The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-12-08
STOCKS AND BONDS.
Prospective Decline In Cash Reserve
Hns DenressIng tsncel.

New York Dec. The prospect Of a
decline in cash resources OF the banks OF
upward Of 10000. proved too much for
tho fortitudo OF spectators to-day. and
they sold stocks. reversing the movement
Of yesterday They had the advantage Of
new points Of strength IN a number Of
individual stocks amongst the low priced
ones but a demoralized tone in one o
two Of the industrials more than Offset
this advantage
The sub-treasury alone has taken up
from the hunks during the week, $500
on. including the deposits al the SUB
treasury for Geographic transfer 20 the
interior. The 81 e-t movement by express.
although supposed 20 be small on bal
ance. g. certainly In favor OF the interior.
There Is 4 suspicion also that the local
movements OF cash which have helped out
the showing Of the banks Tor the last
few weeks ia not 10 be reliol on this
week These gains have been due 20 q
large extent 10 the opera lions Of a single
bank in which is centered some OF the
most important interests In the financial
world. including copper mining STOCKS.
The course OF Amalgamated Copper dur
lng the week has given rise 70 the ap-
prehenslon that interests Identified wifl
measures to conserve thu general money
market situation The loan item also Is
the subject OF much perpleNed surmise.
While there has been some spcculative
llauidation IA the stock market there
has been some large borrowing for out
sida financial operations. including suO-
scripuons. TO a SO 900 90 sue % Third
avenue railroad bonds. which also closed
to-day with the announcement that Il
..saN.. -
has been any considerable loan expansion
double effect on the surPus reserves may
prove somsw hat sensational. especially
With the most trying period Of the year
on the market 90 b. Immediately faced.
Liquidation WAS not urgent ia the stock
market but WIS quite general Even
the Erie securities yielded temporarily on
the denial Of a story attempting 10 ex-
plain their movement By alleging that
tho company had purchased the Pennsly-
vania Coal Company. Both the stocks
and bonds. however. rallied subsequently,
10 TOP prices Besides this. strength WAS
shown by the St Louis and San Francisco
stocks led by the second preferred with
an advance or "a and the New York.
Chicago and St Louis led by the second
preferred with an advance OF ~.
on the other hand. there was continued
weakness in Tennessee Coal on persistiug
rumors that the dividend would be passed.
The stock fsil at one time 2is ana after
nuctuating feverish.y closed within 4 OF
the lowest CONFIDENT With the meeting
Of the directors Of the United states Rub
her Company. the common stock broke 4
and the preferred stock 81. without
meeting any effective support. u was re-
NOTED after the meeting. without equal
authority that the company had reduced
the price Of It, goods Is per cent. and
doubts were expressed Of the maintenance
Of the dividends on the preferred. Pacilln
Mail broke nearly 4 per cent. on the large
decrease IN net ca rnings reported for Oc-
tober. Unsatisfactury results q the meet
ing 81 Western rail- cad presidents TO en-
foree the observance OF freight rafes.
heioad 10 depress the railroad list. There
AS weakness In Peoples Gas. Tobacco
and the local fractions. The elosing vas