The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-06-23
STOCKS AND BONDS.
Heavy Selling Pressure Causes Con.
timed Weakness.


New York, June 22-The stock marta+
developed acute weakness before the close
to-day, offering a surprise to profession
al traders who came down to Wall stre.t
under The impression that the market had
been oversold and was due for a rally.
Th1s conviction was strengthened by the
early course Of the market which opene5
higher in sympathy with London where
there was better feeling on account OF
the lack of confirmation of some of the
alarmist rumors regarding conditions in
China. The buying of the Reading STOCK.
and of New Jersey Central which mada
such an impression on sentiment yester-
day, was still in evidence and during tba
course of the first hour some of the rain
roads had advanced as much as one IN
one and a half points above last night
The steel stocks had rallied from an open
ing depression and were bought on the
more cheerful views of the outlook for
the iron market and the local traction
stocks rallied on covering of short con-
tracts.
The decision of the international bank
ers not to ship gold on Tomorrow
steamer, the fall in exchange rates hav-
ing wiped out the profit on the operation
was stimulating factor. During tho
course of the first hour however, large
offerings began to appear in Northern Pa
cihc, coupled wi, h renewed reports of dis
astrous conditions in the spring wheat IA
gion. The coalers and trunk lines mad.
some resistance to the declining tendency
CT the market but they proved unavailine
as sustaining force and weakness spread
through the grain carrying roads and the
industrials
Stocks of industrial corporations and es-
peclally of those controlling public util
ties in cities all showed acute weakness
Transit became very severe as the day ad
Vanced and that stock a the lowest was
71s besow the early high point and the
net decline is So. The unfriendly attitude
OF the public towards this class of cor
poratlons was an influence in their weak
ness, but There was liquidation from some
special source in Brooklyn Transit Some
of The stocks offered to-day were said 10
be by the banks which had held them as
collateral for the loans of a large stock
exchange firm which recently failed. The
professional bears were also active in Of
fering down prices but they met with
great success in dslodging stop loss or
ders. The final rally in prices was ftful
and feverfsh and the market closed much
unsettled and not much above the low
level
The estimates of the weeks cash
changes indicate a gain by the banks OF
considerably over million. The currency
movement with the interior has continued
largely in favor of New York. Part of the
selling of stocks is undoubtedly for the
purpose of realizing funds to divert to
wheat and cotton speculation.
To-dsy's bond market was dull and the
movement of prices was irregular Total
sales par value sl,1S00O0
United States bonds were unchanged in
bid quotations. Total sales of stocks were
1888 shares, including the following:
Atchiscn preferred. $3.50: Baltimore and
Ohio, $685.; Chicago, Burlington and
Quincy 1880; Manhattan S,575; Missouri
Pacific. 1850; Northern Pacific. N715:
Reading first preferred, 1880 St Paul.
1882; Union Pacific, 1905; American To-
bacco, 1S0OO Brooklyn Transit. $3.50:
Federal Steel, 500; Peoples Gas, 1880;
Sugar % 745.