The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-09-18
STOCKS AND BONDS.
The Market Tends to React From Its
Recent Rise.


New York, Sept. 1.-THE occasional
show of strength in to-day's stock
market was not very convincing and
as the day progressed proved less and
less SO. The market closed distinctly
weak, with practically all of the early
gains completely wiped out and the
average level of prices we'll below
last night.
This was perhaps a natural reaction
from the violent rebound of prices yes
terday. The artificial stimulants which
were applied to the market yesterday
to maintain ii against the expected
pressure were withdrawn to a consid-
cradle extent to-day, events having
demonstrated that they were not
needed. Supporting orders continued in
the market to-day and there was con-
siderable manipulation also for the
rise. This was particularly evident
after the reaction in prices which fol-
lowed the opening dealings. The re-
covery had the effect, which was prob
ably designed of checking the DISPOSE
ton to realize on the part of the trad
ers. A number of special stocks were
selected then for demonstrative up
ward movement.
The sustaining influence on the gen
eral list, which was exercised by these
tactics was taken advantage of to take
profits by the large financial interests
which bought to sustain the market
yesterday and in the slump of Friday.
The large reduction in the short in
terest which was caused by the buying
to cover, forced by yesterdays adj
vance made itself manifest in the much
smaller competitive demand for stocks
from that source. While yesterdays
rally had served its purpose of restor-
ing confidence so far as that had been
lacking regarding the effects of the
untimely cutting off of the chief mag
istrate. the condition of the money
market and other considerations tend
ing to repress speculation and normal
to this period of the year, reasserted
themselves.
The money market continued easy
as reflected in the lower rates for call
loans under the influence of the dis
bursements by the sub treasury. but
the relief in this quarter had the nat
ural effect of steadying the exchange
market and the expectation that ans
nouncements would be made to-day OF
engagements of gold for import was
disappointing. The exchange rate,
however, is near to the gold import
point and foreign bankers are making
constant calculations as to possible
profits on a gold movement London's
change of position in our stock mar
ket from the buying to the selling
side was an additional influence in
steadying exchange rates. The stocks
selected for the bull demonstration
were st. Paul, Union Pacific. Missouri
Pacific, Sugar, the New York fractions
and Western Union There were va
rious minor stocks which rose a point
or more Amalgamated Copper was
persistently weak and encountered
heavy selling on the early rallies. Late
in the day it fell points below last
night and closed at a net loss of 2%.
The bond market was irregular. Total
sales, par value, $2.30s 900. United
States bonds were all unchanged on
the last call
Total sales of stocks to-day were
762 500 shares, including Atchison, 3D.
600: Erie, 44,900 Erie first preferred.
$500; Louisville and Nashville. S,200i
Manhattan. 45,700; Missouri Pacific.
Fl 500; Norfolk and Western. $500;
Pennsylvania. $500: Ontario and
Western. 400; Reading, 20,500: st.
Paul. 1880: Southern Pacific. $500;
Southern Railway, $780, Union Pa
ciflc. 109, 300 Wabash preferred, 1900;
Amalgamated Copper. 1880 Brooklyn
Transit. II, 100: Peoples Gas, 1900; Su
gar, 1890; United States Leather.
$500; United States Steel. 31.600; do
preferred 21,900; Western Union, 11,60O.
c.-nI. nu...E