The Savannah morning news., 1901-03-01
STOCKS AND BONDS.
Yielding Tendency and the Market
Closes Weak

New York, Feb. 28.-After an unavailing
effort to check the yielding tendency Of
prices the market gave up to the threat
ening depression, and the closing was
weak at the lowest, with something very
like splitting out OF stocks going on all
through the list. The steel stocks were
most acutely affected and were weak
throughout One or two in the group adj
vanoed slight fractions at one time I'M
der the process of arbitrage operations
which involved purchases to cover sales
in other stocks. but the prevailing dispo-
sition was to sell.
Dealings continued on the curb in the
contracts to deliver United States Steel
Corporation stocks when issued, though
not on as large a scale as yesterday.
These stocks, which were regarded as the
index of the value of all the members of
the group, showed an increasingly heavy
tone, Bids of 81 for the common and a2ls
for the preferred were put in with the
opening by brokers acting on behalf of
the banking interests concerned in the
organization of the new company There
was some firmness In the common stock
during the day, but in the closing deal
ings the bid Tor the common stock was
reduced to 36, and for the preferred 80
The last prices showed National Tube
IA lower than last night; American Hoop
Steel and Wire, Tin Plate and Steel and
Wire preferred from to 21a and others
of the group from fraction 40 nearly
points The stocks not included in the
consolidation were also weak, Tennessee
Coal losing nearly points. Published
reports from Pittsburg of dissatisfaction
IN hn ark &c H..
holders with the terms of the exchange
were an influence in the depression. The
relapse in Sugar. Tobacco and st. Paul
after short-lived opening bulge, also
served to discourage the speculation
Efforts were made to substitute other
stocks for the purpose of sustaining the
market. but they were Intellectual. They
were most conspicuous in the Smelling
stocks, which rose 55s for the common
aud 2as for the preferred; Anaconda with
a rise of 21a, and Amalgamated Copper
with an advance of points. st. Louis
and San Francisco rose 8, and the second
preferred NJ The movement in copper.
as in the steel stocks, was without regard
10 the trade news, as also was the case
with the railroads. Prices in a number
of the most prominent stocks are point
or more lower The money market con
tinued easy. Notwithstanding the large
absorption by the sub-treasury and the
demands for the month-end settlements
1t is not unlikely, however, that the
money market possibilities are an eie-
ment in the caution manifest in the
speculative list. A sharp rise In ster-
hing exchange in response 20 the harder
money conditions in London served 10
emphasize this caution.
Bonds were relatively better sustained
than stocks. Total sales, par value S3
o2o.OOo. United States refunding 2s. regis
tered. advanced 49, and the IS u per cent.
on the last call.
Total sales of stocks to-day were S5e. 100
shares, including Atchison. Is. 900 Atch-
ison preferred. $500: Chicago Burlington
and Quincy. 800; Erie 400; Erie first
preferred. 1920; Louisville and Nashville
1900; Missouri, Kansas and Texas pre-
ierred, $4,000: Northern Pacific. q 900.
Pennsylvania. 9,40o: Reading first pre.
ferred, 1890; st. Louis and San Francisco
1900; st. Louis and San Francisco second
preferred. $500; st. Paul, 5000: Southern
Pacific 1900: Southern Railway Is t0o.
southern Railway preferred, Oo0. ITnion
racine $500; Amalgamated Conner Al
eo' smelling and Refining, 80 800: smell.
ing and Refining preferred 900: steel
HOOP. lolOO; Steel and Wire. 1900. Amerl.
can Tobacco. 1890; BROOKLYN Transit 1e
800; Continental Tobacco. 141oo Fedarsi
steer, $40; Federal Steel preferred "A -oo.
sugar, 1880: Tennessee Coal ana Iron
|S'VW; United States Rubber, 400
New Y-"t. Stock T4et