The Savannah morning news., 1900-09-26
STOCKS AND BONDS.
Covering blythe Bears brings a Rally
in Prices.


New York Sept 25-To-day's raIy in
prices Of stocks was very clearly due to
covering operations By the hears who sold
stocks last week while the forced llqui-
datiou was going on.
There were signs already evident yes
terday that the professional bears had
overdiscounted the decline. but the fail
ure Of q small stock exchange firm and
the distribution Of selilng orders arrang-
ca 30 as TO appear to come from last
years newly returned bear leader renew
ed the confidence OF the bears and their
attack on the market late iu the day. was
successful iu weakening ~ again. They
continued their Efforts 20 further the de-
cline IN prices this morning and had good
success for time On the most prominent
industrial stocks. notably Sugar. Tobac-
co and Peoples Gas. but the general list
failed 10 respond as readily as Yesterday
10 the weakness IN these special stocks
The bears Ia consequence bought 20 cover
an through the list. and wrought some
substantial rallies.
The declines IN the spscialties were
mostly wiped out and BROOKLYN Transit
and Peoples Gas were lifted a point over
last night. Last weeks liquidation APP
psrently Outran tine needs OF the money
market and the raids upon stocks were
not successful IN dislodging selling or
dcrs Some timdity was induced IN the
bears by the possibilities OF sudden ia
vorable developments in some directions
The cut IN the price OF steel rails has
not led 10 large buying 80 far as known
and railroad officials express dissatisfac-
ton that tho price was not placed lower
when the railroad companies begin to
place their contracts for the coming year,
however. an important effect is sure 20
be produced on the stocks Of steel com
ponies generally. Wall street Is on the
alert also for settlement OF the coal
strike. but there was nothing 20 show the
immineuce Of any such event outside tho
fears felt BY the bears
While tho liquidation OF last week seems
to have met the Immediate needs Of the
money market. the forces making towards
depletion Of New York reserves continue
IN force. The currency movement 20 the
interior Is very large and the sub-irels-
ury is absorbing considerable sums from
the money market sharp fall IN ster-
ling was n reminder that New York still
dominates the International exchanges. the
stiffness OF the London market proving
unavailing TO check the decline In Ster-
ling IN New York While no doubt Il felt
domestic money market would bring
prompt relief by gold imports. In view OF
our large outstanding credits. no one sup
poses that the needs Of mere speculative
holders OF securities. however violent a
rise IN the loan rate they might effect
would induce any movement OF gold from
Europe under the circumstances amend-
ing this fairs money market there
Bonds were active and they show ad-
vances but losses were scored by some
OF the less active issues. Total sales par
value $4,000.
r. s refunding p when issued and the
s. declined 4 IN tho bid price.
Total sales Of stocks to-day were 80. 80
shares. including Atchison preferred. T.
20: Chicago. Burlington and Quincy. To-
ss5: Reading first preferred. 500 81. Paul.
3. 1906. Union Pacific. ii.725; American Steel
ana Wire. $50. American Tobacco 1850:
Brooklyn Transit. % 500. Peoples Gas. a.
10. Sugar. g 81. Tennessee Coal and
lion, ass5.