The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-09-18
STOCKS AND BONDS.
The Failure of an Expected Break
Caught some Traders short.


Caught some Traders short.
New York. Sept. 1.-THE expected break
IN prices Of stocks failed 20 occur to-day
There were very considerable selling or
ders IN the market at the opening. as
never fails TO happen after such a break
In prices as that OF Saturday but the
friends OF the various stocks had placed
supporting orders IN the market and their
buying was sufficient to absorb the Of
ferngs.
The professional traders who had sold
short on Saturday. were not slow 20 de-
tect the evidences OF support. and they
FASTENED 20 cover and take their profits.
Buying from this source was a material
factor IN the recovery Seeing the tenden-
cy Of things the bull leaders who had TO
retreat last week attempted 20 retrieve
their lost ground b. bidding up prices
The pressure 60 cell al the advance
stopped this movement. however. and the
market fen back into SIS recent condition
Of lethargy and downward drifting. Prices
In practically an the important stocks
were very near 60 Saturdays level at the
close which was dull and easy.
Among the professional traders. who
stu control large proportion OF the OPP
erations an important influence was eN-
erted by the bullish opinions expressed
by James r. Kecne In an interview IN
London MT Kccues Views were the
more influential inasmuch a. Saturday,
gossip on the Stock Exchange had at
tributed a selling order OF iS.0o shares
OF various stocks 10 his account The
smaller traders who followed this lead
had nothing 20 do but 20 cover their
short contracts this morning.
The relative nrmness OF the coal-carry-
inc railroad stocks. even before the gen.
cral up-turn and che positive strength de-
veloped later served TO detract somewhat
from the effect Of shutting down OF the
coal mines.
Unesslness was less acute over che
money market and more account was TAX
en- OF the fact chat last weeks outward
movement Of currency was abnormal by
reason Of the large relief funds transfer
red 10 Texas. Greater confidence was felt
in the ability Of the money market 20 meet
the tcauiremcnts Of the German loan sub
scription and more attention IL paid 10
the larger view Of the operation a. an IN
dicatlon Of the growing power and impor-
tance OF the country's financial position.
The export movement Of merchandise con-
tlnues heavy. thus constantly making eN
change TO mees the obligations Incurred
10 meet the subscriptions 90 the loan.
Large floating loans are coming due IN the
Berlin market 20 American lenders ana
will be available by bookkeeping oper-
alton 20 pay installmenis on the loan. The
fear il expressed in London that che
American subscribers mny pay the Ger
man government BY orders for gold on
London. the supply OF sterling exchange
M New York being large enough. Il IL
believed. 20 allow such an operation. This
possibility was depressing factor IN the
London stock market. ~ Berlin would not
be- expected 10 be so lenicnt a creditor ~
America has been. owing 70 the high
money rate IN Berlin. From any stand
point America being the creditor In the
operation would exercise large control OF
the situation The possible line In which
relief would be- sought + indicated By last
weeks resale OF the certificates for Berlin
excheauer bonds 70 London which was
made bv some Of the American subrcrih-
ers and which helped 20 Illustrate the plan
OF the underwriting syndicate 20 ship gold
10 London.
The bond market continued irregular.
Total gales par value. $sSe,go United
ssates refunding twos when Issued. the
ala fourr and 1ves advanced and new
fours y per cent. IN the BID price.