The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-08-07
STOCKS AND BONDS.
Early Dealings Show Some Revival
of Strength.

Oh strength.
New York, Aug. 6-The early dealings
in the stock market showed a survival
of last weeks strength, but it gave wav
in face of the days Developments, and the
market yielded whatever gains had been
esta blished
The final prices. measured in COMPARE
son with the high level of the day, show
some considerable losses, and are the gen.
eral rule. The early movement was es-
pecially notable in the Pacif1cs. Northern
Pacific taking the lead on the theory that
its price was not CONNIE nsurate with the
level of Union Pacific and Missouri Pa
cihc. Union Pacific also continued firm.
Reading first preferred was taken In
quite large amounts on the supposition
that the dividend rate would be increased
at to-day's meeting. The stock fell back
IA with the declara ton of the same rate
of dividend as the last was announced
Sugar weakened on the report of the
shading of several grades of soft sugar
which was taken to indicate a renewal
of competition in the trade.
The more cheerful feeling regarding tina
iron and steel stocks, which has been in
evidence for some time past, lifted prices
IN that group. Colorado fues was con-
spicuous. The preferred stock was bid up
from 120 to 125, at which price 100 shares
changed hands. The bid price was then
further advanced to 1271h, without bring
ing in out stock. This stock is curnula-
tive, and is entitled to % per cent. in back
dividends. The movement is supposed to
foreshadow the payment of an installment
of the arreage of dividends. The steel
group weakened later in the day. The
circumstantial accounts from Pittsburg Of
extensions by the Carnegie looking to
competition with some of the new comb
nations affected the group, especially Fed
eral Steel and Steel and Wire. The moro
serious phase developed In the Chinese
situation had some effect on the market,
although the London exchange was closed
and the influence of the news there could
not we'll be measured
Preparations for exports of gold on
Wednesday were reported. though no def
mite announcement was made of engage
ments. Sterling exchange rose an addl-
tlonal fraction, but still falls short a shade
OF what has been regarded as the export
point to London The subscriptions in
New York to the rev issue of British ex-
chequer bonds are generally regarded as
the Immediate cause of the outward
movement 1t is evident that these sub
scriptions would not necessarily demand
an outward movement of gold. as the
country's very large credits abroad would
be ample to cover the subscriptions BUG
the urgent need of the London money
market for gold may have led to some
special provision that the underwriting
syndicate should provide that metal In
payment of the bonds. There is a large
demand for the bonds, as a matter OF
course, in view of the fact that American
railroad bonds of high grade are finding
their way home by every steamer and for
elgn railroads and industrial securities are
not In favorwith American capital, owing
to a declining tendency of earnings abroad.
opinion here as to the effect on the money
market has crystaiized into a conviction
mat no severe strain need result. Tho
feasibility of any large specula tive move
ment in view of the coming demand on
the money market is much doubted.
The bond market continued at very
low ebb of activity and the movement OF
prices was slight
Iotab sales, par value, $4,000 United
states old IS declined 4 in bid price.
Inc total sales of stocks to-day were
ItsSoo shares, including Atchison, 1929;
ROCK Island, $500; Missouri Pacific, $780,
northern Pacific. $50; Reading firsts, H.
4oo' Union Pacific, 1920; Sugar. 1855.