The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-05-17
STOCKS AND BONDS.
The Market Shows n Yielding Tend
ency in Most Quarters.

ency In Most Quarters.
New York, May 16.-There was still
further lapse of interest in the stock mar
ket to-day as was shown by the decline
in the volume of dealings below a million
shares for the first time since the late
boom attained force. The market also
gave evidence of further progress towards
normal conditions. There was still
rather feverish price movement, but the
These are phenomena which invariably
follow panic. Usually the first violent
relapses after the first rebound do not
carry prices back as low as the panic
level, nor do the rebounds reach as high
as the previous leveis After the. violence
of the fluctuations has subsidized there is
likely to be dull period and gravitat-
ing tendency toward a lower Level unless
some new factors of strength develop to
reawaken outside buying demand. To-
day the speculative contingent were in
cliued to look for such new influence to
the promised settlement of the Northern
Pacific dispute. No authentic informa-
ton can be had as to the terms Of this
agreement, but it is generally accepted in
Wall street that it will insure the safe
OF In6 lHlBIeSlS WHICH 1tCuA
themselves threatened by the Burlington
deal without detracting from the benefit
of that deal to its original projectors.
The rapid progress reported to be maxi
ing in the deposit of Burlington stock to
be exchanged for the proposed new bonds
seemed to insure the rapid consummation
of the Burlington deal itself. The effect
of this development was most manifest
in st. Paul and Rock Island. Northern
Pacific, owing to the abnormal standing
of that stock in the market was not an
index to the situation. The process of
exchange going on in the Burlington stock
affected it to some extent In the same
way. The advancing tendency in Union
Pacific was constantly checked, supposed
ly by the surmises as to the method of
financing the purchases of Northern Pa
cihc stock made in the company's inter-
est. The advance in st. Paul over last
nights level reached rs. In Great North
ern preferred, 62s, Northwest 6. and Rock
Island AZ.
Another active center of speculation was
Amalgamated Copper In which the buy
ing was large, apparently by inside in
terests and regarding which various items
of news were published during the day.
The most important was the reported in
tention of the vice chancellor OF New
Jersey to dissolve the injunction against
the absorption OF the Butte and Boston
and the Boston and Montana companies.
The stock advanced at one time 75.
There were various other points OF special
strength, the causes Of which were not
always disclosed
The relaxation of forced liquidation
made comparatively light buying orders
effective in advancing prices. There was
undoubtedly a good deal of manipua-
ton by insiders in the interest Of better
prices, but there was also a growth In
investment demand for good dividend
payers. But not less striking than the
strength with which prices advanced was
the ease with which they were forced
down again under very light selling with
which the day closed with prices, all the
way from / to points below the best,
and with net changes a good deal mixed,
and for the most part small.
Reports Of needed rains in the South
west were an early encouraging feature,
and the growth of labor troubles caused
some uneasiness, especially the candid adj
mission by the leading publication in the
interest OF the iron trade that there may
be widespread labor disturbances in the
trade after July /. The ease in the money
market was due entirely to the falling
off In demand and speculation, as other
causes are te.Iding TO steady depletion
OF New York bank reserves.
The bond market was moderately active
and price changes were irregular. Total
sales, par value. $2.Si5,000. United States
bonds were unchanged on the last call.
Total sales Of stock to-day were, $685.
900 shares, Including Atchison, $500; do
preferred, s7.iOO: Chesapeake and Ohio.
1900; Chicago, Burlington and Quincy, s.,
800; Chicago. Rock Island and Pacific. g.
300; Colorado Southern $780,; Erie, 5000;
Louisville and Nashville. l2,i0o; Manhat-
tan, $500: Metropolitan. $500; Missouri
Pacific, p, 800; ontario and Western. 1880;
Pennsylvania, 1880; Reading first prefer
red, $500; do second preferred. 100; st.
Paul, s4,SO0; Southern Pacific, 40.70O; South
ern Railway. 1890; Texas Pacific, 800;
Union Pacific 1850; Wabash. 1000 do
preferred. 1890: Amalgamated Copper,
$500: American Tobacco. II 800; Amazon
da. 100; Brooklyn Transit, 2l,4O0; Cont
mental Tobacco. p 800; PEOPLES Gas, TO-
100: Sugar. $780, United states Steel, 81
100: United States Steel preferred. 1880.
Consolidated Gas, 500; International Pow