The Savannah morning news., 1901-02-14
STOCKS AND BONDS.
Market Appears Soft and Yields to
LiauidafiOn

New York, Feb 13.-Speculative liquida-
ton was the order of the day to-day on
the stock market aud towards the close
Of the day the selling became urgent in
some Of the stocks which have been
highly manipulated ia the progress of
the extended advance. The depletion of
margins and uncovering of stop loss or
ders were evidently responsible for some
of the heavy offerings of stock which
were tumbled upon the market in grow
ing volume as the decline in prices pro-
ceeded.
Generally speaking there was a feeling
in speculative circles that "the good news
was all out" to use a favorite Wall
street phrase. The fact that the days
news did not bring any announcement
of a new gigantic combination in pros
pect or in course of achievement proba-
bly, had much to do with this feeling.
The highly seasoned fare to which the
Wall street palate mas been accustomed
leaves the speculation rather fiat with
out its accustomed "bracer" of a finan-
cial consolidation running up into the
millions
The dissemination to look for further
important developments I'm the immediate
future was emphasized by the current
reports Of contemplated winter vacation
trips by several of the capitalists who
have been foremost figures in the great
financial projects which have recently
dazzled the speculative world. There has
been daily and even hourly expectation
that the details of the financial plan for
effecting a merger of the steel combina-
tons would be officially given 10 the pub
lie. The delay in giving out this infor-
nation has been trying to the nerves OF
some of the spectators long of the steel
stocks, and they sought relief to-day
more than on previous occasions since
the projected merger became known by
unloading their holdings.
The repeated rebuffs which the bears
have received have made them very tim
id, and there was not much evidence Of
a demand to cover short accounts even
at considerable declines. There was un-
eoubtedly large short selling however, to-
day in the belief that an extended period
of reaction had been fairly inaugurated;
belief which has been INDUCED in many
times before in the course Of the recent
extraordinary market.
The course of affairs in the money mar
ket gave substantial ground for appre-
hension on the part of spectators de-
pendent on loans for carrying their hold.
ings. IL is evident that the recent enor-
railroad combinations has much curtail-
Ell the future resources of the money
market The refiux of funds from circu
lation Is distinctly less with the grow
ing activity of business requirements in
cident to the spring trade. The absence
of American subscriptions Of any import
ant volume to the new British loan ex-
cites comment. 1t is due In part to the
easier conditions of the foreign money
L.,
the loan unattractive to American inves-
tors, but there can be no doubt that the
narrowed surplus resources of the New
York money market also had to do with
preventing American bids for the loan
The rate Of sterling exchange makes I:
evident that any considerable subscrip-
tons for American account to the exche-
quer bonds would have necessitated gold
exports.