The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-10-08
STOCKS AND BONDS.
Covering Demand Causes Firm
s Closing Generally

New York. Oct. 7.--Liquidation of the
same character as that which has
been manifest for some time proceeded
to-day. Some ragged breaks in the
price OF the market level resulted, but
heavy and concentrated buying was in
evidence all day. AS a consequence
the decline was checked and the latter
part OF the day was given over to a
broad and comprehensive covering
movement, which lifted prices,
throughout the list, losses in the rail-
road list being quite generally recover
ed, and largely reduced even in the
weakest of the industrials.
When the market opened a feeling OF
encouragement was general, especially
because last weeks liquidation had
proved Intellectual to recuperate the
conditions of the banks, by reason OF
the extension of new credits. The
completion of the season of the inter-
ior movement of currency was still
to be met, therefore, and the only clear
source from which to supply this re-
quirement was by further liquidation
In the stock market. Foreign ex
change continued to advance, pre-
Guiding the hope of relief from that
quarter. Leading selling of stocks for
London account sustained the exchange
market. Renewed decentralization in
foreign copper securities and forced
liquidation In Paris were the occasion
Of this foreign selling and the prompt
decline in Amalgamated Copper here
gave promise of a continuance of that
disturbing influence.
Pressure from the lenders of money
was undoubtedly at the root of the
stock market depression, but vulner-
able points in the Industrial list bore
the brunt of this pressure rather than
the railroad list in general, and the
rates for call loans were not disturbed.
There was a growing spirit of skepti-
cism as to the prospects of dividends
on industrial coal stocks were the Or
CARNATIONS were dependent. for sue
cess on continued or increased pros
rerity. This sentiment toward recent
financial PROSPECTS were extended to the
railroad world by reason of the an
nual showing of the Chicago, Burling-
ton and Quincy, which was published
en- Saturday and which showed a bal
ance of earnings after charges INSULT
cient to pay the interest on the newly
Issued bonds for which the stock is
collateral. ST. Paul, which sold ex-
dividend Of 3 per cent. was subjected
to savage attack, and was forced down
l%. Missouri Pacific lost as much and
some of the cotton and corn carrying
railroads were quite weak. The selling
of Brooklyn Transit, which carried it
down 4ss, was apparently based on the
general condition or poor earnings and
an unduly high price. Sugar was weak
at the extreme decline of 3h on dread
of the effect of the war against beet
sugar Atchison led the recovery on
very confident rumors that the semi
annual dividend rate is to be increased
TO 2 per cent.
There were purchases by a single
commission house of several thousand
shares each of various stocks all
around the room, and this was sup
posed to represent covering by large
Western bear contingent. The rally
ran between and points in many of
the principal active stocks, and the de-
mand for Amalgamted Copper showed
some urgency, the stock rising / " over
Saturday. The days net gain is a
point. The covering demand made 6
firm closing. A renewed advance In
some of the junior vanderbilts was a
feature of the day.
The railroad bond market was weak
early, but rallied in sympathy with
stocks. Total sales par value 81, $40, O00
United States New AS declined u per
cent on the last call.
The total sales of stocks to-day were
72s,200 shares, including Atchison 81, 200;
Atchison preferred $500; Erie $4,000;
Manhattan 25,400; Metropolitan $500;
Missouri Pacific 14,700; Pennsylvania
$500; Reading II. 800; ST. Paul lex. div
idend) $4,000; Southern Pacific rs. 900;
Southern Railroad 1900: Union Pacific
F,700; Copper 81, 400; Shelter $500; An
aconda 100: 3. r. T.. s2,100: Peoples
Gas 1880; Sugar $1,000; T, C. /. 5000:
United states Steel 29.50o; United
States Steel preferred 1880.