The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-04-23
STOCKS AND BONDS.
The Market Says Under the Pressure
of Profit Taking.

New York, April 22.--The extraordinary
activity of the speculation is witnessed
by she record of the aggregate sales for
the day which rose again to 2,SS2,5O
shares, compared with the previous rec
ord on Friday of 2,i93. AGO shares. The
character of the market showed
marked change from that of the
latter part of last week, when the ten
dency was distinctly upward throughout
The list
There was a great variety In the specu-
lation and extreme irregularity in the
movement of prices all day and there
was resumption of the feverish tone
which had broken in on the present ex-
tended advance in prices at various times.
1t was obvious that there was a very
heavy profit-taking going on in stocks
which have showed the greatest strength
Recently, but the bulls had the situation
fairly well in hand, through the early
part of the day and the process OF shift
ing the speculation from one set of stocks
to another which has gone on in constant
succession all through the period of the
rise, seemed to be going on in q normal
manner. The weight of the profit-taking
became SO formidable. however. and the
violent manipulation of special stocks by
WHICH IL was cOuSnl 10 sustain prices De-
same so palpabe THAI the bears made a
powerful concerted attack on the market
in the final hour. They offered prices
down by rapid steps without meeting any
effective support taking the market away
from the bulls, who were eagerly taking
their profits. The relapse from the high
point was very violent in some stocks and
the level of the whole market was carried
well under Saturdays close.
The violence of the decline invited some
quick profit taking by the BEARS whose
covering demand caused few sharp raj
lies, but the general tone was weak at
the close. Except for the slump, in Anal
gamated Copper at the opening,s the mar
ket started off with every APPEARANCE of
a continuance in full swing of last weeks
active speculation for the rise. Gains of
to 11s on initial purchases of from / 900
to 5000 shares were shown by a num-
Der of the leading active stocks, including
st. Paul, Union Pacific, Missouri Pacific
and Pennsylvania and Southern Pacific,
was rushed up 2k. The last named stock
was a conspicuous figure in the dealings
all day and even after the general mar
ket had commenced going to pieces the
price was advanced to 53s4, which was 53s
over Saturdays close. st. Paul after
various fluctuations rose to 175. There
were periods of strength also among the
coalers, the local fractions, the South
westerns, Sugar and some other individual
stocks. Pacific Mail was rushed up 6H
apparently in sympathy with Southern
Pacific. The strength in the Southwest
erns was on the renewed talk OF COM
bination including Chicago and Alton and
an entry into Pittsburg.
These extreme advances came after the
opening gains had been pretty generally
wiped out under the flood of realizing
which had been the feature of the morn
ing dealings on every day succeeding a
notable advance. 1t was very evident that
the bull leaders were using every endeavor
to turn the market upward in order to
revive the outside speculative buying
But they did not succeed in reviving gen
eral strength at any time. The upward
movements were not accompanied general
ly by any news and were based almost
wholly on the argument that the price
paid for Burlington warranted by con-
trast much higher prices for other rail-
road stocks The bulls sought to make
capital of the advertised invitation for
subscriptions to the new British consol is
sue as arguing confidence by bankers in
the future plenty OF money. but the sharp
rise in sterling exchange rates In response
to the large subscriptions said by the
bankers having them in charge to be re-
eeived for the loan detracted from the
force OF this argument. Call loans did not
rise above 5 per cent, Notwithstanding
Saturdays strong bank returns. The
proft-taking on purchases made in antic-
ipation Of THAI statement proved larger
than the new demand attracted by II. In
the late relapse in prices St Paul dropped
points, Northwestern 5. Baltimore and
Ohio Az; Union Pacific AZ and a large
number Of the active stocks from | to
points. Burlington held we'll at a point
or more over last night. The price of this
stock having been made an index to war
rant the advance of the whole market.
1t was well supported. United States
Steel stocks were weak throughout the
day and show net losses of p for the
common and IL for the preferred.
The bond market was active and broad,
but the price changes were irregular.
Total sales par value, s6.fS0,000 u. 8.
bonds we're all unchanged on the last call.
The total sales of stocks to-day were