The Savannah morning news., 1900-12-28

tn che Rio Grandc stock and the large
amount OF the absorption gave rise 90 she
conjecture that a process had begun o.
TRANSMISSION 81 interest between railroad
companies IA that region looklns 20 a
settlement OF obstinate rate problems
similar 60 the exchange OF holdings which
has occurred between railroads in other
regions. The response was NOT especial
~ among Southwestern railroads. but
among low priced stocks scattered an
through the list. After Denver ana Rio
Grande had risen 81 there were success
siNe responses On Iowa Central Norfolk
and Western. Fort Worth and Rio
Grande. the Wabash stock United
States Leather. Hooking Coal. North
American. Reading second preferred.
Mexican Central Ann Arhor and on
tario and Western OF from ! to So. This
diversion OF speculative activity from
high priced dividend paying stocks 90 low
priced stocks g. u, very usual accompani-
mcnt OF long Sustained bull movement
on the theory that the low priced stocks
are entitled To a rise TO adjust their
values TO the dividend payers. A. this
time there is the additional argument
which gains force from a lingering fear
Of q possibility Of "a money squeeze nci-
dent TO the early settlement. that the low
priced stocks are safer 20 hold on mar
gin. as the margin represents Ia some
eases nearly the FUN value OF the stock.
In addition to these features OF strength
in to-day's market there was an opening
rush 20 buy Peoples Gas which made
the price II or ga above last night Al
though 81 fen back nearly points II Was
well sustained &c the lower levei aud
closed with net gain Of ~, on the
strength Of the reports OF Vanderbilt ac-
qurement OF the stock Sugar WAS very
IA MI al
strongly after IN early decline. and
closing With net gain OF "a 81 Paul
moved up In the late dealings pretty near
TO IA. coming within less than a po.nt OF
burlington. rncasiness over the money
market was again allayed by the ahund-
ant funds Offering on call which carried
the rate down 20 az In the late dealings.
This WAS az Influential factor IN raiying
the market and the bears who sold freely
b. the early trading covered again on
large scale before che close
Business IN bonds continued large and
the market gained in strength as the day
progressed. Total sales par value SID
COO United States old fours and nvcs ad-
vanced a. refundiug twos = and threcs =
per cent. on the last call.
The total sales OF stocks to-day were
Ian. 800 shares including Atchison 1890.
kschison preferred. 2llO0. Chesapeake and
Island. &C. 80. Delaware and Hudson 3D.
0oo. Denver and Rio Grande. $500, Den
yer aud Rio Graude preferred. 500. Erie.
q. co.. Erie nrst preferred. 2i9". Louis
VILE and Nashville 9.slA. Manhattan. a.
100: Mexican Central. a. TOO Missouri Pa
cific. 90 80: Missouri. Kansas and Texas
preferred. 1000. New York Central H.
80: Norfolk and Western 800. Northern
Pacific. Is 600. Northern Pacific preferred
7.f0s: Ontario and Western. 1890; Penn
sylvania. isii0. Reading 1900; Reading
FIRST preferred. 800; Reading second pre-
ferred. iAS1: ST. Louis Southwestern,
7m. ST Louis Southwestern preferred,
800: Sc Paul. 1890. Southern Pacific
a.. 100. southern Railway, $500, southern
Railway preferred 10 400. Texas and Pa
ciac. 1850: Union Pacific. iAo. Union
Pacific preferred i0o0l. Wabash. N.2l;
Wabash preferred. 81 100; Wheeling. SOD.
Copper cx-dividend, 81. so: Steel and Wire
~ 900: Tin Plate. 1850. American To-
hacco 49, 100. Anaconda. so; Brooklyn,
- GO. Colorado Fuel, $50. Continental
Tobacco. 6eo Federal Steel 2il0o In
ternatlonal Paper. sioo. National steel
i5l00: North American 3. 20); People
Gas 6o6o0. Sugar. 1880. United State
Leather 25mo; Enited States Rubber
COO