The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-01-11
STOCKS AND BONDS.

New York Jan. 10.-The stock market
was dun and narrow to-day, except for the
sensational developments affecting the
stock of the American Sugar Refining
Company. Previous to the assembling
of the stockholders meeting there was a
considerable show of strength in this
stock, owing to a general conviction that
the sugar trade war has more of a shadow
than substance in it. The declaration
contained in the presidents annual report
rather took Wall streets breath and
caused fear that unless conditions change
dividends on the stock may be suspend
ed. The stock declined rapidly, the price
varying as much as III between sales. The
first drop took the stock to 122, when it
steadied, and rallied above 124. Il fell
again to 117%, bringing out heavy stop
loss orders on the way down, rallied to
near 122, reacted and again rallied I'm the
final dealings.
The large and persistent outstanding
short interest in the stock served as a
recuperative force by buying to cover con-
tracts.
All the prominent industrials were quite
sharply affected i'm sympathy, the bears
SELLING the opportunity to offer prices
down and uncover stop loss orders. The
railroads were much less affected all
though the earlier gains were mostly
wiped out. There was good buying in
the railroads at the decline, led by the
Baltimore and Ohio stocks. on the COM
pany's strong statement of December earn
ings. The general relaxation in money
rates all over the world had induced a
conviction that the official discount rates,
both of the Bank of England and the I'M
perial Bank of Germany will be reduced
tomorrow and board room traders were
inclined to buy stocks in anticipation Of
a foreign demand on this account.
Stocks were generally firm to-day In
foreign markets on account of easter
money rates. But II Is very clear that
the money market owes its abundance
and ease to the thorough liquidation Of
speculative accounts, which have been az
fected all over the world In the last few
weeks and to lack of renewed speculation
SPECTATORS are apparently still disncllned
TO take on stocks and to-day's market was
but a narrow affair even taking into ac-
count the violent price movement of some
of the specialties. The prevailing dull
ness IS attributed by traders to fears of
unfavorable news from South Africa, but
II is not improbable that the existing con-
ditions there. as well as in the financial
world, have been accurately discounted in
the speculative markets.
New developments are awaited to war
rant a new adjustment Of values.
The bond market was dull, and moved In
sympathy with railroad stocks. Total
sales par value, $l,025,OOO
United States new As and SIS registered
declined a in the bid price
The total sales Of stocks to-day were
4se GOO shares. including Atchson prefer
red, 1885, Baltimore and Ohio, 1923;
Chesapeake and Ohio, $500; Burlington,
1e.h7O: Rock Island. $50; Louisville and
Nashville, 6,s22; Manhattan 5.075; Missouri
Pacific. 6.60c; New York Central 1905;
Norfolk and Western 4,575; Northern Pa
1 nrpfDrro1
Southern Pacific, Il. 1876: Union Pacific. 23,-
l5O American Steel and Wire, 49, $50; Amer
lean Tobacco, $3.50; Brooklyn Rapid
Transit, "A. $50. Continental Tobacco. $3.50:
Federal Steel, 1890 Gas 1920; Sugar. 49,
oFn: IAafhar. 90S0.