The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-12-11
THE MORNING NEWS: SATURDAY, DECEMBER H. 1897

stock markets here were fiat Today on al
sorts of vague and improbable rumors- A
feature was the sharp fall of pound IN
Anaconda Copper on the report OF an I'M
favorable output in the last two months.
Americans were irregular, but with good
undertone Louisville and Nashville
largely bought against options.
New York, Dee. 10.-TO-day'S market
was a contest between the reactionists aud
the combined interests which have en-
barked on a bull campaign. The bears were
encouraged by the evident stress under
which the bulls labored yesterday, in try
ing 10 sustain values at weak points and
they were prepared for vigorous measures
to break the market. Although those had
the advantage at the outset of lower quo
tatlons from London, the earlier deals
here shows advances, Sugar leading But
that stock, together with Manhattan and
the Coalers, was soon weakened by liberal
offerings to realize and the reaction soon
attacked the whole list.
There were very heavy dealings in
Northern Pacific preferred, which had
sharply advanced recently on Tumors of
liberal dividend to be declared to-day. The
action on the dividend was timed for about
the hour of the closing of the market and
the street was kept busy all day with
contradictory rumors on the subject. one
of these had it that action on the dividend
would be postponed altogether, and the re-
sulting decline in the stock uncovered stop
loss orders.
Covering of shorts in the final dealings
and early information of the decision of
the directors to disburse the first dividend
Of / per cent, caused a rally of nearly a
point in the stock, but left a net loss of a
sharp fraction.
The bears made vigorous attacks on all
of the stocks of the local corporations
which have been recently advanced, the
Transit Companies, on talk that the Un-
foreground rapid transit was about to
fail and the Gas Companies, on alleged
assurances of political favorltism. These
stocks all reacted from over 1 per cent
and up. The stocks of the transit COM
panies recovered partly on the postpone
ment OF a decision on the underground
plan. The break in this group, however
broke the market and precipitated declines
all through the list. Many leading stocks
lost per cent. or over and some as much
as per cent. The covering of shorts at the
close and the rally in local transit stocks
reduced net losses in most cases to frac-
tons.
The stocks of southern and southwest
ern railroads were comparatively firm and
show the smallest losses. Union Pacific
showed tendency to rally, though it
weakened somewhat later upon a denial of
the story that the Reorganization commit
amount of the principal of its claim for the
settlement of the Kansas Pacific contro-
versy.
Business through commission houses
showed large falling off to-day and sales
for London account continued on quite a
large scale. The general news of the day
and railroad earnings while favorable
We're disregarded and the course of the
market was due almost entirely to the
contest between the professional traders.
The feature of the bond market was the
decline of "A points in Kansas Pacific con-
sols, due to the apprehension that the pos
sible purchase by the government may de-
bar the holders from a share in the Union
Pacific reorganization plan. The demand
for high grade bonds continued good and
number of gains of from one to over two
per cent. was shown. The speculative
bonds reacted somewhat on the sympathy
with stocks. Total sales, So, 10000. United
states old As, regular were advanced to-
day % bid and the 5s Il bid
Total sales of stocks 342 SnO sbaras