The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-07-27
STOCKS AND BONDS.
Strength of the steeIers the Feature
of the Day.

of the Day.
New York, July 26.-There was no in
dication of any change in speculative
conditions when the stock market
opened this morning. The dullness and
sluggishness were unrelieved.
An effort was made to inaugurate an
upward movement, based on show of
strength in the United States Steel
stocks, which were marked up some
thing over a point each. The demand
was attributed to London account and
was said to be due to a report there
that the dispute underlying the strike
was in course Of adjustment. This re-
port could not be confirmed in New
York. The upward movement in the
general list therefore proved abortive
and was checked before it had pro-
ceeded as far even as yesterdays limi-
ted movement. The hardening ten
dency of the London money market
was watched with some jealousy as the
future course of the money center has
an important bearing on the future of
speculation here.
The continuance of deposits at the
sub treasury for transfer to the inter
ior shows the illusiveness of hopes in
dulged by some spectators that the
usual interior demand upon New York
for currency to move the crops will be
missing this year, owing conformity to
the short crop of corn and the unus-
ually large reserves held at this time
by interior banks.
Much interest attaches to the further
question whether foreign money CEN
ters will be able to spare gold IL New
York makes demands upon them when
the crop export movement begins. This
weeks report of the great bank
abroad gives promise that they will.
Yesterdays Bank of England state
ment showing a percentage of reserve
lifted to above So was supplemented
to-day by the Imperial Bank of Ger
many statement, showing substantial
recuperation of the already strong
position of that institution. The Bank
of France also holds an unprecedently
heavy reserve of gold. But Industrial
conditions in Germany and Russia are
such as to necessitate extraordinary
strength in banking reserves. A rise
in the London money market would
be another deterrent influence upon
any movement of gold to New York
1t is to be remembered that since the
outbreak of the South African war and
the cutting off of the gold supply from
the mines, the normal autumn flow of
BOlu from LONDON 10 New YORK has
been cut Oft with consequent stringen-
cy Of money in New York Relief for
New York from that source this fall
is therefore problematical. notwith-
standing the present strength of for
eign banks. To-days market was
practically stagnant for long intervals
and Its only important feature was the
firmness of the United States Steel
stocks, which was fairly we'll main
tanned to the close, though at some re-
cession from the top price
The railroad bond market was as
dull and sluggish as that of stocks. To-
tai sales, par value, $4,000. United
States refunding rs and new As adj
vanced 4 on the last coll.
The total sales of stocks to-day were
430, 900 shares, including Atchison, 81
500; do preferred. 5000; Canadian Paci-
fic. $500; Erie, 1900; Missouri Pacific.
10000; Ontario and Western, 5.1OO:
Pennsylvania, $780, Reading, IA. 200.
Southern Pacific. 27.3O0: Southern Rail
way, 5000; Union Pacific $4,000; Wa
bash preferred, 500; United States
Steel, $4,000; do preferred. $4,000.
New York gfocIx aud naua r..