The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-06-20

the early gains. The selling through com.
mission houses, which was the motf
striking evidence of weakness in yester
days market, indicating as IL did, the
letting go of stocks by tired investment
holders was on a small scale to-day. Sell
ing orders of this character caused re-
action after the opening rise in sympathy
with London, and the bears started to p.It
out fresh short lines. But they soon de,
tected the cessation Of 4quida ions. Tb
large borrowing demand for stocks las.
night had served as a warning to the
bears that the short interest was becoming
rather unwieldy and they followed Lon
don's example and started to cover. The
market then fell back into its purely pro-
fessional character, and drifted rather
aimlessly for the rest of the day net,
changes being slight.
The steel group was inclined to weak.
ness with the exception of Federal Steel
which was firm on expectation of dividend
action on the common this afternoon. Ups
ion Pacific, both common and preferreh
Pacific Mail showed notable strength. The
cessation of liquidation seems to have.
been caused by a revised estimate of tina
motives of the strength in the whols
market, additional Importance being given
to the fears of European complications
over China, and less apprehension being
felt over the crop situation. The fact that
foreigners were selling some wheat in this
market to-day. did not seem to affect this
feeling. Growing attention is being paid
to the money market outlook, in view Of
the shipment of gold to Germany TO-DAY.
and the Intention to make further shin
ments to France on Thursday. Il is feIr
that this drain on New York's low level
of surplus reserves, joined to domestic
conditions, must have an early effect IN
the local money market. The demand
from Berlin is said to be for the purpose
of meeting the need for the semi-annual
settlements on July /. This would leave
a short period for the continuance of tho
demand. The Bank of England lost gois
to Germany to-day, and a symptom of its
dissatisfaction was the raising Of the
price of gold, three-quarters of q nenn,,
an ounce. The price of American eagles
was at the same time advanced one-hAIf
penny an ounce, raising the question
whether the British institution is TO josr
in the demands being made on New York
for gold. The sub-treasury is Just now
making heavy disbursements on account
of pensions which have been suficien.
since Friday, to offset the payments made
by the bank. for the gold exported. But
the $75,000,000 deposits called by the gov
eminent, are due on next Monday, and
no part of the installment has vet been
paid by the banks. Meantime New York
Exchange with Chicago to-day fell, from
30 cents to 20 cents premium, indicating
a decline in the flow of currency from the
interior to New York.
The bond market was dull and prices
went lower. Total sales, par value, ST.
275, 900.
United States new As declined Il. and
the old As and SIS u in the bid price
To-days total stock sales were 2s1 100
shares including the following: Atchison,
2O,9OO; Baltimore and Ohio. 5000; Chicago,
Burlington and Quincy, 1885, Chicago.
Rock Island and Pacific, TIPS: Missouri
Pacific, H. 400; Northern Pacific, 1880:
Pennsylvania, 500: Reading first prefer
red, 5000; st. Paul, 1910; Southern Pa
cine, 15.020; Union Pacific, 1875; American
Tobacco, 1874; Brooklyn Transit. ISIS:
Federal Steel, $50; Peoples Gas $40: