The Savannah morning news., 1901-12-13
STOCKS AND BONDS.
The Market Closes Weak and Ir-
regular.


New York, Dec. 12.-Speculative II
quotation continued in the stock mar
ket to-day, induced by the stringency
in money, which ran the call loan rate
up to II per cent. at one time and
forced a good share of liquidation.
Other selling was precautionary, in
fear of still more stringent conditions
in the money market.
A very material element in the days
weakness was the short selling by
the bears, who became emboldened by
the lack of support in the market
and put out very large short lines.
When the market turned, the bears
found they had been following the
decline too closely and they helped on
the rally by bidding against each
other to get back stocks. The
rally came when the banks came
into the exchange for the first time
late in the day and offered large
sums at the prevailing rate. which
was at the high level. With the sat-
isfaction of the demand by these Of
ferings the rate fell away and the
pressure upon the stock market was
quickly relaxed.
The covering by the bears was the
was not fully held and the market
closed irregular. The few fractional
advances which had been established
on the rally were wiped out before
the close and losses are shown prac-
tically throughout. There is nothing
obscure about the situation of the
money market. With surplus reserves
shown to be below $1,000, 900 in last
Saturdays bank statement and with
large seasonable requirements for
credits known to be impending, 1t was
obvious that the money supply would
be limited. The outgo of gold is con-
tinuing in spite of the need for money,
to- day showing a withdrawal of $780,
900 from the sub treasury for Satur-
days steamer, said to be for Brazil.
The renewed demand for the interior
is also an unexpected development and
was continued to-day with the trans
fer of 100000 to New Orleans. The
redemption of government bonds are
not sufficient to Offset the REQUIRE
ments of the sub-treasury, as shown
by yesterdays net gain by that in
stitution of $43S,000 in spite of pay
ment In redemption of bonds of up
ward of $500, 900. To-day's payment
for the same account Of over half
million, therefore, affords little relief
the routine sub-treasury operations.
The available supply of government
bonds for redemption has grown ex-
ceedingly scarce, and not much fur
ther relief Is expected on that ac-
count. The anticipatory payment Of
government interest will not be avail
able to the money market until next
week.
Besides the general influence of the
money situation there was some spe-
cial weakness shown by New York
Central, at a decline OF 81 on account
of the restriction of action by the d.
rectors of the Vanderbilt roads at
to-day's meetings to an advance In
the dividend rate on Canada South
ern. Northwest dropped 4 and Omaha
6. Pennsylvania and Western fell
over 2 points on account OF the heavy
OUTLAWS announced for the Hudson
river tunnel and the belief in the
purchase Of the Pocahontas Coal Com
pany by the Norfolk and Western.
A decline Of 2h in Manhattan led the
weakness In the local fractions.
Bonds were active and weak Total
sales. par value. $685. 900 United
States bonds all unchanged on the
last call.
Total sales OF stocks to-day were
97e,1 100 shares. including Atchlson. 2s.-
800; Atchlson preferred, $4,000; Balti-
more and Ohio, 0.iO0; Canada South
ern, 7.100 Chesapeake and Ohio. $500;
Erie. 20, 700; Erie first preferred, 1900:
Louisville and Nashville, &C. 100; Man
haitian, $4,000; Metropolitan. $4,000:
Missouri Pacific. 22,s00: New York
Central, $1,000; Norfolk and Western.
IL 200: ontario and Western. 100:
Pennsylvania. H.100: Reading, 35700:
Reading first preferred. $500; South
ern Railway. 42,TO0i Southern Railway
preferred. 300; Union Pacific, sl,d0o;