The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-11-21
sToCKs AND noNDs.

New York. Nov. 20--The stock market
COMPOUNDED all the prophets to-day by
turning reactionary In tone. All of the
fraternity of professional Spectators came
down TO Wall street this morning inclined
to the bun side. Their operations, com
blned with an outside demand through
commission houses. invited by last weeks
course of events, carried prices upward
for a brief period but realizing promptly
became manifest and Manhattan developed
such conspicuous weakness as to affect
the whole list.
BY noon the weakness had become mark
ed in a number of the Industrial specials
ties. This was attributed to the expectal
ton of a decision by the United States
Supreme Court IN case bearing on the
validity Of the new form Of industrial COM
bination, which has been so widely used
in the last year.
The Industrials rallied considerably when
the news came from Washington that the
decision had not been handed down to-
day. The rally was due to operations by
room traders, and the explanation of tho
early weakness came from the same source
and was simply an effort to interpret the
weakness of stocks, which was a palpable
fact The renewed weakness after the
rally, showed that the explanation was
rather wide of the mark The sufficient
explanation OF the downward course of
prices was that the large holdings Of stocks
were thrown over last week to take ad-
vantage OF the strong market caused by
the bond redemption plan of the treasury
department. Last weeks buyers find no
widespread demand for stocks from the
public at large, and the movement Is con-
siderably overweighted with speculative
holdings waiting to realize. The outlook
in the New York money market continued
favorable, although the offerings Of gov
eminent bonds for redemption to-day were
much smaller than on previous days.
The easier money rate caused by the re-
demption money already released and the
higher prices the government bonds have
attained have encouraged bondholders to-
hold them. To-days loan rate ranged from
to per cent and the movement OF the
New York Exchange at interior points con-
tnued In favor OF New York promising
relief from the pressure for funds from
that source. The probable future demands
Of the sub-treasury are more In doubt.
The governments surplus tends to In
crease again as the month progresses and
the sub-treasury debit balance at. the
clearing house to-day was small in spite
of the governments checks for payments
of the redeemed bonds.
There was some proft-taxing in specu-
lative bonds but at other points In the list
some strength was shown. Total sales par
value, si,705,000.
United States new IS advanced Y and
the old As, registered, v In the BID price.
The total sales OF stocks were 5il,9OO, in
Guiding Atchison, 6.ses; do preferred, 1l.7Oo;
Chicago, Burlington and Quincy. ex-divi-
dend, $3.50; Manhattan, 69,1s0; Northern
Pacific. $3.50; Norfolk and Western, 10,950;
St. Paul, b,8S7; Southern Pacific. 3s.475:
Union Pacific 1920; do preferred $3.50;
Wabash preferred, 5,241 American Steel
Hoop, 5,s70 American Steel and Wire, l0,-
375 American Tobacco, 20257; Brooklyn
Rapid Transit, 1880; Continental Tobacco,
$3.50; Federal Steel, 27,2l0; Pacific Mail, S.
sT5 Peoples Gas. 5000; Sugar, 96.6SO;
Leather 1875; do preferred 10,10O.