The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-02-02
STOCKS AND BONDS.

New York, Feb. 1.-Wnte a good deal
of irregularty was manifest In to-day
market, owing TO the important opera
lions for both accounts in leading proper
ties, the bulls nt all times held the mas
terry. as evidenced by the generous spriuk-
ling of net gains through the list. lntlu-
ences contr buting TO this result included
a heavy absorption of the iron and steel
stocks and the excellent net statements OF
the leading lines. Efforts to dampen bull
ish enthusiasm met with temporary sue
cess at intervals through aggressive ham
mering of the local group.
A ragged opening was due primarily to
the unsetting incident in Sugar yesterday
and yielding prices for Americans in Lon
don. II was soon made manifest that an
Improvement movement was carded in the
metal group. as issues which are usually
not factors livened up and advanced rap-
idly. Strength developed In other stocks
and the market rose easily The bear
faction made a concerted attack on the
local utilities and broke Third Avenue
points Kindred properties sagged lulA
and Sugar and Tobacco were also largely
affected. This maneVuer provoked some
selling of the railroad stocks, but the
various encouraging traffic statements
came to hand the offerings diminished and
business centered almost wholly in the
transac tons
The Generalization in Third Avenue de
duced an official statement by the counsel
of the company of a plan to finance its
indebtedness by an issue OF per cent
notes. allowing optional redemption by the
company within a year. The notes do
not contain any clause permitting their
convertibility into stock This statement
effectually disposed of recent rumors that
the issue would be $4,000 and would teop
ardze dividend payments on the stock.
Supporting orders rallied II points. but
we "A a.
near the close and ended with a net loss
of s points.
A variety of rumors were circulated IN
connection with the buoyancy of the iron
and steel stocks, chief among which was
the early establishment of Tennessee Coal
and Iron common stock of an per cent
dividend basis. Other advices were pre-,
dictions as to the enormous earnings of
the various companies and trade reports
asserting distinct Improvement in the IN
dustry. Tennessee Coal did not develop
its buoyancy until numerous other issues
OF this class had been advanced smartly
When the move in il started itquickly as
sumed prominence and rose 8 points, de
spite enormous realizations. Gains in
other members of the group We're less pro-
nounced but ranged from 203ia per cent
The early attempts of the bears TO cre-
ate liquidation I'm the standard stocks
proved unavailing.
While me inquiry for the leading rail-
road stocks was not very urgent, still
there was a slight appreciation all around
which was fairly well maintained to the
end. The ease with which the active spe-
cialties responded to the pool buying
caused many of the active traders to
transfer their efforts 40 raise prices from
the railroads into the metal group. where
the prospective profit seemed alluring.
In connection with the monetary system
call and time money rates were easy. but
bids for large amounts of the latter were
made below the market. which holds at
4 per cent.
A good demand developed for the active
bond issues to-day at higher prices. Some
concessions. however, were noted in spots.
Total sales par value, $l,93O.000.
United States rs, new As and IS advanc-
ed "A in the bid prices.
The total sales of stocks to-day were aga.
coo, including Atchison preferred. % 1885;
Burlington, $500; Metropolitan, $685.; Read
ing first preferred, 500; Missouri Pacific,
6.455: Southern Pacific, $40; American
Steel and Wire. 80, $50; do preferred 1860;
American Tobacco, 2,2l4; Brooklyn Rapid
Transit. 80, SOS; Colorado Fuel and Iron,
q go; Continental Tobacco. 1850; Federal
Steel 1882; Gas. II. 1876; National Steel.
Pan; Sugar, $3.50; Tennessee Coal and
Iron, % 1885, Lea Their, 6,e05