The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-07-25
STOCKS AND BONDS.

New York. July 25.-The announce
ment late to-day on the stock exchange
! Of the failure OF Talbot j. Taylor &
| Co, and of w. L. Stowe & Co, fol-
| lowed day of suppressed uneasiness
and apprehension The bears rushed
TO cover their short contracts on the
selling induced by the news of the fail
ures and a violent rebound followed,
so that large part of the days losses
were regained, and the market closed
| with excited buying on a rising scale
of prices. Some of the leading active
stocks closed the day with net gains
of q point or more. This, compared
with declines below last nights level
at the period of greatest weakness of
l to By for the active market leaders.
Amongst the specialties there were
more severe losses. due in some cases
as the event proved. to the special
commitments of the embarrassed firms
in these stocks. There were quite
large number Of low priced railroad
stocks in which downward plunges, al
though not so extensive, served to
arouse fears of coming failures. The
situation would be a large commitment
in some stocks with the stock already
acquired figuring largely as collateral
for loans and with the funds employed
in the market support and manipula-
ton of the price. Bankers and money
lenders have been keenly on the scent
of such conditions back of the money
they have out on loan and have grown
more and more exacting in regard to
collateral on such loans and more and
more solcitous to have them closed out
with the shrinkage in security values,
and the undermining of confidence.
The market management of the
United States Steel stocks during the
period of their fotation and the con-
duct of pool in Southern Pacific stock
will be looked upon as having been an
outcome in the Taylor & Co. failure.
Aside from the expectation of the fail
ures the realization of the fears and
the revulsion of feeling reflected in the
rush of the shorts to cover with the
bad news out. there were no influences
perceptible in the market. The weeks
movement of currency indicates a cash
gain by the local banks of upwards of
S. 900, 000
Rumors were numerous all day Of
financial embarrassments. and the field
of these rumors was by no means con-
fined to the stock exchange or to New
York city, but ranged the country over.
The heavy selling of Amalgamated
Copper by very specific rumors of
money troubles, which were not sub
stantiated.
Bonds were weak with stocks. To-
tai sales, par value, $685., 900. United
States bonds unchanged.
Total sales of stocks to-day were l.
307, 400 shares including: Atchison, 3d.
100; Baltimore and Ohio. 49, 800; Cana
dian Pacific 10000; Chicago Great
Western, $500; Colorado Southern, s.
800; Erie, 1890: do first preferred, TO-
400; do second preferred 5000; Illinois
Central, 5000; Manhattan. 5000; Mis-
souri, Pacific, 32,S00; New York Central,
| %, 100; Norfolk and Western, 4.500
| Pennsylvania, sc, 700; Reading. 104, 600
Rock Island 81, no; st. Paul. So. 700;
Southern Pacific. CLIPS; Southern Rail-
way, 1880; Union Pacific, $780, Wa
bash preferred. $780, Amalgamated
Copper 9S,200 American Car Foundry,
1900 American Smelling, $4,000; Amer
lean Sugar, $780, Brooklyn Rapid
Transit. $4,000; Peoples Gas, $500; Ten
nessee Coal, 1900; United States Steel,
$4,000; do preferred, 411OO.