The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-06-20
STOCKS AND BONDS.
Large Part of Trading Confined to
Few stocks.

New York, June 19-The decreased ac-
tivity in to-days stock market reflected
doubts and hesitation in the speculative
mind. The many and various fluctuations
seemed to represent as much as any
thing. the efforts of professional traders
to discover the actual condition of the
market by a testing process. There was
undoubtedly a considerable amount of
speculative liquidation, but the profess
sional bears also had their share in the
weakness of the market as was quite
conelusively shown by the substantial
rally late in the day, when they began to
look for stocks to cover their short CON
tracts and found a limited supply
The late rally was achieved, however
ON light volume of dealings. the bidding
up process by the professional bulls
against the efforts of the bears to cover
having its share in the movement 1t
will be seen that the large proportion of
the trading was congested in few
stocks, which also showed the widest
price fluctuations. ST. Paul was con-
spicuous in this class and the apprehen-
sion that much of the. recent rumors re-
garding developments in that stock was
PbiSiS SohJCShhidA Huu 10 ITO tfOt
only with its movement, but with the
generally unsettled tone of the trading
There was seemingly good authority
cited to-day for assertions that it was
not contemplated at all to effect any
actual absorption or legal passing of con-
troll of st. Paul or any interchange of the
stocks for new bonds The absorption of
a part of st. Paul stock by other rival
railroad interests may go far towards
confirming the safety of the general rail-
road situation, but a question arises as
to the increase that would result in the
investment value of St. Paul stock itself
The absorption of large amounts of the
stock puts it in a technical position to be
easily manipulated, owing to the large
reduction in the floating supply and plaus-
Utility given to rumors regarding the
plans for the stock. The extreme de-
cline in the Afternoon reached 23s below
last night. Union Pacific moved in SYM
pathy.
The exports of gold announced to-day
reached only 81, 250, 900, leaving the week S
shipments below $5,o0O,0O0. 1t is not
probable that shipments made later than
to-day could reach Berlin before July 1, so
that a further outgo is not looked for
The recognition of this fact had some
thing to do with the later rally of the
stock market The weeks considerable
depletion of the cash reserves of the
banks, and the expected requirements
next week to prepare for the nuprece-
dented disbursement on July l, make it
proba BILE that the money market will con-
tinue active during the rest of the month
Any large demands for speculative pur-
poses would endanger the comfort of the
money market. This was a potent factor
in discouraging speculative activity. At
| the same time there was a disposition
manifest to assume a waiting attitude
pending the release of funds after July
l. when the generally propitious outlook
for values is expected to have larger eff
feet.
A violent slump in Colorado Fuel of II
points and a sympathetic reaction in
Tennessee Coal to AZ under last night
were dut to doubts cast upon recent as
sert ions that the company would be ab-
sorbed by the United States Steel Cor
poration. st. Louis and San Francisco
rose 3a4 over last night late I'm the day,
apparently as the result of the rights Of
fered to stockholders in consideration
of subscriptions to a cash fund. "A num-
Der of industrials. including American
Tobacco, gave evidence of strength with
out explanation.
The bond market was quite active and
irregular. Total sales, par value, $3315, 600.
United States bonds we're all unchanged
on the last call The total sales of
stocks to-day were 722 200 shares. includ-
ing Atchison, 29.10O; do preferred, 17,70O;
Rock Island, 500; Erie, 800; do first pre-
terred, 800; Illinois Central, 500; Louis
vile and Nashville, 300; Manhattan, T.
500; Minnesota and St. Louis, $500; Mis-
souri, Pacific, 121Oo; Ontario and Western,
100; Pennsylvania, 1900; Reading, 1900;
do first preferred. $500; st. Louis and
San Francisco, 81. 200; do second preferred,
7l00; st. Paul. $500; Southern Pacific, e.
100; Southern Railway, $500; Union Pacific
s4,7Oo; Amslgamated Copper, IS sO0 Ameri-
can Car and Foundry. 21.7O0; American
Tobacco, 14,sO0; Anaconda, 300; Brook
Ign, 16,500 Colorado Fuel, 500; Peoples
Gas 1900; Sugar. $500; Tennessee Coal, 49,
500; United States Steel, 1920; do pre-
ferred, 1880.
49,. 80, -