The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-03-25
STOCKS AND BONDS.

New York, March 24-Evidently Wall
street attaches Importance at this time
to the attitude of London towards the
local securities market; for when it was
seen from the morning cabled dispatches
that London had reversed its attitude of
yesterday and had begun to buy Ameri
can securities the disposition manifest
here yesterday to sell out and take profits
was completely altered
The buying for London account was sup
plemeted by rush to- buy by all classes.
London's influence was shown in the lead
ersbip in the early market of the interna-
tional favorites, of which Baltimore and
Ohio and Denver and Rio Grande stocks
were most conspicuous. Baltimore and
Ohio rose in the late dealings an extreme
93s and retained its conspicuous place in
the market throughout
Pennsylvania, in which the transactions
are rarely on a large scale was dealt
in in 1000 share lots almost as though
that were the normal unit of transact
lions and individual transactions in the
stock ran from that up to 5000 shares,
which was the size of the block taken,
whence the price first touched 49, All
of the trunk lines were more or less af-
fected by this movement, but the stream
of realizing held back the Norfolk and
Western stocks. Transactions of a thou
sand shares and upward were frequent
all through the railroad list and blocks
of 5000 shares changed hands in Atchison
common and Southern Pacific. The Pa
Gifts, especially Atchison and some of the
Southern and Southwestern group, were
very heavily dealt in all day. The Grang-
ers were less active, but the group was
strong. There was some tendency to re-
action in the local transactions and the
iron and steel stocks were quiet. Other
wise there was no important exception
to the general activity and strength of
the list. The closing was active and
fairly buoyant at the best prices.
An early linking was obtained of the
probability of a favorite bank statement
based on the growing abundance of funds
offered to borrowers The heavy loan
contraction, in spite Of the outbreak of
speculative activity, indicates how inn
portant an element has been the buying
of government bonds for speculation in
tying up the money market. The late
rally in governments indicates that the
principal liquidation on this account has
been completed. The loan contraction by
the banks resulted in decline in de-
posts of nearly $14,000,000 and conse-
quent reduction in reserve requirements
of 3,491, 575. As the loss i'm cash was only
$780, 700, the surplus was benefited to the
substantial extent of S3,130S75, bringing
the surplus up to $5.Sl7,300
The bond market has shown increasing
activity and strength as the week pro-
crossed. Savings banks and other insti-
tutions which have sold government
bonds have been in the market for high
grade railroad bonds.
United States Is and SIS declined y, new
As, g. the IS l and the refunding rs, when
issued, IA per cent. in the bid~price.
The total sales of stocks to-day were
47S,000 shares, including Atchison, 30,120;
Atchison preferred, $685. Baltimore and
Ohio. 27,71S, Chesapeake and Ohio, 1926;
Burlington, 10s6o Rock Island 1850;
Denver and Rio Grande, 190S0; Denver
and Rio Grande preferred. 6539; Metro
politan, 1890; Missouri Pacific, 11,Ol1;
New York Central, $500; Norfolk and
Western, $50; Northern Pacific, %, 1875;
Pennsylvania, 56,41O;. st. Paul, $3.50; Souh-
ern Pacific, 1850; Southern Railway 49,
500; Texas Pacific. $500; Union Pacific. a.
$50; Wabash. $780, Brooklyn Rapid Tran
sit, HOPS; Federal Steel, 600; Peoples
Gas, $500; Sugar, 2i,S50.