The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-08-01
STOCKS AND BONDS.
The Market Closed Weak at the Low
est of the Day.

The Market Closed Weak at the Low
est of the Day.
New York, July S1.-There was no in
dication this morning of any awaken
ing from the lethargic stage in which
the stock market has been during the
whole of this week. A
spasmodic movement was ef-
fected in the stocks of the United
States Steel Corporation at the open
ing on the failure of the Amalgamated
Association to agree upon terms for
settling the strike at their session yes
terday.
The whole market opened down in
sympathy under the attack of the pro-
fessional traders. But the subsequent
action of the market demonstrated its
professional character. The opening
dip, following yesterdays decline, rep
resented the extent to which small
traders were willing to commit them
selves, and they commenced to buy to
cover short contracts and take their
profits, if possible. In the absence of
any important interest in the market.
these day to day varying fluctuations
are all that can be expected. The pol
ny VI Wudl GIG CciiS0 Tic ldl SCl III
terests, pending the development of
new factors. including the settlement
of the steel strike, seemed to be pretty
clearly defined by the indications. BY
buying stocks freely in the period of
liquidation they accomplished their
purpose of supporting prices. When
prices advanced they were willing to
sell out the holdings which were taken
purely for supporting purposes, but
were clearly indisposed to attempt an
extensive advance until the situation
clears itself. The market is thus left
fallow except for the efforts of a small
contingent of professional operators,
whose attempts to move prices are of
small efficacy. They secure no follow
ing when they bid up prices and they
induce no important liquidation now
when they offer them down.
1t is noticeable that railroad authori-
ties are willing to concede rather more
damage to the corn crop, now that the
drought is effectually broken, than
they were during the period when the
securities of their companies were I'M
der pressure of liquidation With the
turn of the month"; some slight replen-
ishment of the money market is look
ed for as the result of dividend and
interest Disbursements which are, how
ONNA' ShidAI. L lie IIiOSl Important is the
dividend on United States Steel pre-
ferred of ~ per cent. for the quarter.
This will involve an outgo of about So
100000 for the $500, 473, 400 of the pre-
ferred stock outstanding. Preparation
for the dividend, which is payable on
Aug 7, was reflected in the large oper-
atoms of one of the clearing house
banks to-day. This doubtless had much
to do with the small furry in the call
loan market late in the day which
helped the movement of the traders to
put down prices to about the lowest
OF the day. limitations that the strike
settlement negotiations were not going
smoothly helped to this end. The clos
ing was thus made weak. United States
steel fell an extreme 2A and the pre-
ferred S1s. The most conspicuous fea-
ture of the market, next to these, was
Norfolk and Western, which rose near
ly points on a persistent demand
winch was without explanation.
The railroad bond market was in
tensely dull and irregular. Total sales
par value 100000. United States bonds
were all unchanged on the last call.
The total sales of stocks to-day were
$4,000 shares, including Atchlson Is
200; Canadian Pacific $780, Chesapeake
and Ohio, $4,000; Norfolk and West
ern 10000; Pennsylvania $500: st. Paul
9,lOO; Southern Pacific %. 900: Union
Pacific 1880; Wabash preferred $500:
Amalgamated Copper 400: United
States Steel 115,SO0; do preferred 10000.
New York stock and Bond List.