The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-06-10
STOCKS AND BONDS.
The Depressed Condition of stocks
Not Relieved


New York, June g-Those who expected
that the bears who sold stocks short in
large volume during the final dealings
yesterday would scamper to cover their
shorts to-day and work a sharp rally TO
close the week. were disappointed. The
depressed condition Of foreign stock mar
kets continued to-day in spite of the
rather more reassurng opinions for n
peaceful outcome to affairs in China, so
far as the interests Of European Powers
are concerning. Selling for London ac-
count was on a liberal scale here Rumo:
are disseminated to the effect that this
foreign selling is really for account of
some large New York operators al pres
ent in Europe, and who have long been
prominent on the bear SIDE Of the mar
ket.
The fact is that yes .erday's sudden
weakness of stocks is not clearly under
stood as to it's motives or It's source and
current rumors represent the surmses of
those cropping for light more than any
authentic knowledge, Wall street is, in
reality, rather skeptcal about reports Of
crop failure at this stage. Neither is the
foreign selling in sufficient volume 10 ac-
count for the weakness. The news of
the day, while inclinins toward depres-
SION is Of about the same character as
for some time past, while the market has
been suggishly Indifferent Spectators
are, therefore, inclined to fear that some
unfavorable factor not yet known to che
public, is inducing liquidation.
The money outlook beyond the immedi-
ale future. is not altogether satisfactory
The weeks additional loan expansion of
S6,4S3,000 must clearly be attributed re-
newed foreign demands upon our credits.
Estimates OF the future ease of the local
money market have been predicted upon a
cessation Of this fore'g demand The
acuteness Of the stress for funds in Ber-
lin seems to he the cause of the new de-
mand. If this loan extension to foreign
borrowers should continue into the period
when New York banks are called upon %
finance the crop movement. now MOI far
distant, rapid dissolution of the surplus,
which was reduced to-day to SlS,374250,
would necessarily. result
Vest erdays additional call for $1,000 coo
of government deposits will be followed
by three calls of the same amount, thus
taking up the whole of the $25,000,000 nee
essary 10 redeem the government Is,
which are called for Aug. 49, These
bonds are in the names of the banks, are
on deposit as security for circulation. II
is optional with the banks when they
shall be presented for redemption. Until
they are redeemed the calling of govern
ment deposits from the banks will con-
tinue 10 act as a drain on the money
market The market closed steady on a
covering movement by room traders.
The bond market has been duh. but
prices have been remarkably steady,
United States IS declined 5s, cid As cou-
pom declined III, do regis, cred ., end re-
funding 2s when issued, l. and IS and
new As declined a in the bid price, The
IS advanced Is.
The total sales of stocks to-day were
$1,000 shares. including Atch!son prefer
red 1880; Bal imore and Ohio, 1880; Chi
cago. Burlington and Quincy, S,22o; Mis-
souri, Pacific. 1925; Northern Pacific, r.
415; Reading FIRST preferred, $500, st
/. Paul. L ,S73; Union Pacific, 5000; American
Steel and Wire, $3.50; American Tobacco
100: Sugar $50 .-