The Savannah morning news., 1900-08-31
STOCKS AND BONDS.
Trading for the Day Did Not Assume
Large Proportions.

New York. Aug. SO.-The early promise
of strength in the stock market to-day
was not maintained and after brief pc
Rod of some activity and firmness prices
began to decline again, and the trading
tapered down to the insignificant proper
tons which have become the recent nor
NAL. The traders rightly concluded that
this indicated that yesterdays advance
was due to nothing more than a cover
ing of short contracts pending the APP
preaching three days holiday.
The steel group especially disappointed
the hopes that a bull movement was UNI
der way, by developing heavy tone, Steel
and wire falling back over point. The
American Tin Plate and American Hoop
stocks were exceptions and show good
gains for the day. There was no means
to account for the relapse in the group.
the reports al hand showing a growing
demand for many grades of iron products.
There was a desultory speculation in SUI
gar, which lifted it al one time over a
point after the announcement was made
of an advance in the price of refined SUI
gar But the gain was almost entirely
wiped out by the time the market closed.
Strength in the London market helped
the opening here, causing sharp fraction
al gains in a number of the interna tion1l
stocks but London reacted later in the
day and those stocks lost their advant-
age in sympathy.
The railroad statements for July which
appeared to-day counteracted the favora
ole effect of yesterdays showing by the
St. Paul company, the higher level of OPP
Grating expenses serving to bring down
the net earnings in the cases of Burling
ton, Northern Pacific and Southern Rail-
way while Cleveland, Chicago, Cincinnati
and St. Louis saved only small part OF
its gross increase for net earnings. The
explanations which were offered of the
heaviness of stocks formed substitutes for
news to some extent. For instance. there
was some renewed soicitude expressed
regarding the future money market. The
fact that the Bank of England had again
offered interest on gold in transit gave
ground for the expectation that the ex-
port movement of gold may shortly be re-
ne wed. Sterling exchange rose a fraction
in New York and three months bills in
London were advanced.
The London market apprehendS some
stringency as an incident of the next
stock exchange settlement and the pay
ment of the next installment on the new
loan which comes about the middle of %
month. In the pessimistic mood of the
LEGAL market the possibility was suggested
that the treasury department might be
obliged during the early fall to draw on
its deposits with the national banks in
CIDER to meet extraordinary expenditures
for military operations. There was Moth
ing in the days money market to give
color to any apprehension of higher rates.
The banks have gained upwards of $1,000, :
COO from the sub-treasury and another
substantial increase in reserves is indi-
Gated for the week. The market closed
dull and heavy al a generally lower level
of prices.
Bonds were dull and Irregular. Total
sales par value 81, 10000. United States re-
funding Is when issued, and the new As
declined u per cent. in the bid prices
Total sales of stocks to-day were 142-
coo shares, including Union Pacific, 5795;
American Steel Hoop, $3.50; Steel and
Wire, 1920; Tobacco, 5,425; Brooklyn, o.
1861 Sugar, $3.50