The Savannah morning news., 1901-12-10
STOCKS AND BONDS.
The Closing Active and Strong at
the Best of the Day.

the nest Oh tne nay.
New York, Dec. 9-There was a
lively shaking out of speculative long
accounts in stocks to-day, accompan-
led by a threatening break in prices.
which caused some alarm during the
early hours of the day. In the after
noon there was a sudden about-face in
speculative sentiment, and disorder
ly scramble ensued among the bears
to cover their short contracts.
Amalgamated Copper continued to
maintain its conspicuous position, even
with the increase in animation in the
market to-day. The opening sales car
ried the stock back 11a to So, and this
proved the low level of the day, but
the demand dropped off as often as
the stock approached Saturdays level,
although determined support was al
ways offered as it neared 65. The bears
became alarmed at the action of the
stock, and in the last hour rushed the
price up to II in their frantic bidding
against each other. The final price was
but a shade lower The support Of
fered to Copper at the opening break
prompted supporting orders elsewhere.
and the market steadied momentarily
quite list of important stocks rising
a fraction over Saturday.
With a rise in the call loan rate 10
per cent, however, spectators took
fright and unloaded stocks. Prices
generally touched the low point of the
day on this slump although individual
stocks were forceH down under subse-
| quent attack, carrying the whole mar
ket with them back to about the low
level several times. st. Paul was not
a,,I ell 50 10.
Manhattan was also vigorously at
ftacked and driven PA under Saturday.
There was a good deal of calling of
loans, but in seeking new aceommoda-
tions borrowers bid the rate UP upon
themselves to a higher rate than was
necessary, judging from subsequent
Developments. The ruling rates were
per cent, or, even. 51s per cent, and
there seemed ample supply at that fig
ure. The perception of this fact
emerged about the same time that
Amalgamated Copper began it's rally.
From a general level of a point or
more below Saturdays prices, the mar
ket began to move upward and gained
momentum. There was a slight reac-
ton before the close, but the advance
was renewed, making the closing active
and strong at about the best. The
Gould railroads, Manhattan, New York
Central, Sugar, Pacific Mail and Cen
eral Electric were all prominent in the
rally, and the day closed with net
gains, except in a few instances. The
activity in the call loan market was
reflected in the sharp drop in foreign
exchange, both sterling and continent
al which precluded all idea of gold
exports for the present There were
no deposits of currency at the sub
treasury for transfer to the interior to-
day, but the speculative activity con-
tinued in the grain and cotton mar
kets.
Railroad bonds weakened in sympa-
thy with stocks, but became irregular
later, Wabash debentures gained near
ly Q per cent Total sales, par value.
s., 1856, 900. United States bonds were
all unchanged on the last call.
Total sales of stocks for the day
were 1,028, 300 shares. including Atchi-
son, 35, 700; Atchison preferred, 149O0;
Canadian Pacific. 5,400; Chicago, Rock
Island and Pacific, 5000; Erie. 34,S00;
Louisville and Nashville, 10,100; Man
haitian, 101, 200 Metropolitan Street
Railway, 9,400; Missouri Pacific. 42200;
New York Central. 10000; Norfolk and
Western, S,400: Ontario and Western,
12, 500; Pennsylvania, 46.9O0; Reading.
49, 400, Reading first preferred. 6,100;
Reading second preferred, 1SS0O; St.
Paul, 74.SO0 Southern Pacific, $4,000;
Southern Railway. 299OO; Southern
Railway preferred, S,400; Union Pacific,
~ 800; Union Pacific preferred, $500:
Wabash, 1000; Wabash preferred, 49,
300; Copper. 195,700; Anaconda, $1,000;
Brooklyn Rapid Transit. 14,100; Peo-
ple's Gas, $500; Sugar, 19.S00: United
States Steel, So 400; United States Steel
preferred, 22,300.