The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-07-14
STOCKS AND BONDS.
Market Erratic Owing to Disturbing
Crop Conditions.

New York, July 13--There was a fever
ish and erratic market for stocks
throughout to-day's short session, due to
the hesitation engendered by the break In
the corn market and by the large recup~
Grafton in the condition of the clearing
banks, disclosed by the weekly bank state
ment. There were two sharp rallies on
account of these factors. Neither rally
was held with any firmness and the mar
ket closed with renewed declines at many
points on realizing and sharp advances in
individual stocks
There was evidence of continued press
ure to liquidate In the opening transac-
lions, most marked in the United States
Steel stocks. The preferred was carried
down 2Ss before vigorous support rallied
it. The common lost ~ and rallied more
easily The preferred rose again ~ with
the general rally in the market, but con-
tinued under pressure. The recent market
leaders, ST. Paul, Atchison and Union
Pacific lost l to 2 points, but came up
vigorously when the break in corn on the
Chicago market was reported The recov-
cry in corn sent prices of stocks down
again as 1t was feared the movement was
more due to precautionary realizing OF
longs In corn on the possibility of Sunday
rains than to actual news of amelioration
Of the conditions In the corn belt.
The banks showed a larger gain in cash
than expected, the reserves rising 50, no.
000 The Importance of the weeks iquida-
ton in the stock market is measured by
the enormous loan contraction of $21, 001,-
500. This is the largest decrease in loans
for a single week in the history of the
clearing house with the single exception
of the week ending May IS, of this year
which was the week following the May
panic when the loans were reduced $A,-
aO4,S0O.
The damage to the corn crop, which is
admitted to be severe, is of most imme-
date concern to the Changers, Pacifics
and Southwesterns, and these particular
stocks have been inflated by the over-ex-
ploitation of the community of interest
project and the so-called greater Missouri
Pacific rumors. Their losses during the
week were therefore very severe and out
of all proportion to the actual damage to
the corn crop as measured hy the price
movement i'm the corn market. The weak
ness in the rest OF the list was more or
less sympathetic, even the wheat grang-
ers losing ground, Just as wheat advanc-
ed in sympathy with corn In spite of the
excellent promise of the wheat crop. A
contributing cause to the weakness of
stocks was the threatened strike of steel
pute will be settled without prolonged
strike but the possibility of wide reach
ing harm to industry and business from
a conflict between the interests involved
cannot be eliminated from the situation.
Except for this and the corn crop news,
the severe losses for the week In stocks
have nothing in the way of impairment
OF earning power to account for them.
The railway bonds have been affected
in sympathy with stocks, but in much
less degree. United States new Is declined
Y, and the refunding Is, old As and the IS
advanced u per cent. over the closing call
of last week.
The total sales OF stocks to-day we're
4s9, 300 shares. including: Atchison $500:
do preferred 11,600; Chicago. Rock Island
and Pacific, 5,7Oe; Erie. 1890; Louisville
and Nashville, 6,l0O; Manhattan $500;
Metropolitan 500; Mexican Central, 500;
Missouri Pacific, 12,1o0; Ontario and West