The Savannah morning news., 1902-02-22

pansion to less than $6 ,000, 900 treasured
the sentiment that credit resources
were being taken up too hastily. The
call money rate eased off to per cent
under the showing of the bank state
ment, and the reduced requirements
for speculative purposes. The cessa-
ton of forced liquidation and the de-
VeloDment of strength in a number OF
stocks drove the shorts to cover. A
report that j. p. Morgan had gone 10
Washington TO confer with President
Roosevelt gave room traders comfort
The Colorado and Southern stocks be-
came very strong at the last on the
volume of dealings unprecedented for
the market. Their gains reached
points or better. Good dividend pros
poets were alleged as the reason for
the advance. Chicago, indianapolis
and Louisville also rose 31a and the
preferred ~ on reported dividend pros
poets. Amalgamated Copper was
erratic, rising at one time OYER a point,
but closing practically unchanged
Manhattan also failed to hold its gain
of 1h. Northwestern recovered IN of
yesterdays loss. United States Rub
Der stocks were strong. Renewed
strength in the exchange market corr
roborated the expectation that more
gold will be exported next week
Bonds were duh and irregular. Total
sales, par value. $2.3S5O0 The an
nounced determination of the author
tiles at Washington to take steps
against the Northern Securities Com
pany on the ground that it was formed
in violation of the Sherman antitrust
law of 1890, upset the stock market on
Thursday and superseded every other
consideration. Previous to that time
there had been a dull and spotty mar
ket, with individual stocks advancing
sharply and the, general undertone
firm. This was due to the disinclina-
ton of holders to sell much as to any
marked demand for stocks. How far
the new turn of affairs i'm Northern
Securities may ultimately affect the
market is difficult to foresee.
The rule. however, that substantial
interests come to the support OF values
of properties in which they are inter-
ested in time of crisis without any
purpose of obtaining stocks for per-
manent holding was apparent. This
thing was in evidence at the time of
President McKinleys assassination
and in last Mays panic. The assump-
ton among spectators in Wall street
that the establishment of the status of
the Northern Securities Company
would remove all the repressiye infiu-
ences upon speculation and restore con-
ditions interrupted by the Northern Pa
ciflc quarrel takes no account of the
fact that values were inflated by over
speculation last May, and that the
events that the then speculation was
intended to discount have since come
TO pass, or have been demonstrated to
the idle rumors and canards. Not
much thought has been given as to
how far the actual condition OF prop
erty values would be affected by the
overthrow of the Northern Securities
Company. IL IS not clear that the
actual changes and dividend divisions
of control which were effected by the
Northern Pacific contest, would be al
tered by dissolying the company.
The fiotation of the Northern Secu-
rifles Company might supposedly be
defeated without threatening the re-
newal OF the trans-contnental railroad
conflict. The cause for depression
which some discern in the proceeding
against the Northern Securities. lies IN
the supDostion that Il Is intended to
test the efficacy of the existing law
In the case and then lend the power
OF the administration TO amending II
~ necessary TO make Il effective against
the formation OF great financial COM
bines.
The routine news OF the week has
not given occasion 90 anxiety but
rather for encouragement IN the actiy-
itv Of the iron trade a rather larger
nOyement OF grain and prosperous gem
eral trade conditions.
The bond market has been relatively
more active than Tor weeks. and values
were only slightly affected ~ the late
weakness ln stocks outside some ~ the
highly speculative ISSUES.
fnitnd states rofundlnW ~ advanced
~. the ss COUPON -. 40 registered ~
abe O. ~ nnItfha uII Al - over fln
closing call ~ lat week