The Savannah morning news., 1901-02-17
STOCKS AND BONDS.
General Tendency of the Market Re
dictionary.

dictionary.
New York, Feb. 16.-There was much
confusion and doubt regarding the specu-
lative outlook manifest in the movement
of prices in to-day's stock market and
change sides several times during the
course of the short session. The opening
strength seemed to be due TO London OPP
erations and gave way Immediately after
che opening.
There was manifest apprehension over
statement. The steel stocks were reac-
tionary, partly over the delay in the an
nouncement of the terms of the merger
and partly over the probability of a prob
ing by the Industrial commission The In
ternal discussions in the smelling com
pany were responsible for the weakness
of those securities, and reported dissatis-
faction on the part of the English minor
ity stockholders in Anaconda was reflect
ed in decline in that stock and in Anal
gamated Copper. The metal stocks as a
whole therefore, made rather a poor
showing. Tin Plate, National Steel pre-
ferred and Federal Steel preferred were
exceptions, Tin Plate rising at one time
rs over last night, and closing with a
net gain of rs. The strength of Burlng-
ton and of Delaware and Hudson made
the feature of the market They led a
rally after the opening weakness and
they checked the selling induced by the
bank statement modifying what prom
ised to be a weak closing into dullness
and heaviness. The new Toledo, ST Louis
and Western stocks were strong the pre-
ferred rising S7s, but yielding to the late
reaction. Illinois Central was advanced
nearly points AS a rule the list shows
net losses ranging up to over a point for
many of the prominent trading stocks.
General Electric lost az of yesterdays
rise.
The bank statement proved fully as
weak as the pessimists had prophesied
ana Enthusiastically constitutes a danger
signal to spectators. although the seren-
ity shown by the financial world in face
or the showing prevents any acute appre-
hension. 1t is true that the rate of loan
expansion with the added factor of cash
snrinkase is carrying the surplus rapidly
toward the vanishing point Two more
weeks or the present rate Of depletion
would more than wipe out the surplus
The Increase in loans since Dec % LAST
mas reached the enormous aggregate of
$AzS, 800 but a large part of these are
credlts OF the highest grade, involved IN
me financing OF great railroad combina-
.iohs ana presumably, in part, on ster-
ing exchange collateral The deposits IN
New York clearing house banks have
thus been brought up to the stupendous
aggregate of $1,O11 ,329, 200, crossing the
piillon dollar mark for the first time in
their history. The continued willingness
Vi the banks to loan money at the pre-
Waning easy rates reflects their conf
oeice IN the future which NAV quite
possibly De due TO foreknowledge and as
surahces or the plans of the CAPITALISTS
ana syholcates to whom they have ex
TENDED large credits, for liquidatfne them
ana providing for any emergency. n 10
nevertheless obvious that the situation
may result in great danger to poorly Sc
ouicu creditors, whose borrowings ar,
paced IN purely speculative ventures.
nOnos nave moved in sympathy with
STOCKS. United States refundihe % ad-
vanced Is, the IS a and the 3s and neu,
~ y per cent over the closing bid of a
week ago. -
Iotal sales OF stocks were $50 100 sharas
including Atchison 24,1OO; Atchison nre-
lerreY $500; Chicago, Burlington and
1ulncy 0SOO; Chicago, Rock Island ana
acilc o,SO; Delaware and Hudson 10
w, manhattan 800: New York Central
o'VV' norfolk and Western $500: pennsvI-
wanna 10000: st. Louis and San Francis.
60 1900; st. Paul 4OOO: Soutbor,,
80 Scihc 1850; Union Pacific IA
Wv western and Lake Erie 4oo.
ana an maigamated Copper $500; Smelling X
wv; 40 preferred 400; American Steel
stla wire l4.7oo; Brooklyn Transit 74Oo.
oeIad steel 1880; Federal Steel nre,
ielreu o'SO0; Sugar 2030O