
of English spectators themselves over
the American boom.
Large numbers of stock brokers found
themselves eagerly bidding against each
other when the chairman's hammer fell
on the New York Stock Exchange. The
result was a volatile upward squirt of
prices which has scarcely been equalled
in any opening during the present boom.
This upward squirt of prices proved in
many cases to be the highest of the day.
although there were constant recoveries
and reactions in the general list all day
Opening sales were of 1000 to 25,OOo shares
in separate stocks at extreme advances OF
from l 10 AZ points and at prices in some
instances varying as much as points on
simultaneous sales. The grangers, Pa
cities. trunk lines and Southwestern
proved to be the most active stocks.
There was a continued dearth of news to
account for the strength of the market
in general or Northern Pacific in particu-
lar Consolidation continued to be the
magic word to influence trading. There
was even a wild rumor that all the great
railroad interests whose supposed contest
for control have caused the recent violent
movements in prices had come 10 a COM
promise and were about to consolidate all
the principal railroad systems of the
whole country. This narrowed down
somewhat to mere specific reports of pro-
gress in the Southwestern merger. and
on further steps toward. the adjustment
OF relations in the Northwest railroad
deal.
The last named rumor was the only
thing to account for the sensati onal
its range and suddenness, erceeded that
of any of the individual stocks which
have been singled out at different times
recently as centers of attention. North
ern Pacific made an extreme advance of
% points with no very important reaction
on the way up. Long strings of one
thousand to six thousand share blocks
were recorded, but the successive price
changes did not exceed z of a point af-
ter the opening, when the second sale was
made at a jump of 21k points over the first
None of the gains was fully maintained
In fact profit taking was in steady pro-
gross all day, under cover of the strength
in individual stocks. The United States
stocks especially suffered from liquidation
and closed practically unchanged from
Saturdays closing. This had a counter
acting influence on the speculative en-
thusiasm. The higher money rate also
was a deterrent influence, although It was
lightly explained by bull enthusiasm that
the brokers paid the higher rate because
they were too busy to haggle over IT,
The call money rate touched 10 per cent.
in the afternoon but fell back after the
most urgent demand had been satisfied.
Bonds were comparatively quiet, out
side of the price movement in the con-
vertable bonds. The general tone was
strong. Total sales par value. SO, 10000
United States new as declined e. the rs
u and the old As Il per cent. on the 'ast
call.
The total sales OF stocks to-day were
2,232 100 shares, including Atchson 2i7 500;
Atchison preferred, 10l.s00; Burlington and
Ohio, 1880; Canadian Pacific, $500; Ches-
apeake and Ohio % 1907 Rock Island, 49,
100: Denver. 800; Erie, 1880; Hooking
Valley, 6.lOO: Illinois Central 9,lOO: Louis
Vile and Nashville 2l,6OO Manhattan.
1900: Metropolitan Street Railway. 9,1OO:
Mexican Central, 15,10o; Minnesota and ST.
Louis 5000; Missouri, Kansas and Texas
10 600; Missouri Kanses and Texas prefer
red. $500: Missouri Pacific, 1920; New
York Central. 2il00; Northern Pacific,
429. 800: Northern Pacific. 1880; Ohio and
Western, 1920; Pennsylvania, 34,sOO;
Reading. 30, 400; Rio Grande FIRST preferred.
1920: Rio Grande second preferred. 40
100; St. Paul. $500; Southern Pacific.
e. tno. Gouthorn Railway "a coo. Cnnth1-,,