The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-07-23
STOCKS AND BONDS.
The Market Depressed Under Bad
Crop Advices From the West.

New York, July 22.-The unsettled
condition of the speculative mind was
clearly manifest when the stock market
opened this morning with fresh batch
of unfavorable news regarding the corn
crop and affecting also the chances of
the spring wheat crop The Changers
and Pacifics and Southwesterns were
all acutely depressed and heavy blocks
of shares of each of those roads were
thrown upon the market. opening sales
reaching as high as 10000 shares of the
Union Pacific. Conditions We're much
like those of last Monday and the trad
ing contingent were inclined to look
for some such effective support to the
market as was offered last Monday by
the powerful capitalists who have
paramount interest in keeping up the
prices of their properties.
The selling on the short side after
the opening dip was therefore con-
Quoted with some signs of timidity
and caution. There was, in fact, effec-
tive support offered at the opening low
level. But the incipent rally was check
ed when the corn market opened and
the excited condition of affairs there
was observed. The present market is
6Ciy llAlluGliCCu NY NlhC IlOoC PIO&~
unity of the brokers in stocks and the
brokers in grains, the Stock Exchange
being in temporary quarters on portion
of the Produce Exchange floor, with
only half wall dividing them.
Not only are the proceedings in each ex-
change to be seen from the floor of the
other, but brokers are constantly pass
ing from one to the other and operating
on both. This personal contact exagger-
ates the sentimental effect of the grain
market on the stock market. There
were occasional rallies on the down
grade due to the covering of board
room bears, who took quick profits.
The loaning rate for stocks does not
indicate widely extended short inter-
est beyond the in and out transactions
by the board room traders.
The bearish operators are in con-
slant apprehension of some maneuver
or announcement by those interested in
supporting the market which would
cause a sudden rally and cost the
shorts heavy losses. There was no ev-
idence of any such maneuver to-day,
the market yielding easily to every at
tack. But there was general DISPOSE
ton on the part of the traders to close
up their contracts over night and the
demand from this source caused sub
stantial rally In the late dealings. run
ming from / to points in the leaders
At the low level the inroads upon Sat-
urdays price were as follows, for the
leading stocks: Rock Island IN; Mis-
souri,. ~; Union Pacific, 6s ST. Paul,
6as; st. Louis and Southwestern pre-
ferred, 6; Atchison, AZ; St. Louis and
San Francisco second preferred, 3M
Kansas and Texas preferred and Denver
and Rio Grande preferred, 3h each.
There were many other losses of / to
3 points at other points of the list and
Baltimore and Ohio was down AZ and
New York Central 3h. The United
States Steel stocks moved narrowly
all day The closing was quiet and
steady with a good part of the rally
maintained.
Railroad bonds were dull and weak.
Total sales, par value, $2,255,00O Unit
ed States bonds were all unchanged on
the last call
The total sales OF stocks were 77i,300
shares, including Atchison, s6.400; do
preferred, 1890 Rock Island, 1900;
Erie, $1,000: do first preferred, 800; ILL
nois Central 800: Louisville and
Nashville, 10, 100; Manhattan, 9.100 Mis-
souri, Pacific, 10000; New York Central,
Z, 100; Ontario and Western, $500; Penn
sylvania, II, 100; Reading. 9,400 st.
Paul, $4,000; Southern Pacific 69.1O0;
Southern Railway. 1880; do preferred,
$500; Texas and Pacific, 100; Union