The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-05-15
STOCKS AND BONDS.
The Market Weak and Prices Gener-
ally Weld.

ally Yield.
New York, May 1.-THE inherent weak
ness of the stock market after last weeks
severe shock to confidence became obvious
to-day and some violent declines were
caused by a comparatively light volume
Of liquidation,
The weakness was partly due to the
natural rebound after the panic had ex-
pended itself. The factors which caused
that rebound were elements of weakness
at the higher level of prices, The pro-
fessional oprstorp, tor INSTANCE. who
were so fortunate as TO secure stocks
that were sacrificed at the low level on
Thursday were very willing to sell and
take profits when they perceived that the
rebound had about reached its limits.
There was another class that of the in
siders and friends of various stocks, who
bought heavily on Thursday to support
their favorites in order to protect their
values as far as possible This class was
anxious to tighten its holdings when the
panic was checked and took advantage
of the high level of prices. There wes a
large amount of helated liquidation also
In to-day's market ON the part of capt.
talists and operators who were strong
enough 10 hold through the panic and
save their property from absolute saeri-
fee, but who were bent on liquidation.
The Saturday holiday was taken ad-
vantage of all through the Wall street
district to bring up accounts to date. and
the weak condition disclosed in many
cases prompted the closing out of these
accounts This factor would have had
more influence yesterday had it not been
for the encouraging effect of the favor
able outcome of the London settlement.
The bears also resumed their aggressive
mood to-day and not only offered prices
down to take the market away from those
seeking to lquidate, but were circulat-
Ing alarmst rumors of the further con-
sequences to ensue from the conflict in
Northern Pacific. 1t was observed with
apprehension, as indicating a possible
spread of hostile tactics to a general stock
market warfare, that brokers usually
suppose to be employed by Standard oil
interests were sellers of so-called Nor
gan stocks while the supposed Morgan
brokers were in evidence when the stocks
in the Southwestern group began to give
way This might easily have been a
bear maneuver but it was effective In
sending prices downward.
There were whispers about the En-
change of a new element of disturbance
in the Union Pacso situation. That stock
was most promir ct In the market to-day
and its violent break after brief period
of strength was an effective influence In
unsettling the whole market. The selling
was seemingly for the account of insid-
ers, judging from the agents employed
in executing orders, and very large sell
ing orders in this and in other Western
railroad stocks came from that nortien
Of the country through Chicago. Boston
was also active on the selling side. With
the obvious tendency of the market to
yield the investment buying which he's
been more or less In evidence for the last
day or two was largely Withdrawn in the
hope of getting stocks later at lower
prices. 1t was the prevalent belief in
the market also that the powerful oper-
atoTs, including the most conspicuous
one of the group. who were so long fore
most in the bull market, had turned to
the bear side and were selling freely.
Whatever the causes at work 1t was
clear that the buying demand for stocks
had fallen to insignificant proportions and
the liquidation, even of comparatively
light lines. caused sudden and rapid melt
ing away OF values. There were inter-
walls on the down grade OF one, two and
even FIVE points between sales. A scru-
tiny of the price changes will reveal net
losses OF between and points for a
large number Of tho principal active
stocks.
The money market was not an iniu-
ence, as there was no large demand for
call loans. In fact, people were mostly
converting securities into money as rap
idly as was possible. For the same rea-
son the growing difficulties OF the foreign
money situation and the belief that II will
draw largely on New York,'s money sup
ply was viewed with iessened apprehen-
sion.
Bonds were weak In sympathy with
stocks after an early show of strength
Total sales, par value. S2.s7o000, United
States refunding rs and new IS adj
vanced u per cent on the last call
Total sales of stocks to-day were i.2ls.-
100 shares, including Atchison ss400; do
preferred $500; Chesapeake and Ohio, b.
500; Chicago, Rock Island and Pacific,
II 700; Erie. 49.9o0 Louisville and Nash
willie, 1900; Manhattan, 26.s00 Missouri
Pacific 800; New York Central, 10,900
Ontario and Western, 1890; Pennsylva-
MIA, 400: Reading. $500; do first pre-
ferred, $500; do second preferred, 1900;
st. Paul, $500; Southern Pacific, d,70o:
Southern Railway II 500 do preferred
II 100; Texas Pacific, 10. 800; Union Pacific,
200. 100; do preferred, $500; Wabash pre-
ferred. $500; Amalgamsted Copper. So
600; Linseed, 1890; American Tobacco,
1890; Brooklyn Transit, Si,boO; Continen-
tai Tobacco, 1890; Peoples Gas, 1900;
Sugar, 1850; United States Steel, 1890;
do preferred. 10000; Chicago and Alton,