The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-06-12
STOCKS AND BONDS.
The Market Relapses Under Purely
Professional Operations.

professional operations.
New, York, June 1.-THE desultory
movement of prices in to-day's stock
market demonstrated the professional
character into which it has again re-
lapsed. The dealings fell back near to
the level which was reached previous to
last weeks squirt of speculation. The
diminished interest showed a tendency
to become congested in a few stocks.
The strength of these had some influence
in sustaining the general market, but
this waned in the latter part of the ses-
sion.
The opening made a good show of
strength under the combined influence Of
favorable Interpretation of the govern
ment crop report, published after the
close yesterday and the rumors which
came thick from London that peace was
imminent in South Africa. The crop re-
port had the greater effect on account Of
the short selling which has been done by
the bears during the past week in ex-
pectation of a showing Of great deterioIa-
ton in the crops Notwithstanding the
decline in condition of the winter wheat
crop during the month and the decrease
in acreage of the spring wheat crop ex-
perts are able to figure a bumper crop
on the government crop showing. The
rains which have fallen since the first of
the month which is the date of the gov
ernment's computation, We're also taken
as an offsetting factor to the unfavorable
features of the report.
The short covering which developed
yesterday afternoon was therefore con-
tinued with energy this morning. There
was an attempt nevertheless to distin-
guish the effects of the reports as bear
ing on different states. The spring wheat
grangers were consequently strong while
the Texas, Missouri and KANSAS lines
were held back. A sharp raid carried
Texas and Pacific down 27s from the high
point and Missouri Pacific itself fell I'M
der last night. The whole market sui
fered from realizing until the aggressive
movement in Missouri Pacific checked
the decline. The stock touched 1222s on
well defined expectations of a coming
dividend. There was a rumor that the
comDany's bonds which have the option
of exchange into stock and which pay 3
per cent. are to have the option exercised
in their behalf. The pressure on Texas
and Pacific was attributed to a change
in the ratio of its proposed exchange with
Missouri Pacific stock which has been
supposed hitherto to be two shares for
one of Missouri Pacific. The Mexican
1GHNl al ASSutS were largely uedIL IN IN
connection with a report of a 'refunding
plan which would bring the stock nearer
to dividend claims. The appearance of
controlling Standard oil interests in the
directorate Of a. the, American Linseed
Company WAS responsible for the
strength of those stocks and of National
Lead. which it is said will benefit from
the change
number of the high priced special
ties, such as Sugar, Amalgamated Cop
per and American Tobacco 1uctuated
feverishly under the what appeared pure
iy speculative operations. There were
some sharp advances in less prominent
specialties which were unexplained. in
Guiding American Express, North Amer
lean, General Electric, Virgina-Carolina
Chemical and others in which the gains
ran from one to seven points.
The money market was free from dis
turbanee, but reports of a transfer of
several million dollars in currency to Phil
adelphia yesterday in connection with
steel company consultations was an in
fluence upon sentiment. The selling pres
sure gained force at the last, and the
closing was heavy at about the lowest
and generally below last night, declines
from the top ranging from / to points
in the principal active stocks The sale
of 100 shares of Northwestern preferred
was made at is points lower than the last
sale.
The demand for bonds was well dis
trihuted and prices advanced. Total sales
par value 81, $40, 900. u. s. bonds were all
unchanged on the last call.
The total sales of stocksA to-day were
6Sl,6O0 shares, including: Atchfson. 49,
100; Baltimore and Ohio. $500; Erie, % 200;
Louisville and Nashville, l01OO: Manhat-
TAM 800; Mexican Central. 1920; Mis-
souri, Pacific, CO 100; Ontario and Western
II 100; Pennsylvania, 205G0: Reading. TO-
7oO st. Paul, HOO; Southern Pacific q. =
SOO Southern Railway $500; Texas Pa
cihc, 72,l0O; Union Pacific, Al 500 Wabash.
1920; do preferred, 1860; Amalgamated
Copper 5000; American Car Foundry. IS. 60
So American Tobacco, 1880; brooklyn
Transit, 9,4O0; Continental Tobacco. 5000:
National Lead, 1880; Sugar, 80, 400; United
States Steel. n, 400; do preferred, II, 500
New York stock and Bond List.