The Savannah morning news., 1901-07-31

summer and autumn, after the fan in
prices on account of the spring wheat
shortage had been succeeded by the
period of waiting preceding the ma
tional election.
The extreme fiucutat lions reached as
high point in only a limited num-
Der of stocks and in them as in the
general market the movement was
waVering and uncertain. The largest
part of the dealings was in the United
States Steel stocks. But the reports
in the morning newspapers of the good
prospects of settlement of the strike
We're Intellectual to cause any strength
in the stocks. Apparently spectators
were dissatisfied with prospects, how
ever favorable, of a settlement, and
were waiting for accomplished facts
and signed papers as a basis for de-
termining the present value and future
prospects of these securities. There
was a feeling of uncertainty also, as
to how far the strike settlement had
already been discounted in the recent
advance in the stocks. The few ad-
vances in individual stocks, some of
them in obscure industrlals, were in
differently held. The whole market
sunk more and more into waiting at
titude. The present ease of money
takes that factor out of the immediate
consideration. But the future of the
money market and the cautiousness of
bankers in looking up capital in long
time loans serves as a warning of pos
sible future contingencies.
The course of the government reve-
nues is disappointment to those who
hoped for relaxation of demands on the
money market from that source. In
spite of the operation of the amended
la1x t,A
continue to run well over those of last
year. while the expenditures thus far
this month have fallen more than $780,
900 below those of July last year. AS a
consequence the government deficit for
this month is only a little over 81, 000,-
600. whereas it had amounted to $4,665,-
639 by. this time In July of last year.
The sub-treasury at New York has TAX
en- over 81, 900, 900 from the market since
Friday last. For the last week in July
last year. preceding the government
interest disbursements in August, the
sub-treasury yielded small sum to
the New York money market. The con-
tinuance of these unlocked for condi-
lions of the government revenues will
materially affect money market condi-
tions during the period of interior crop
demands upon New York. These doubt
full factors In the outlook discouraged
any buying demand and made the mar
ket soft even to the light selling pres
sure that was brought to bear upon It.
The reactionary tendency gained force
and the closing was dull and weak at
about the lowest, many important
railroad stocks showing net losses Of
a point or more.
There was some early show of
strength in the railroad bond market,
but best prices there yielded in the
late dealings. Total sales. par value.
$1,125,000. United States bonds were
unchanged on the last call.
The total sales of stocks to-day were
1923, 900 shares. including Atchison. 35.-
900; Erie, 10000; Missouri Pacific. 5000;
Norfolk and Western, IA. 500; Ontario
and Western, 500: Reading, $500: st.
Paul 1900: Southern Pacific. Is, 400;
Southern Railway. $500; Union Pa
cific, "a. 700: Amalgamated Copper, 49,
500: United States Steel, 57.1OO; do
preferred, 90 400.