The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-11-09
STOCKS AND BONDS.
Prosperous Opening Checked by the
Inter Trndlng.

AApHPNNUuH AhtNAtu ny Ah0
later Trading.
New York, Nov. s.-rhe stock market
started off this morning on an apparently
prosperous and animated career of rising
prices but before the trading had ceased
this afternoon the early gains were prac-
tically all wiped out and a level Of prices
lower than Monday was established. Var-
GUS considerations connected with politics
were In influence In the early rise.
The London market was encouraged by
the more cheerful news from the be-
leaguered forces in South Africa, and
prices of stocks were bid up in that mar
ket. The Berlin market was pleased with
the report that Great Britain had decided
to relnquish her claims in Samoa TO Ger
many and one result of this was to prompt
Berlin to buy some American stocks. In
this country the relief from the uncertain-
ties of election time and the hope of easier
money prompted some large buying of
stocks, which lifted prices at the outset.
But there were large holdings by profess
sonal operators which rad been bought
last week In the faith that an outside de-
mand for stocks would develop, and tho
hrst hour of the trading was devoted to-
the selling OF these holdings on a large
scale 10 take profits. When Il was seen
ing force, the sagging tendency set In.
Efforts were made to sustain prices by
manipulation OF special stocks members
of the Iron and Steel group and the prom
inent high-prced Industrlals being con-
spicuous The violent outbreak In Ieath-
er and the heavy selling Of Manhattan had
an unsettIing influence on the whole mar
ket and the stiffening of the money rate
and uneasiness over the future Of the
money market completed the discourage
ment Of the bulls.
The organized support which has pushed
pup Leather for several weeks seemed en-
tirely Withdrawn, and It was allowed to
drop by successive stages TO 2S compared
with 40 at the close on Monday sud-
den rally In the closing dealings brought
the price back TO 81. Manhattan had risen
to 1lf% when the statement for the nscaf
year made its appearance, showing a fail
ure to earn the increased dividends paid
on account Of additional stock by a mar
gin of 1928, 800. This carried the price
down to 107h, with final recovery of only
Y. The Industrlals showed marked SYM
pathy In this break, and the level of tho
whole market fell below Monday, the gen.
eral rally being but feeble
The fall In sterling exchange rates was
reflection Of the hardening money mar
ket here, but It gave no hope OF relief by
colo imports, owing to the urgent money
need, not only In London but al all con-
I
addition of renewed pressure upon New
YORK from interior points, New York ex-
change at Chicago falling from 10c premiums
to par. New York exchange at New Ons
leans also fell to an additional discount.
inc sub-treasury to-day showed a credlc
balance at the clearing house of over 800
| 900. Hopes of relief to the New YORK;
money market from any quarter were thus
dissipated and the last hour of the mar
ket saw an active liquidation Of stock
holdings, with very little demand to-
meet IL.
Price of bonds were better sustained
IMAM those OF stocks, but the days changes
were mixed. Total sales, par value g.
10000 w.
United States new As and the Ia al.
vanced y In the bid price.
The total sales Of stocks were 6g5O01
shares, including Atchison preferred IA
0oO; Chicago Great Western, 1896; Bur-
hngton, 12470; Colorado Southern 5000.
Louisville and Nashville. $780, Manhattan.
$500; Metropolitan, 1920: Northern Pa.
| enc, 5,25O st. Paul $500; Southern pa
! eihe. l2S,350: Southern Railway. 5.035: a.,
| preferred, 1906 Union Pacific 1885
American Steel Hoop 9450 American Steel
ana wire, 1866; American Tobacco, 12.5s3:
Brooklyn Rapid Transit, 62.25O; Conti-
mental Tobacco, 900; Federal Steel. 1880.
Pacihc Mall, 1850; Peoples Gas, 5235s
sugar, 62'6S5; Leather, 77,750; do preferred.