The Savannah morning news., 1901-06-21
STOCKS AND BONDS.
Dealings Smallest Since Presidential
Election.

Dealings Smallest Since Presidential
Election,
New York. June 2O-opening prices of
stocks were at the highest average level
to-day and all rallies, of which there
were some of slight force, were met by
renewed realizing. which sent prices
downward. After the opening squirt there
were developments of strength here and
there in individual stocks, but they were
in the class of securities that usually
have little prominence in the trading and
were without great sympathetic influence
on the list. The descent from the open
ing high level was considerable, but the
selling pressure showed a tendency to
diminish when prices got down to last
nights level. In fact there was no Sc
we're pressure to sell at any time and the
market reflected rather the dispo sition Of
the class of large operators to refrain
from operation and let the market lie
fallow DUNG the period of doubt regard
ing the capacity of the money market to
afford resources for speculation between
now and the turn of the half-yearly pc
riod.
The volume of dealings showed a nota-
BILE shrinkage and fell below the half
million share mark, which is the lowest
level touched since before the presden-
tial election. Even this meager aggregate
was largely dependent on the congested
dealings in a few stocks, notably Anal
gamated Copper. This stock was under
pressure all day and fell an extreme 3s4
under last night, with a rally of 2 points
on the declaration of the Customary IL
quarterly dividend and " per cent extra.
This is said to be in a large part due to
arbitrage operations against buying of
stocks eligible for exchange. Colorado
Fuel continued its sensational hQctua-
tions, falling at one time six points under
last night and 2Sh under the high price
of Monday, but rallying at the last to a
point above last night. General Electric
was bought on the reported acquisition
of the British Thomson Houston Com
pany, and the stock being in very light
supply, the buying lifted 1t Is points by
wide jumps.
There was persisting strength in Min
neaPolis and St. Louis and the Iowa Gem
trail stocks, which rose to 41s per cent
on rumors of a merger and final absorb
ton by the Illinois Central. The strength
of the Chicago Great Western was based
on feeling that the settlement of the
Western railroad situation will necessi-
tate its control. The early strength of
the market in sympathy with London
was clearly due to the improvement
there Of the monetary situation where the
government is making haste to redisburse
the resources of Tuesdays instaIment
of consol subscriptions.
Doubts, however, continue over the To-
cal money situation. The sub-treasury
has already taken from the market this
week $500, 900, which includes the pay
ments for the gold exported The sale at
auction at Washington to-day to satisfy
a government lien of the Sioux City and
Pacihc Railway Company to the Chicago
and Northwestern will involve the furth-
er payment to- the government of nearly
Sz,OO,OO, although a period of 20 days is
permitted. The rise in New York ex-
change at Chicago to 25 cents premium
per thousand shows that the interior is
responding to the pressure for funds at
New York. The very heavy requirements
incident to the unprecedented interest
and dividend disbursements on JULY
whlch must be met next week admonish
to continued caution in overstraining the
money market for speculative purposes.
This and the subsistence of the talk re-
garding the ST. Paul-Unio Pacific deal
suhlciently explains the dullness and
heaviness of the speculation. The bond
market was moderately active and irreg-
ular
Total sales, par value, $292OOO0.
United States bonds were all unchanged
on the last call
Total sales of stocks to-day were 4s7. 400
shares including: Atchison, q 100; do nre
ferred, 1850; Chicago and Great Western.
2S600; Erie. 1000; Iowa Central. Is 400:
do preferred 10000; Pennsylvania, II. 200:
81. Louis and San Francisco, 1O.1O0: ST.
Paul. S4.sO0; Southern Pacific, 1850: I'm
ion Pacific, $500; Amslgams ted Copper.
1920; American. Tobacco, $500; Brooklyn
Transit, $500; Colorado Fuel, $500; Re
public Steel, 5000: Sugar 1900; Tennessee
Coal. @,3Oo; United States Steel $500; do
preferred, 1900