The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-10-03
STOCKS AND BONDS.
The Market Opened Higher and
Closed About steady.

New York, Oct. 2.-The market
started out to-day with something of
an upward rush of prices. Apparently
the professional traders were Impress
ed with the idea that the statement of
net earnings officially promulgated last
evening after the market closed by the
president of the United States Steel
Corporation would have a strengthen
ing influence on the whole list.
There was quite an active demand
for awhile for United States Steel it
self, which lifted the price ia over yes
terday. Colorado Fuel and Tennessee
Coal showed some strength on the as
sumption that the favorable condi-
lions in the trade revealed by the state
ment of steel corporation earnings
would benefit those companies also.
The railroad list was affected by a de-
mand from the shorts, but the force
of the demand spent itself early and
the market fell into dullness and heavi
ness, punctuated by a number of weak
spots among the industrials.
The friends of United States Steel
were inclined to attribute this weak
ness to the contrast afforded with the
policy of that company in the publica
ton of its earnings, but the United
States Steel securities fell back with
the rest of the market, and the profess
sional speculative sentiment in the
street failed apparently to be Impress
ed with the new policy of the United
States Steel Corporation as an epoch
making departure. The large profits
reported by that company had some
reassuring effect nevertheless, owing to
the wide reaching Importance attached
to prosperous conditions in the iron
and steel industry. The distrust left
by the Amalgamated Copper episode,
and the annual reports of one or two
other industrial corporations recently
showing net earnings insufficient to
pay the current rate of dividend, and a
consequent encroachment on the sur
plus for that purpose probably ac-
counted for the continued weakness in
that class of securities. Brooklyn
Rapid Transit continued weak under
pressure of liquidation, which is attrib-
uted to weak annual report expected
soon. The stock fell an extreme Az
to below so. the lowest price of the
year. Manhattan declined 2h, partly
in sympathy.
The reduction in refined sugar ex-
planned the recent decline in the stock
which steadied toward the close of the
day, ending with a net gain. The level
of prices generally was carried below
reach point in important railroad
stocks except for Missouri Pacific. The
money market continued easy and
sterling exchange advanced again.
The demand was attributed to require
ments for purchase of stocks bought
recently in the London market. The
announcement from the Treasury De-
partment that the purchase of govern
ment bonds for the sinking fund would
cease, will cut off the main source of
replenishment of the New York money
market for some time past against the
interior demand for currency. There
was a significant drop in quotations on
call for government bonds following
the announcement. The market closed
about steady.
Railroad bonds were dull and irreg-
ular. Total sales, par value, 81, sos 900.
United States old As declined a, the IS
and IS x, and the new As ! per cent.
on the last call.
The total sales of stocks to-day were
100 shares, including Atchison, &c.
500; do preferred, $500; Erie, 1860:
Manhattan, 24,100; Missouri Pacific, 49,
800; Reading. 9,400: st. Paul. 10400;
Southern Pacific. 1900; Union Pacific,
20,600; Amalgamated Copper, $4,000;
American Car and Foundry, 10000: do
preferred. $780, Brooklyn, SO 900; Peo-
pies Gas, $500; Sugar, 40,500; United
States Leather, $500: United States
Steel, 56,400; do preferred, 10000.
sew York stock aud Rond List.