The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-07-28
STOCKS AND BONDS.
The Market Closes without Any
Noteworthy Features

New York. July 27.-Not much COM
ment is required upon to-days stock
market. The same conditions of apathy
and inertness that have been gaining
force all week prevailed Trading was
of unimportant dimensions and the
price movements were without signih-
canoe. The public was entirely unrep-
resented in the market and the mea-
ger trading represented only the eff
forts of professional operators of the
smaller class to induce some move
ment of prices that would offer them
a days profits whether on the up
grade or the down grade.
The dealings in the United States
Steel stocks and, to a less extent, in
the Changers and Pacific, overshad-
owed the rest of the market The steel
stocks were strong on the same kind
of operations as those of yesterday,
seemingly based on a belief in an
early triumph of the corporation in the
strike contest. The common stock rose
an extreme III and the preferred rs.
The corn carrying railroads were ben
Gifted by the weakness of the corn
market and reports of the breaking of
the Western drought. A number of mi
dividual causes. The Canadian Pacifics
subsidiary roads responded to the
strength in that stock. The Tobacco
stocks, Peoples Gas, Amalgamated
Copper, American Cotton Oil, and
Virginia Carolina Chemical stocks and
few others were notably strong.
Traders sold the market on the in
crease in loans in the bank statement,
but they induced no following and COW
cred their shorts before the close,
which was steady at the recovery.
The week just past has given pretty
clear evidence of the elimination, for
the time at least, of the speculation for
the decline in stocks and for the rise
in grains which has been going on in
the various markets during July. The
effect on the stock market has been fe-
verish and irregular movements of
prices with narrowing fluctuations and
decreasing volume of business. Accord
ing to the invariable rule in specula-
ton of any dimensions, this one has
overdone itself. The consequence has
been reactions from the recently pre-
vailing tendency. Stocks have recover
ed and grains have relapsed. The be-
ginning this week in a small way of
the transfer of currency to the inte-
rior to move the crops calls attention
to the fact that recent liquidation in
the stock market had as it's object
preparation to meet this requirement
and not to supply means for a renew
ed speculation in stocks.
The question also arises whether this
year will see the normal response to
this interior movement of currency in
the inflow of gold from abroad. 1t
will be remembered that since the
South African war cut off the supply
of gold from Europe the United States
has seen no important inflow of gold
when our export of food stuffs begin to
go abroad. This was true In spite of
a merchandise export balance in our
favor, unprecedented in our history.
Foreign money markets look for a de-
mand for gold from New York IN the
autumn, but as to their ability to meet
it, authorities are not agreed. The
speculative outlook from the present
level of prices is thus seen to be much
mixed
Business in railroad bonds has been
on a small scale. except in a few is
sues that are related in value to stocks
by convertible rights. United States re-
funding rs have been advanced Il point
on call for the week.
Total sales of stocks to-day were
247, 900 shares, including Atchison. 3d.
100; do preferred 100; Erie, $500; st.
Paul. 12,7O0; Southern Pacific, $500;
Union Pacific, 1890; United States
Steel, 10000; do preferred. 35.100.
New York stock and Bond List.