The Savannah morning news., 1901-09-04
STOCKS AND BONDS.
The Market shows n Yielding Tend
ency TO Bear Hammering.


ency to Bear Hammering.
New York, Sept. 9.--The reason for
the sudden reversal OF speculative
opinion in to-day's stock market, so
far as events Of the day threw any
light upon it, was rather obscure. The
bear party, which was obviously intim-
idated on last Friday by the good sup
port offered to stocks by inside inter-
ests, and disappointed at the failure
of the money market to stiffen on the
eye OF the triple holiday, were appaf-
emily willing to take chances on the
short side that they were afraid TO
venture upon for the interval during
which no market would be available
for them to close contracts in.
Their rene wed vgor in selling stocks
thus represented a renewal of the bear
campaign based upon the closer ten
dency of the money market which was
interrupted by the holiday The actual
condition in the money market con-
formed pretty closely to what was ex-
pected on Friday and which the Sat
urday bank statement served to con-
firm by anticipation, but the sterling
exchange market promptly responded
to the closer conditions in the local
ilQtAC9 Htdl hG1 III d way 10 the
operation of forces at work for the
relief of the market by drawing gold
from abroad In addition there was
announcement Of the receipts of $780,
600 in Australian gold at san Francis.
co, available for telegraphtc transfer
to New York, and the expected re-
ceipt later in the month Of 1880 900 to
the same destination. In the prevail
ing sentiment OF Friday the marking
up of the money rate which occurred
to-day would have been ignored if off
set by these counter effects. The ruiz
ing rate for call loans to-day was 31s
per cent. None was made below per
cent. ana the rate ran up at one time
TO per cent. Money was reported in
abundant supply in London and the
downward course of interest there was
not affected by the fall in New York
exchange. In fact conditions were more
cheerful in London this morning and
the prospect Of being called on for
gold by New York is apparently view
ed With equanarhity
London's higher range for Americans
had the effect of opening this market
higher, but the opening prices proved
to be the highest. The action Of the
foreign exchanges has been so ario-
naalous of late that some distrust is
felt of the present weakness as an in
de&7 OF coming gold imports.
When traders perceived large SELL
ing to-day by brokers generally act-
ing for interests which have consist
emily supported the market through
all recent signs of weakness. the SELL
ing pressure became acute. causing
declines of 1 to points among the
principal active stocks, the Changers
and Paeifics leading Denver and Rio
Grande issues showed extraordinary
strength and after reaeting with the
market show net gains of 5 points for
the common and 3as for the preferred
Railroad bonds weakened Total
sales, par value. $2,026,0o0. United
States bonds were unchanged on the
last call
Total sales of stocks to-day were
5oS,100 shares, including Atchison, &c.,
100; do preferred lice; Chicago ana
Great Western, 1S500l Denver and Rio
Grande, 1880; do preferred, 1880;
Erie. 81 500; Erie first preferred, 100,
Louisville and Nashville, 5000: Mexi-
can National 27,900; Missouri Pacific,
$500; Norfolk and Western, $500, On
tario and western, 1900; Pennsylvania
$500: Reading. $780, do second pre-
ferred, $500; st. Paul, 22,S0o Southern
Pacific, q 400; Southern Railway, b.
900; Texas Pacific, $780, Union Pacific
10000: Copper, 27.40o: Colorado Fuel
$500, United States Steel, SO,40O; do
preferred, $4,000