The Savannah morning news., 1901-12-04
STOCKS AND BONDS.

New York, Dec. 3.-Confusion and
hesitation were reflected in the move
ment of stock prices all day and the
course of the market did not persist
in one direction for any heightened pc
riod. The movement during the morn
ing was irregular, but leaned toward
depression, which gave way about
midday to a vigorous upward move
ment when the abstracts of the Presl-
dents message made their appear
ance.
A slump in Amalgamated Copper and
a rise in call money rates unsettled
the market again late in the day, as
was the case yesterday. The sympa-
thetic reaction did noI carry the level
of prices back below last night, as
will be seen by consultation of last
prices, which show small net gains as
a rule. There was some recovery from
the lowest also, due to covering by
room shorts at the last.
TIE early heaviness of the market
was due to some continued uneasiness
over the antitrust views contained in
the Presidents message. The general
tenor of the message has been pretty
well understood for several days past,
and what selling was induced by its
contents had been mostly accomplish
ed before the publication. The tone
of depreciation of the habit of appeal
to hatred and fear in the public ar
guments against the trusts seemed to
crafty speculative sentiment and to
ameliorate the stock market effect OF
the recommendation for regulation of
the trusts. In consequence, the de-
mand to cover shorts which followed
the publication of the message cara
ried the whole market upward with
considerable momentum, the prices of
the most prominent stocks rising from
l to points over last night
The sharp break in foreign exchange
carried the rate well below the gold
export point and relieved apprehen-
sion that further gold would go out
this week This helped the midday
rally in stocks, although call money
rates were firmer and maintained above
the 4 per cent. level for the most part.
The rise to 5 per cent. again came
late in the day and brought out heavy
offerings, which forced the rate back
to the low level of the day. Not
much signific nee was attached to the
late rise or the subsequent relapse.
Money was easier in London, Berlin
and Paris, and continental competition
for bills was reported from London.
Large applications at the .sub-treasury
for withdrawal vof government bonds
on deposits to secure circulation is
evidently preliminary to the offering
of the bonds for redemption. The pay
ment of drafts against deposits of sew
eral millions of gold at Pacific coast
points is still pending. The move
ment of Amalgamated Copper contin-
ued an inscrutable mystery. The
stock broke in the late trading. then
rallied slightly and became heavy, but
the general market closed firm.
Bonds were irregular. Total sales
So, 100000 United States bonds were all
unchanged on the last call.
Total sales of stocks to-day were
713100 shares, including Atchison, U.s.
100; Atchison preferred, $500; Chesa-
peake and Ohio, 5000; Erie, 1890;
Louisville and Nashville, 33,100; Man
haitian, $4,000; Missouri Pacific, 800;
New York Central, 10000; Norfolk and
Western, II 200; Ontario and Western,
$500; Pennsylvania, $500; Reading.
1880; Reading second preferred, 400;
st. Paul, $4,000; Southern Pacific, $500;
Southern Railway, $1,000; Southern
Railway preferred, $500; Union Pa
cific, II 200; Amalgamated Copper, 49,
500; Brooklyn Transit, 1850; Sugar,
1900; United States Steel, 34,100;
American Locomotive, $780,
New York stock and Bond List.