The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-04-03
sTnCks Ann nnNns.

STOCKS AND BONDS.
New York. April 1.-The stock market
made a strong opening to-day on large
buying orders which had accumulated in
commission houses over Sunday and in
response to the continued demand for
London account. The influence of Satur-
days favorable bank statement was still
felt and the room traders were inclined to
the bull side.
There was Il large absorption of the
leading iron and steel stocks which at
tributed to the operation of a pool and
the buying Of Peoples Gas is said to be-
included in the same plan. There was
large buying of Anaconda on foreign ac-
count, in sympathy with the strength OF
coppers, both in the London and in the
Paris market, where the short interest
Is In evident distress But notwithstand-
ing these favorable auspices and the adj
ditional benefit of some extraordinary
strong statement of earnings, the strength
of the market was not maintained. The
early demand was very freely fed for the
purpose of taking profits by last weeks
buyers. The persistent weakness of Sugar
had an unsettling influence on the list.
The early strength of the iron stocks
gave way to quite acute weakness after
the assembling of the annual meeting OF
the stockholders of the Federal Steel
Company
The selling movement seemed to gain
force as the hour for closing approached
and the actual close was active and weak
and net losses largely predominated.
Some of the railroad stocks which had
been notably strong lost practically ALI
their gains or at the best had them
largely demolished. The Pacific stocks
and the Changers were conspicuous ex-
amples Quite a number Of usually mac
tive railroads were strong. notably the
Lake Erie ana Western stocks, the pre-
ferred stock jumping 1875 points. to par,
and the common rising an extreme ~.
The fall in Sugar was accompanied by
reports Of new cuts in the price in coffee.
the war i'm the coffee trade being waged
by the same rival interests as that in the
Sugar trade. The weakness in the iron
stocks seemed to be due to disappointment
on the part of specula tors over the show
ing of earnings made by the Federal Steel
Company
The drop IN Federal Steel in the early
high point was as and in Steel and
Wire over points Other stocks in the
group We're less actively traded in, but
all showed weakness. The days state
ments OF net earnings for FEBRUARY i'm
cluded gains over last years February
net earnings Of "a per cent. for Norfolk
and Western, 66 per cent. for Rio Grande
and Western, 50 per cent. for Union Pa
cifc and SO per cent. for Louisville and
Nashville. The stocks Of these companies
showed good resistance TO the reaction
airy tendency, but the conditions thus re-
Elected Of railroad business were not suf-
hcient to hold the general list. Money
was easy, though not much effect was
felt from the disbursement of quarterly
interest and dividend payments.
Sterling exchange continued it's upward
course and the question is now arising
whether the Increase in the circulating
medium by the operation OF the law or
March "A may not result in sending gold
abroad by relieving the need for 1t in cir
culation here. The process for taking ont
new circulation, which had come to a
pause. is reported from Washington to
have received fresh impetus and the
sub-treasury in New York is again pay
ing out large amounts for premiums on
converted bonds.
The bond market was active to-day Wa
bash debentures BIS being absorbed on a
large scale. Prices generally are higher.
Total sales. par value. S3925,OOO
United States refunding (when issued
declined Y and the rs and old As z in the
bid price.
The total stock sales to-day were $4,000
shares, including Atcheon. 36,475 Atchi-
son preferred. 1898; Baltimore and Ohio,
IL 1876: Chesapeake and Ohio, $3.50; Chi
cago Great Western, 1l655; Chicago, Bur-
lington and Quincy, 14150; Chicago, Rock
Island and Pacific, 1885; Lake Erie and
Western. 9,537; Louisville and Nashville.
70ss; Manhattan. 12.825; Metropolitan
Street Railway, 5055; Northern Pacific,
%. $50. Northern Pacific preferred, 9,10O;
Pennsylvania $3.50; ST. Paul, 2S.510; South
ern Pacific. 2i,530 Southern Railway, o.
1922 Southern Railway preferred, $3.50;
Union Pacific 1926: Union Pacific pre-
ferred $685. Wabash preferred, 5000;
American Steel and Wire, 62,620; Tin Plate,
Clio; Anaconda, 10.650 Brooklyn Rapid
Transit, 24,935; Colorado Fuel ana iron,
5000: Federal Steel SO. 655: National Steel,
6,275; Peoples Gas 42595; Sugar, $3.50;
Tennessee Coal and Iron. $50.