The Savannah morning news., 1901-10-09
STOCKS AND BONDS.
Late Reaction Extends Through the
Entire Market.

New York, Oct S.-The conflicting
and varying movement of prices in the
stock market to-day showed that spec
ulative sentiment was considerably
unsettled. The impressive buying of
yesterday which came from a few con-
centrated sources evidently made an
impression on professional traders.
They were inclined to take the view
that the wavering movement of the
market yesterday was an indication of
the elimination of the downward
movement, large bear interests taking
advantage of a raid on leading stocks
to cover their short contracts. Influ-
enced by this conviction, there was
a disposition to cover short lines to-
day.
A drive against Sugar and Brooklyn
Transit after the early strength un.
settled this conviction, but the bears
had evidently lost their aggressive
spirit and did not pursue their
cover their short lines again.
Urices touched the highest point
latest in the day, hut the
hesitation again overcane the specu-
lators and prices sold off again, maxi
ing the closing easy. The signs of an
overso1d condition of the market were
balanced against the persisting doubts
and fears that the money market re-
sources are not sufficient to save the
situation for the remaining period OF
interior demands for currency. Back
of this lies an apprehension in some
quarters that the present reactionary
tendency of the market may mark q
step in a prolonged downward move
ment, preliminary to a coming cycle
of declining trade and industry, fol-
lowing the elimination of the late Pc,
riod of prosperity. Even supposing
such a period had fairly set in, the
normal course of the decline is sure
to be punctuated by occasional upward
reactions.
OF special influences at work to-day
the publication Of the unfavorable
August statement of earnings OF
Brooklyn Transit was regarded as the
elimination OF unfavorable conditions
for that stock. The steadying OF the
raw copper market in London seemed
to affect Amalgamated Copper favor
ably There was also a report Of set
Element with contending interests. The
death of the Ameer Of Afghanistan
was depressing factor In the London
market which was reflected here.
Movements in the foreign markets
were decidedly confused. Consols
dropped sharply and the fall in sterling
exchange at both Berlin and Paris
seemed to reflect some withdrawal Of
capital from London, this in spite OF
repurchases of stocks for Paris ac-
count I'm the London market Interest
rates also declined In London, not
wtihstanding the instalment of sub
scriptions due on the new consols on
Friday which amounts to some s25,-
000 00n Starting axchanUa m NaW
York continued firm. which was prob
ably dominant influence in the decline
in London money rates. The recent
reports Of a coming increase In the
Atehisofl dividend rate persisted to-
day, but that stock showed less firm
ness than others in the list and closed
at a net decline. st. Paul was con-
spicuously strong and there was a re-
newed advance in the Vanderbilts
The late reaction, however, was uni
versal.
Railroad bonds shared In the irree-
ularity of stocks. Total sales. par
value. $2,275.000.
United States bonds were all I'M
changed on the last call.
Total sales OF stocks to-day were
$40, 900 shares. including Atchison, ST.
500 Erie, 1880: Manhattan, 1880:
Metropolitan, 100; Pennsylvania. T.
100 Norfolk and Western, $500: New
York Central. 500; Missouri Pacific.
1900: ST. Paul, $4,000. Southern Pacific,
1880; Southern Railway, 1900; Union
Pacific, 26.e00; Copper. 10000; Brooklyn
Transit. 47,750; Peoples Gas, $500;
Sugar, SO 200: United States Leather.
1900; United States Steel, 2f,700.
sew York stock and Bond List.
Railroad Stocks.
A faaI