The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-06-29
STOCKS AND BONDS.
Symptoms BACK to Conditions of
Lethargy and sagRing.

New York, June 3s.-The stock market
showed symptoms during the early hours
OF the trading to-day of having fallen
back into the condition OF tetharsy and
sagging prices, which marked the trading
last week.
But the large outstanding short account
showed itself very sensitive 40 develop
ments In the wheat market. With the
continued fall In the price OF that cereal
and reports Of enormous quantities of
wheat thrown upon the market TO hquI-
date. the courage of the bears oozed out
at the tips OF their fingers. and they
scrambled to cover their short contracts
IN the late dealings with considerable pre-
cipitency. The result was q strong clos
ing at the top level, with the rally stiil
In force, and at level of prices from !
to points over last night for many &C.
tive stocks.
The bears were In full retreat all
through the list. even Baltimore and Ohio
turning from It's persistent downward
course with rally OF points from the
early decline. Sugar. Brooklyn Transit,
Peoples Gas and American Tobacco all
made notable upward movements, the lat
ter apparently on beleted appreciation
OF yesterdays dividend declaration.
While the break In the wheat market
was unquestionabiy the dominant infiu-
ence, there were other points of strength
which r4diated a favorable influence. The
Coalers advanced on the rise In the price
OF anthracite. The Southwestern stocks
moved up In company with the more fav-
orable prospects OF the Texas cotton crop
compared with that in other cotton states
on the large winter wheat crop and on
hopes OF he corn crop. Estimates by
Western trade journal that the winter
wheat crop and the wheat reserves would
make y the deficiency in the shortage
in the spring wheat crop, had much to do
with the days movement. both in wheat
and railroad stocks. II was made evident
that prices Of stocks have not only kept
pace with the damage to wheat, but have
been discountlng continued deteriora ton j..
The rains In the Northwest caused sharp
check to the speculation on this basis.
The iron and steel stocks showed de-
cded strength. and a marked disregard OF
the rather pessimistic views expressed of
the trade outlook by the Iron Age. The
movement OF prices In the steel group gave
a particular intlmation that increased de-
mand Is being met on the decline In prices.
Opinions are heard that any further re-
actions in prices will insure a violent
rebound when the consumers needs begin
40 be felt. and orders are placed, and
Wnen the turn OF prices mas eNluentIy DeeI
made. Certainly the course Of steel stocks
to-day was in singular disregard OF the
current news of falling prices, and proba-
Bile difficulties over the adjustment of
wage scales for the coming year.
The money market continued quite I'M
rufied. T-s decline IN exchange was
checked to-day with the sharp advance in
call loans in the London market, and the
marking up by Va OF the Bank of Eng
lands price for gold. and for American
eagles. The decline in exchange is said
to have been caused by the coming upon
the market OF long sterling bills which
have been held for maturity, and are
now being sold as sight bills. AS they had
figured meantime 90 collateral for loans,
their liquidation now involves the paying
off loans, and may thus help TO account
for the current ease OF the money market
The bond market was not active, but
prices were Arm. To-day's sales, par
value, $1,05o,Ooo
United States bonds were unchanged in
bid quotations.
To-day's total stocks sales OF stocks were
$4,000 shares, including Atchison. 5,422;
do preferred 1870; Baltimore and Ohio,
24SsS; Chicago Burlington and Quincy.
1885; Northern Pacific, 2o,9s0; Reading
hrst preferred, i4,44O; 81. Paul. 1905;
Southern Pacific. 727S: American Tobac-
GO, 1890; Brooklyn Transit. 3i,1so; Peo-
pies Gas, $40; Sugar. 4o,57o.
New York Stock List.