The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-06-07
STOCKS AND BONDS.
Trading Quiet With Sharp Losses in
some Issues,

New York, June 6.-There was a SUBJ
sidence OF speculative activity in stocks
to-day with a resulting impression in
prices Losses are quite large In some of
the principal active stocks which have
been recent favorites in the speculation.
The market was ruled very largely by
technical considerations. IL developed
from the smaller volume of dealings and
the lack of support for prices that yes
terdays operations had resulted in the
elimination of a large short interest and
that the demand from that source to cover
short contracts had been taken advantage
OF by the bull contingent TO realize profits
on heavy long lines of stocks.
The mutual CLOSING up of accounts had
a decided effect on the speculative appe-
title and the ushering in of the hot season
accumulated the indifference of the trad
ing, There were rumors current all day
that the covering BY the bears yesterday
had been achieved at considerable cost,
and more or hess uneasiness was caused
by this fact. The emphatic denials from
official sources of a number of the rumors
which have played a part in the recent
bull movement, especially those bearing
on consultations and INSCRIPTIONS OF many
of the minor railroad systems, was a
somewhat depressing factor.
An Influence in the same direction was
the disclaimer on the part of parties in
terested, of the assumption that the en-
trance to the Atchison directory of a mem
Der of the firm of j. 2. Morgan & Co. was
an indication of Morgan holdings of the
stock with a view of establishment OF
community of interest.
The net changes in stocks give no ade-
quate idea of the extent of the days
price ranges There was a considerable
show of strength at the opening, partly
due to the influence of London on account
of operations by a coterie Of Americans
now in London. The reduction in the
bank rate is accepted as thorough assur-
ance over the future of the foreign money
markets, as London has large future re-
quirements to meet and owes large sums
to Paris, which is important to keep in
the London market by the payment of an
attractive rate of interest. The selling
pressure however, made an end of the adj
Vances before the end of the first hour.
The feverish tone of Rock Island was
somewhat unsettling influence, owing to
fears that a corner may develop in that
stock. The issue of 100000 new stock
yesterday came as a total surprise to the
street, as there has been an enormous ac-
cumulation of the stock recently, and the
outstanding short interest is Known to
be large. The reaction in the stock In
sympathy with. the general market did
not serve entirely to reassure sentiment.
There were a few points of positive
strength. This, however, had only slight
influence in offsetting the general reac-
tionary tendency.
The various tobacco companies were
most prominent, and advanced on the in
corporation Of the new company in New
Jersey, which is believed to be for the
purpose of taking over and combining all
the present companies. American Tobac-
co rose an extreme ia; Continental Tobac-
co "a, and the preferred 53s, and Ameri-
can Snuff ~. Louisville and Nashville
was strong on the ground of its compare
lively low price and large earnings, and
advanced rs. Missouri Pacific rose at
one time "a, believed to be on account of
progress in the great Missouri Pacific
project. In the reaction after the opening
the Changers, Pacfics, Southwesterns and
New York utilities suffered most heavily
st. Paul losing 4, the preferred "a ana
others in the group from to 3 points.
Declines of 1 to 2 points were fairly gem
eral in the active list. There was a good
rally, but prices ran off again at the
weak closing almost to the lowest in some
cases.
There were some late rallies in the bond
easy tone, making the changes for the day
irregular. Total sales, par value $4,000.
United States refunding rs advanced u
per cent, and the new As "a per cent. on
the last call.
Total sales of stocks to-day were 991, 100
shares, including Atchison, 81, 100; Atchison
preferred. 2O1o0; Chesapeake and Ohio,
$780, Chicago, Rock Island and Pacific
12,eoO; Erie, 61.600; Louisville and Nash
vile, 1920; Manhattan, 1850; Metropol-
itan, 400; Missouri Pacific, 10, 400; Ontario
and Western, 10000; Pennsylvania, 1880;
Reading, 4,100; Reading first preferred
1000; st. Paul. 1s 200; Southern Pacific, 10l,-
400; Southern Railway, 17100; Texas Pa
cihc, 400; Union Pacific, 90,500; Wabash
800; Wabash preferred, 800; Wisconsin
Central, 1900; Amalgamated Copper, 1900;
American Car Foundry, 79Oo American
Tobacco. 7,7Oo Brooklyn Transit, $780,
Consolidated Gas, 5000: Continental To-
bacco, 36, 800; Continental Tobacco pre-
ferred, 1o40O; Pacific Mail. TOO; Peoples
Gas, 9,10O; Sugar 1900; United States
Steel. 81, 900; United States Steel preferred,
300.
New York Stock md Hond List