The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-12-06
STOCKS AND BONDS.
The Market Closed Dull and GEN
orally Heavy.

/
New York. Dec. 5.-The upward
movement in stocks which gained
some force yesterday afternoon came
to an end this morning in face of the
realizing by the speculative pools, who
have nurtured the advance in the re-
Gently prominent stocks. The percep-
tion of this realizing checked the fol-
lowing among the professional traders
and led to a reactionary tendency all
through the market.
The factors at work in the money
market leading to the depletion of the
cash reserves of the banks begot a
spirit of caution in the mourning of
liabilities for speculative purposes. The
market started off briskly and strongly,
with yesterdays leadership fully
maintained to all appearances, but the
sharp gains by a few stocks and the
sustaining influence of these was taken
advantage of to realize. Before the
day closed the early gains were wiped
out, except in few instances, and the
average level of prices at the close
will be seen to be lower than last
night. The selling of stocks grew nota-
bly, less as the decline in prices pro-
ceeded, and the market sank into ex-
treme dizziness at the low level.
The loss thus far this week to the
sub-treasury of $5,S74,000 serves as a
warning note to the optimists on the
money outlook. The disbursements on
government account have been light
during the week and the offerings of
government bonds for redemption have
receded to nominal figures, notwith-
standing the withdrawal of bonds on
deposit to secure circulation up to the
full limit allowed for the month, and
presumably with the purpose of offer
ing them for redemption. Assertions
that receipts of cash from the interior
on the express movement are largely
in excess of shipments are not entire
ly reassuring, in view of the fact that
deposits at the sub treasury for trans
fer to the interior already exceed $780,
900 for the week, to-day's transfers to
New Orleans on that account reaching
$150,000. New York exchange at Chi
cago also fell to 40 cents discount to-
day. On the international exchange
side there was an easier tone in the
sterling market to-day, but continental
exchange hardened. Money was in
active demand in London to pay the in
stalment due on the British loan, the
price OF gold advanced and a stiff rate
is expected there for the rest Of the
year and into January. The private
discount rate rose in Paris to-day and
the sterling rate there receded further.
The possibility of further gold exports
next week is thus clearly foreshadowed.
Between now and Dec. 20 the money
market here has to make provision for
the Standard oil dividend disburse-
ment Of $4,000. 900, and a I per cent.
dividend on United States Steel COM
mon stock, which calls for upward of
a. onao NJ. Jfat - s..
dication of money scarcity in to-day's
loan rate, but the consideration of flu
ture contingencies had much to do
with the quieting of the speculation
on the stock market.
A renewed decline in Amalgamated
Copper after some early firmness, in
spite Of the. recovery in the raw cop
per market In London, was also an un-
settling influence in stocks. The mar
ket closed dull and generally heavy.
The railroad market was steady for
a time. but later irregular, in sym
pathy with stocks. Total sales, par
value, $4,420,000 United States bonds
were all unchanged on the last call.
Total sales OF stocks to-day were
651, 100 shares. including Atchison, H.
500 Rock Island, 9.100; Chicago Ter
minal, $500; do preferred, 1880; Erie
$500: Manhattan, 81, ZOO Metropolitan,
$500; Missouri Pacific. 67,B00; New York
Central, $500; Northern Pacific pre-
ferred 1850; Pennsylvania, 5s.4Oo:
Reading, 10,500; do second preferred.
1900; st. Paul, 1880 Southern Pacific,
10 1900; Union Pacific. 81 900; Amalga-
mated Copper $1,000 Brooklyn Transit,
10000: General Electric. 5000; Sugar.
1000. United States steel. 1900 do
preferred $500: Western Union, IA, 100;
American Locomotive, 1000.