The Savannah morning news., 1901-08-28
STOCKS AND BONDS.
Undertone of Stocks Heavy-Centrnl
of Georgia Income Bonds Strong
mt the Advance.

mt the Advance.
New York. Aug, 27.-Prices of stocks
were toppled over to-day and the reac-
ton to the prevailing bull movement
apparently came to an end. The hesi-
tating tone which developed yesterday
continued this morning.
After the first recession in prices
strenuous efforts to check the reaction
were made which met with a degree OF
success. The character of the buying
in st. Paul was a large influence in
the temporary up turn of the market.
Very large amounts of this stock were
taken by brokers supposed to act for
the group of f1nanciers which has been
foremost in forwarding projects for
the community of interest in the rail-
road ownership. Operations towards
supporting the market elsewhere were
attributed to the most conspicuous OPP
orator in the street and the apparent
confidence with which they were con-
Quoted served to intimidate the pro-
fessional operators of a smaller class,
who were inclined to take a bearish
view of the market. But when this lat
ter class detected the diminution of
the outside buying through Commits
sion houses and some evidence of
profit taking by the longs they offered
prices down boldly and by uncoverins
stop loss orders, dislodged very heavy
offerings under which the market broke
badly. With the downward tendency
esta blished the traders gave a pessi-
miStic twist to the current news, as is
their wont. -s
There was, however, little news to
account for the course of the market.
The inference was clearly justified that
the buying and bidding up of stocks
for two weeks past represented an eX-
pertinent by stock market operators
who hoped to attract sufficient out
side interest by this means to make an
active bull speculation. Yesterday
extremely moderate demand from out
side sources chilled the exre ctation of
the bulls and what long lines had not
been sold to realize profits were forced
to sale more urgently to-day with the
still further diminution in the outside
demand Naturally the stocks which
have been recently bulled the most
were the weakest on the reaction, the
Pacifics, Atchison, Amalgamated Cop
per, Norfolk and Western and the Coal
ers suffering the widest losses. Yester-
days story of a settlement of the steel
strike was clearly shown this morning
to have been put out to hold the mar
dropped with the rest of the market
and are IL lower for the day. The rail-
ly in the corn market was also an in
fluence and there was renewed selling
from Western sources which have been
covring in stocks during the period of
reaction in corn.
The most potent influence in check
ing the speculation for the advance
was the growing conviction that re-
&C. Lr
met to large extent by the New York
money market with. the prospect of q
continued drain at the same time or
account of United States Treasury OPP
rations. There were no striking new
developments to-day to emphasize this
conviction, but the factors recently al
work to that end continued in force
The market had a substantial rally
from its break caused by short cover
ing, but the recoveries were we'll held
and the closing was feverish and irreg-
ular with a heavy undertone.
The railroad bond market continued
quite active, but turned week in SYM
pathy. Central of Georgia issues were
strong on the declaration of the full
interest on the first incomes, which
rose 81. and the third incomes 81. To-
tai sales, par value, S1,715,000. United
States bonds were all unchanged on
the last call.
Total sales of stocks to-day were
731, 400 shares, including Atchison, 46,
200; do preferred, 5,400: Chesapeake
and Ohio, 1900: Baltimore and Ohio
$500; Erie, 43,700; do first preferred, g.
100; do second preferred. 500; Louis
vile and Nashville, 19,400; Manhattan
1900; Missouri Pacific $500; New York
Central $500; Norfolk and Western
16,400; Ontario and Western. 12,600;
Reading second preferred, $500; St
Paul, $500: Southern Pacific, s6,500;
Southern Railway, 42,500; do preferred
$1,000: Texas and Pacific, 1000; Union
Pacific, 70,1O0; Wabash, 300; do pre-
ferred, 19.200; Amalagamated Copper
$4,000; Brooklyn Transit. $500; Repub-
lie Steel, 9.400; do preferred. $500: SUI
gar. 5000; United States Steel, 81 900;
United States Steel preferred, 1890.
nj s.k