The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-07-10
STOCKS AND BONDS
The Giants Give the Market a Lift
and Up Go Prices.

anu tp so Prtcees
New York, July 9.-Support for the mar
ket from the large banking interests and
syndicates which seemed yesterday to
have abandoned it to the effects of forced
liquidation worked prompt transforna-
ton in speculative sentiment to-day. The
opening transactions disclosed that there
was still urgent liquidation to be effected
and some heavy blocks were thrown upon
the market at sharp concessions, from
last nights closing prices, but brokers
with supporting orders were present at
the same time and were bidding above
the prices at which others were letting
stocks go.
The consequence was some wide open
ings in the prices of the granger, Pacific
and Southwestern stocks on sales of l.
900 to $500 shares of each. The average
level of prices was carried point or
more below last night and here were ex-
ceptional losses in Louisville and Nash
Vile of 1885, in Baltimore and Ohio of 3A
and in Southern Pacific of Ia. United
States Steel received support from the
outset and although the first offerings
were of 1000 shares the price was held
at last nights level. During the rest
of the day the market showed steady
ACNhPSl az liulSS utfSlOpcu q
tone of positive buoyancy.
The stocks which suffered most acutely
in yesterdays liquidation were most con-
spicuous in to-day's rally, notably St.
Paul, Union Pacific, Missouri Pacific and
Atchison. The movement in these stocks
was eclipsed by that of Louisville, in
which che dealings were on a very large
scale. The opening loss in this stock and
the subsequent movement gave color to
| At.
the purpose of accommodating stock. In
the late dealings it spurted TO 11Oh, an
extreme rise of Ia. 1t closed with a net
gain of 2h. The recovery in the other
leaders from the low point ranged from
to 5. Some special strength was shown
| by Illinois Central on the declaration of
the dividend and the decision to issue
new stocks and by ST. Louis and San
Francisco second preferred on the plac-
| ing of the stock on a 6 per cent dlvi-
| dend basis. There was no apparent cause
| for the recovery in the general list aside
| from the confidence inspired by the evil
| dence that powerful support was in the
market and that the ominous and urgent
liquidation of yesterday was thereby
| checked.
| The dsquiet which was caused yester-
| day by the mystery surrounding last
| weeks large loss in the cash reserves
| of the banks was dispelled by the ex-
| PLANTATION that cash had been shipped to
| Buffalo to provide against a possible run
| on the banks there. The open handed
freedom with which loans were made by
banks under Morgan control quieted fears
| of credit contraction and counteracted
| the effect of the recent policy of the
| banks In discriminating against collater
| al. This policy had its part in inducing
liquidation which night have endangered
| the banks themselves IL carried to ex
tremes. It's check, therefore, caused gem
| eral relief. News regarding the corn
crop was not improved to-day and At
Gibson officials continued to talk in a bel
| ligerent tone of the announced cut in
freight rates. Assertions were persistent
| ly made, however, that the freight rate
| trouble would be adjusted and some scep-
| ticicism was expressed as 10 the logic of
| a cut in freight rates at a time when
| complaint is made of the car famine and
of more business offering than can be
handled by the railroads.
The feeling that a campaign to depress
| prices might be involved, with the pur-
| pose Of accommodating stocks, made the
bears timid, and the covering of large
| short lines helped the rise in prices. The
| closing was firm and near the top
The bond market was moderately ac-
| tive, but only a part of the list recovered
in sympathy with stocks. Total sales,
par value 1905, 900.
United States new As declined Y per
cent. and the old as advanced u per
| cent. on the lass call.
Total sales OF stocks to-day were $685.
| 600 shares. including Atchison, 1920; do
| preferred 1850; Baltimore and Ohio, 49,
250; Chesapeake and Ohio, $500; Erie. a.
$50; do first preferred, 12.1O0; illinois Cen
trail, $500; Louisville and Nashville, 49,
800; Manhattan, 1920; Missouri Pacific,
1850; New York Central, 100; Ontario
and Western, l1,H5; Pennsylvania, 80, 400;
Reading, 1880; Reading first preferred,
1900; do second preferred, 1880, st. Paul.
\ $3.50; Southern Pacific, 1880; Southern
Railway, A,s75; Texas Pacific, 5,GO0 Union
Pacific, 1910; Wabash preferred, 500
Amalgamated Copper, 21,050; Brooklyn
| Transit, 1925; International Power, 1900;
Sugar. 1920; Tennessee Coal. 1885, Peo-
Pies Gas. $500; United States Steel, S.
| $50; do preferred 5000.