The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-09-19
STOCKS AND BONDS.
The Market Closes Buoyant With
Prices Near the Top.

Prices Near the Top.
New York, Sept. 1S.-People who ar
gued that the sudden weakness that
developed in the stock market yester-
day afternoon after the early show of
strength was due to the frost scare in
the corn belt, found confirmation for
their views in the recovery in the
stock market to-day simultaneously
with the reaction in corn.
The loss of all yesterdays rise in
the price of corn showed an eagerness
to realize on long lines that took the
edge off the apprehension regarding
the reported further damage to the
crop. The effect of this development
was naturally most pronounced in the
stocks of the great Western railroads
whose traffic is large in corn, namely,
the Changers and Pacfics, including
Atchison and Missouri Pacific. But
there was no reason why the deVel-
opments in the corn market should
have a sympathetic effect on railroads
in Southern territory, those carrying
anthracite and bituminous coal and
the network of Central Traffic and
minor Eastern trunk lines which are
usually designated as junior Wander
bits. Prices of all of these stocks
were notably buoyant and the buying
of them was on a scale which could
only be for the account of the largest
financial interests. The buying was
without any specific news to explain II.
1t was attributed to the same sources
as that which constituted the deter
mined support of the market all
through the recent crisis.
The public in Wall street was strong
in the conviction that what are called
the Vanderbilt, Morgan, Gould. Rock
efeller and Hartman interests were all
buyers on a very large scale of the
various stocks in which they are in
terested. There was considerable cross
trading early in the day, which had
the appearance of an effort to confuse
sentiment, brokers usually acting Tor
large capitalists making very large
trades on both sides of the market and
almost simultaneously. The persistent
weakness of Amalgamated Copper,
which fell another 3A points to-day
still further confused sentiment. When
that stock made a vigorous rally OF
2ss the effect of the buying elsewhere
became emphasized and prices rose
buoyantly throughout the list to the
top level of the day. Southern Rail
way was easily the feature and nearly
all the transactions in the stock during
the last hour were in 1000 to 5000
share lots. The price rose 2 points
and an extended additional list OF the
Morgan railroads advanced from l to
2 points. Hooking Valley gained 5b
The Vanderbilt group. including New
York Central. the New York, Chicago
and St. Louis stocks, Canada Southern
Cleveland, Cincinnati, Chicago
and st. Louis, Peoria and
Eastern, and Lake Erie and West
ern rose from 21a to 7M giving rise to
confident predictions of an early an
nouncement of a comprehensive plar
of merger for all the Vanderbilts. The
rise of AZ in Sugar was due to the
stock subscription rights declared by
the stockholders to-day. Conditions In
the money market were tranquil I'M
der the influence of the continued large
outgo from the sub treasury to the
money market. The banks have gain
ed during the week from that insti-
tuition 81. 546, 900. The easing effect
of this replenishment served to further
steady foreign exchange rates and de-
ferred engagements of gold for import
while the exchange at Chicagofell back
to 20 cents discount compared with II
cents discount yesterday and par or
Friday.
Speculative bonds were active and
strong, but there was some irregular
ity among less active issues Tota
sales, par value. $2,095000. United
States refunding rs advanced IL pei
cent. on the last call.