The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-12-06
STOCKS AND BONDS.
Market opens weak with n Closing
Burst Of strength.

New York. Dec s-To-day's market
somewhat reversed the speculative posi-
ton OF yesterday. The carly part OF the
day showed continuance OF the resc-
tionarv tendency London took its cue
from the depression here yesterday ana
sold the Americans. Offering from that
source amounting 10 some - 000 shares.
The professional traders also continued
bearish and sold stocks short but @ be-
came obvious during the course OF the
day that there vas no urgent pressure 10
iquidate.
The decline IN prices brought no large
offerings and the bears we're dsinclined
on this account TO pursue their campaign.
Consequently. they bought TO cover their
contracts and turned the market upward
The recovery was helped by strength In
a few stocks. but whether the upward
course OF prices late In the day was due
generally 70 any other cause than the TAX
Ing 81 bears profits on the short sales
which were invited by yesterdays weak
ness remains 70 be seen. The develop
ments in the money market. which n the
true index OF speeu alton a. present con-
tinues against the presumption for active
speculation Call money rates went 10
per cent. again to-day and the move
ment OF currency 70 the interior continues
unabated To-day 800 no was trans-
ferred through the sub-treasury 20 Chi
cago and s275 oo0 to New Orleans This
rate Of depletion is far too large 10 per-
NIT OF any extensive credit expansion by
New York financial institutions ami
would not require long continuance 20
force n sharp contraction Of loans
II viii be remembered tina, In the period
~ repressio preceding the election bank
ere were practically unanimous On the
opinion that resources must be conserved
Tor the enlarged requirements Of business
after election. The outpourlng Of credits
aftcr Gle ton. however. was on such a
large scale a. 70 overwheim all demands
and force an easy money rate. IN spite OF
the furious speculation which Tase1 for
several weeks. NON after enormous in
roads have been made by such specula-
tive commitments as well as by invest
ment IN securities upon availabie credits
the expected demand for money IL mani
Testing itself The large movement Of
currency 70 the interior and the very
large volume OF interior bank clearings
4ro "a plain indication Of the active neci
for money through the county. An ae-
live money market Is generally expected
between nov ana the FIRST Of the year
after which the January disbursements
are expected 20 make for easier money
A loan contraction BY New York banks
recms. therefore. highly proooo bic and The
effect on the stock market VIII Be meas
ured by the financial resources Of those
holding stocks
A period or quisiude IN speculation and
a gradual Mquidation Of weak accounts
Is an important safeguard against sucn
a situation. The strong points IN 'o-ddy's
market we're among Inc iow-priced minor
stocks. the Eries. Peoria ana Eastern.
the wabash stocks. the 81 Joe and
Grand Island stocks and o hers OF inst
clsss being conspi-uous Atchison pre-
ferret and Missouri Pacific we're MISC
strong. and Brooklyn Transit ana the
steel stocks we're ~ demand. sugar was
very fevcriah. and after ralyinE from
early weakness to about . point over last
night q lost the gain again IN Few MIN
ices. trading. The Amalgamated Copper