The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-05-17

upset the market In the last fifteen min
utes of the trading.
The market showed itself much less SEN
sitive than for some time past to any de-
pressing influence and the close was dis
tinctly firm at about the best level of the
day, earlier losses in industrial stocks hav-
Ing been almost entirely overcome The
stocks of Western railroads were easily
the leaders In the movement, and the buy
ing was attributed to Wetsern account
as for several days past. This Western
buying is believed In Wall street to be COW
ering an outstanding short interest
prompted by the good crop weather and
favorable conditions in the winter wheat
belt The leader of the movement was
shifted from Burlington and Quincy to
Atchison preferred, which scored a clean
net of two points. The approach of the
dividend meeting and the circulation of
rumors that the stock would be placed
on per cent basis were used with ef-
feet. Burlington continued aggressively
strong and secured an advance of IA, in
spite of denials of the recent rumors that
refunding plan was about to be an
nounced Northern Pacific gained as
much and the strength OF these stocks af-
fected the other Pacifcs and ultimately
the trunk lines, which rose to ~ points.
The steel stocks all rebounded sharply
on covering by shorts and official denials
of the assertions that a general shut
down was imminent on account of pros
pective demands for Increase of wages.
The early weakness of Sugar Peoples
Gas, the Tobacco stocks and other indus
trials was met by denials of various ru-
mors which accompanied the decline. Re-
coverieS ensued on the demand from tho
bears caught short, besides this weakness
In the industrial list the market had 10
contend with the announcement OF gold
engagements for export tomorrow, fully
a million dollars In excess of the preim-
mary estimate. To-morrows shipments
foot up fully SO, 10000 for France. The
fact that so large shipment should be
made In face Of the considerable decline
in discount rates In Europe aroused
some uneasiness hest the apparent ease OF
money abroad was fictitious and unstable
But the continued ease of money here
relieved this apr ehension. Cal loan rates
fell to III per cent, and the gains by the
banks from the sub treasury and on the
interior movement of currency will evil
IDENTIFY offset the gold export. Although
the advance in stocks was generally wiped
out when the gold engagements were an
nounced the upward movement was re-
sumed upon further consideration of the
circumstances. 1t is the conviction In
Wall street that only a small amount on
any gold can be shipped to London on
Saturdays steamer under the present con-
dltions.
To-day's Advance In prices was without
the sustaining influence of the recent
strength In Missouri Pacific, that stock
dropping back at one time points on the
request to stockholders to authorize adj
ditional capital TO the extent of S15, 000o0.
The stock partly recovered on the explana-
ton that the new issue must be reserved
for retirement of debenture bonds
The bond market was dull, and only
partly shared In the strength of stocks.
Total sales par value $l.iS5.00O. United
States refunding Us when issued declined
u and the S's * in the bid price.
Total sales of stocks, 800 shares in-
GLIDING Atchison, 1897; Atchison preferred,
451zl Burlington and quincy. 23,T7O; Miss
ourt Pacific. 1880: Northern Pacific. 15,50S;
Pennsylvania, 1910; Union Pacific, 23.210;
American Steel and Wire. 1880 American
Tobacco, q 80; Brooklyn Rapid Transit,
1000; Federal Steel, 11,645; Peoples Gas,
$3.50; Sugar 1910; Tennessee Coal and
Iron. se25; United States Leather. 5,S75.