The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-07-25
STOCKS AND BONDS.
Yesterdays Fluctuations Reelected
FIagging Speculative Interest.

New York, July 24.-The dullness and
the feeble fluctuations in prices in to-
days stock market reflected the flag
ging of speculative interest which is
usual after an active speculative move
ment has expended itself and has been
followed by reaction. By this morning
the fact had become quite obvious that
yesterdays violent recovery in the
prices of stocks had been principally
based on the relapse in the grain mar
kets, rather than on any actual news
from the grain crops The consequence
of this revised view of yesterdays
movement was some renewed misgiv-
ings lest yesterdays reported benefit
from rains had been overstated. These
misgivings were accentuated by pub
llshed estimates from exhaustive in
quiry, showing heavy damage already
inflicted upon the corn crop. The sharp
opening declines, however, met con-
siderable effective support and sub
stantial rallies followed. The weakness
was again renewed in the stock mar
ket when the grain markets opened
and showed notable strength both for
corn and wheat the resulting declines
/ in stocks exceeding those. at the open
into other portions of the railroad list
The tendency of stocks to rally from
declines showed the growth of a feel
ing amongst the spectators that, even
conceding substantial damage to the
corn crop, the decline already effected
in prices of stocks has fairly discount
ed this damage. Another party argues
that prices of stocks are still unduly
high compared with previous years.
t1,e-A, I,nt
have occurred from the years high lew
ell. Thus there is room afforded for
two contending parties in the specula-
| ton and the irregular fluctuations in
| prices which. constitute what is called
a traders market. Money market con-
siderations again loom into some prom
inence as a factor in the activity of
speculation. 1t is realized that the
heavy liquidation in stocks of the last
few weeks had in view preparation to
meet the crop moving requirements and
not renewed speculation. The transfer
of funds from New York through de-
posits at the sub-treasury Is the signal
that crop requirements have begun.
The necessity must thus be recognized
of adjusting speculative demands upon
the money market to this prior and
more urgent requirement. The lack of
definite conviction regarding the out
look WAS GNlQGUI ITOIu Ine COIlIuSeu anu
irregular movement of prices. An at
tempt was evident to lead an upward
movement by bidding up Union Pacific
and the Wabash and there was some
show of frmness amongst the South
ern railroads and seaboard soft coal
carriers. But the market yielded at
the last to renewed weakness when the
room traders attempted to take their
profits and the lowest prices for the
grangers and Pacifics were made slight
ly before the close, which was feverish
and irregular At the lowest the de-
clines were Missouri Pacific 3K; st.
Paul 3d. Union Pacific, 81 Atchison,
zB; Kansas and Texas preferred, az;
while in the general list declines of /
to points were very general.
The railroad bond market was dull
and heavy. Total sales. par value, ST.
$4,000. U. s. new AS declined Il per
cent on the last call
The total sales of stocks to-day were
500, 900 shares, including Atchison, 54,-
400; do preferred. 10000; Erie, $500;
Missouri Pacific, 14,400; st. Paul, b.
800; Southern Pacific, $4,000; Southern
Railway. 100; Union Pacific, IS, 700;
Wabash preferred. 14,100; Copper 100;
United States Steel, 69,300; do preferred
12.100.