The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-08-21
STOCKS AND BONDS.
The Market Closes Rather Heavy
Under Profit Taking.

+, New York, Aug. 20.-The stock mar
ket was somewhat broader and more
active to-day, but there was still no
evidence of any large participation in
the market by the general public or
by great financial interests on a large
scale.
The questionable position of the
United States Steel stocks and the
doubtful outlook for the labor situa-
ton are still drug on the general
market, although the market for the
United States Steel stocks themselves,
and their price movement are narrow.
The market guardians of the stocks
show themselves able to take charge OF
all the stock offered, showing that the
company's shares have come to be
closely held, But, the supporters of
the stocks are inclined to take profits
on holdings thus acquired upon any
advance in price, and they bid up the
prices when anything like an outside
demand develops for the stocks. I'm
der these artificial conditions the move
ment of the stocks has little signifi-
canoe.
The general list showed a disposition
to-day to ignore the steel stocks. The
railroads concerned in the Northern
Pacific settlement and others allied by
identical ownership or otherwise, re-
sumed the leadership of the market to-
day. This may have been based upon
published report of a prolonged con-
ference yesterday at Bar Harbor be-
tween the three financiers who con-
Quoted the Northern Pacific contest
and it's settlement. The Morgan and
Hartman roads were generally affect
ed in sympathy, including Illinois Cen
fro1 Dof
way and Chicago, Indianapolis and
Louisville. The anthracite carriers
manifested some strength and the btu
minouS coal carriers made gains, al
though Norfolk and Western and Ches-
apeake and Ohio suffered from profit
taking.
A sharp decrease in earnings of Nor
folk and Western for the second week
in August seemed to emphasize this
disposition. Some large individual
blocks of Southern Pacific, Union Pa
last hour, and those stocks rose 1A@1R
over last night. The stock market
continued to show sensitiveness to de-
velopments in the money and exchange
market.
A sharp recovery in sterling this
morning led to some reaction from the
opening strength in stocks. Offerings
OF wheat bills were reported smaller in
connection with reports of smaller sea-
board wheat clearances which caused
a reaction in the wheat market. But
this influence was largely offset by the
large receipts on account of Australian
gold deposited at San Francisco. The
subtreasury's debit balance at the
clearing house of $1,S52, S02 was caused
by receipts of checks against gold on
the Pacific coast, to the amount of ST.
100000. A further shipment of $780,
900 is on the way to San Francisco
from Sydney. This makes it evident
that the London market will find a way
to meet its gold obligations to New
York without stress and possibly. with
out actual shipments of gold. 1t is to
be noted, however, that United States
treasury operations continued to drain
the money market, the governments
surplus thus far this month having
reached $1,554,021, while for the corre-
spending period of last year the govern
ment's fiscal operations showed a de-
felt of $43s1, 500. The market closed
rather heavy under the influence of
profit taking in the days rise.
Railroad bonds continued very dull,
and with no movement of significance.
Total sales, par value, $1,145,00 Unit
ed States bonds were all unchanged on
the last call.