The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-06-08
STOCKS AND BONDS.
The Market Sluggish With Trading
on SmnII Scale,

Small Scale.
New York, June Tin to-day's stock
market there were only a few points OF
of stocks were dull and sluggish, moving
irregularly up and down under the vary
ing operations of the room traders. There
were some large transactions by the brok-
ers who have been credited with acting
for various financial leaders, but they
were so mixed on the longest short side
as to add to the speculative confusion.
The volume of dealings showed a further
falling off from yesterdays decreased to-
tai.
The opinion prevailed that the closing
out of accounts earlier in the week was
in preparation for the summer holiday
season and promised a period of compara-
tive dullness and idleness in the market.
Whatever points of strength were shown
in the market seemed to be due to indl-
vidual causes. Louisville was notably
strong and the buying was accompanied
by talk of an increase in the dividend
rate, which was, however, deprecated by
insiders. Missouri Pacific and the South
westerns moved upward. excepting the
Wabashes, which were affected by real
izing The story REQUIRED that Missouri
Pacific is to be placed on a per cent
dividend basis later in the month by the
declaration of lump dividend and that
valuable rights in addition are to be de-
clared. The movement in Baltimore and
Ohio seemed to be based on reports of
the conference between Pennsylvania and
Reading officials, presumably to arrange
matters for the benefit of Baltimore and
Ohio. The New York public utilities were
generally affected by hopes of relief from
the franchise tax, and In addition Brook
lyn Transit put out a report of good net
earnings for April
The Tobacco stocks were the subjects of
active speculation on the organization of
the Consolidated Company. The stocks
were feyerish, receding early on realizing
but rallying on published assertions of a
formation of an underwriting syndicate
for the new company, which would tie up
half of the proposed debenture bonds and
keep them Off the market. The Continent
al stocks show net gains of about a point
American Tobacco 2h, American Snuff
81 and the preferred 2A. There were be-
sides many usually neglected stocks which
advanced from / to points without any
news to explain the movement. Net
changes as a rule are not significant the
sluggish fluctuations not taking prices far
from last nights level, although the ex-
treme range from high 10 low ran from
to 3 points in the active stocks. Not much
attention was paid to the money mar
ket, but the call loan rate ran up to AZ
per cent. In the late dealings on Monday
the fourth and last installment OF &c.
100000 is due on subscriptions to Union
Pacific convertible bonds Preparations
will begin next week also for the payment
Of several dividends due the week after,
notably that on Standard OIL.
The indications are that the cash
changes to be shown by to-morrow's bank
statement Will be less than $5O0.0OO with
probably gain for the banks The firm
ness OF the Sterling Exchange market
both here and IN Paris, In view of the re-
duction OF the Bank OF England rate and
the easy discounts In London attract con-
siderable attention. Remittances on ac-
count Of the next instalmcnt of British
consol subscriptions, which fall due on
June Is, Is factor at both centers, Paris
seems to be transferring large amounts
CT capital for investment in the London
market beside New York IL making pre-
paration to meet the June 20 dividend
and interest obligations In London. Be
sides, London was large seller OF
stocks here to-day The exchange market
was thus held firm al what was the gold
eNPoll point lof tne last outward move
ment, but no gold was engaged for ex-
port.
The bond market was quiet and lrregu-
lar. Total sales par value 81. 685 900. United
States bonds were all unchanged on the
last call.
The total Gales OF stocks to-day were
7S6,So0 shares, including Atchison 1900:
do preferred, $500; Baltimore and Ohio
100; Chicago and Alton. 800; Rock ISL
and, $500; Erie. 5000; Iowa Central, H.
SOO Louisville and Nashville $500: Metro
politan Street Railway, 300: Missouri
Pacific, 5000 Ontario and Western, %. 100;
Pennsylvania, 1900; Reading, 94O0; ST.
Louis and Southwestern preferred, $500:
81. Paul, $500. Southern Pacific. 4O4OO:
Southern Railway, 1880; Texas and Pa
cihc, 1890; Union Pacific. 800; Wabash.
500; Wabash preferred $500; American
Car and Foundry, 1850; american To-
bacco, lOioo; Brooklyn Transit, 207OO:
Tobacco, q 200; Pacific Mail,
1900: Sugar, 1890; United States Steel
B,tO0, do preferred. 1880.
New York stock and Bend List.
Railroad Stocks.
AtrhtHOu a.. 49,. MA, Mr4 ~ Nv lqgA