The Savannah morning news., 1901-08-10
STOCKS AND BONDS.
Closing Bring n Sharp Drop i'm the
Grain Carriers.

New York, Aug. 9.-From a condi-
ton of decided strength in the early
dealings, the market began to show
an exhaustion of the buying power,
and prices declined gradually until the
final hour, when there was an effective
bear drive against the grain carrying
roads.
This movement was based on sur
misses that the governments monthly
crop report to be issued tomorrow
would reflect more damage than cur
rent expectations. This supposition was
also effectually backed up by the es-
Innate of a recognized expert who pre-
dicted possible condition for wheat
of rs and corn so. These averages were
given some credence by bear traders
and they promptly put out large
amounts of stock which brought about
declines from the highest prices of the
day of from 1% to Us in the princi-
pal grain carrying roads with st. Paul
the chief sufferer. The general decline
was materially assisted by a drop of
5 points in Peoples Gas on reports of
complications with the Chicago city
authorities. United States Steel stocks
contributed but little novelty to the
days dealings and moved within a
range of point Early improvement
of % and Y per cent, respectively, for
the common and preferred were wiped
out and they closed h@h per cent.
lower. Reports of control by the Gould
Interests of Mexican railroads promot-
ed a good demand for ell OF the South
western stocks at the outset, and Mis-
souri, Pacific and Texas Pacific rose
2 to 2A. A sympathetic effect was ex-
arfo6 tho Ifcf hU
cial movements, and there were some
substantial gains in various prominent
stocks.
The fact that there were no an
nouncements Of gold exports, sterling
exchange rates being lower and ex-
pectations of a good bank statement
tomorrow also were contributing in
fuences to the rise. The junior Van
derbilt stocks responded notably to
heavy purchases OF New York, Chica-
go and st. Louis common and second
preferred, which improved 2h@3h.
The forecast of the bank statement in
dicates a gain In cash by the banks
on the interior movement and opera.
lions with the sub-treasury OF $751;
$40. Some surprise was expressed at
the gain of only $474,00o on sub-treas-
ury account by the banks in view of
the disbursements for pensions and
interest, in addition to the payments
alone Of s2,619,300 gold on Pacific coast
transfers.
The payment of the United States
Steel preferred dividend of 1885,, 2S4
may cause some unexpected changes
in the principal items of to-morrow's
bank statement. Sterling exchange
rates reacted to-day and less appre-
hension was displayed as to the likeli-
hood of early exports of gold. Demand
bills were steady at the close at 4.s7N,
the days reaction being due princi-
pally to a lessened inquiry. The clos
ing Of the stock market was at the
lowest
Railroad bonds were dull to-day and
early firmness was dissipated by the
reaction in stocks. Total sales par
value s1,020, 900. United States bonds
were all unchanged on the last call.
The total sales OF stocks to-day were
$4,000 shares. including Atchison d.
500; do preferred $500: Erie ZOO: Mis-
souri, Pacific 1900; Mexican National,
6.100; Manhattan 5000; Norfolk and
Western, $500; st. Paul, i3.40O; South
ern Pacific 1880; Southern Railway,
500; Texas Pacific $500; Union Pa
cific 2l,700; Wabash 5000; do preferred,
5000 Peoples Gas 23.S00: Sugar, 1900:
United States Steel 32.1o0; United
States Steel preferred 1880; Western
Union 10000