The Savannah morning news., 1901-06-29
STOCKS AND BONDS.
Strong Advance of Stocks Under Ex-
listing Conditions an Anomaly.

Strong Advance of Stocks Under EN-
listing Conditions an Anomaly.
New York. June PA strong advance
in prices of stocks on the day of fail
ure of an important stock exchange house
and on the day following a failure OF a
clearing house bank is an anomaly in
Wall street. The action of the market
was the more notable as coming on prac-
tically the last day availa BILE for the
money preparations for the dividend and
interest disbursements, due on the first
of the month, which is Monday next The
stock market borrowing made on Friday
carries over until Monday. The anomaly
in the stock market is undoubtedly due
in part to the fact that the bears were
over-confident in their anticipations of
the effect of these factors.
The early strength in the market was
largely owing to the technical explana-
zion that the accounts of the failed firm
which we're closed out under the rule,
we're almost wholly on the short side of
the market. That is TO say stocks had
to be bought under the rule to close the
contract, thus creating a forced demand
for stocks which kept up the prices. The
firms accounts covered fair assortment
of about fifteen of the principal specula-
tive STOCKS oil The exchange and the total
number of shares bought In for their ac-
count amounted to p, 200, together with
81 900 par value of bonds.
Apparently the only stock sold for their
account was Gas and Electric Company
OF Bergen county The promotion of this
enterprise had been assisted by the firm,
and the common supposition in Wall
street was that its securities figured in
the collateral of the 100000 loan by the
Seventh National Bank, which was the
direct cause of that banks suspension.
The severe condemnation expressed by the
controller of the currency of the collateral
OF that loan and implied by the Clearing
House Committee in their refusal to as
sist the bank. left very little demand for
this stock when 1t was offered on the ex-
change for the account of NJ Maruuand
& Co. On Monday OF this week Il sold
on the exchange at 101A. The first sale
to-day of 800 shares was at 30 cash. The
next sale was at 80 cash, and the stock
subsequently sold at 1874 regular sale
While the settlements OF the firms
Stock Exchange contracts was in progress
other business was almost al a stand
still. The expectation among traders was
that with the conclusion OF the settlement
prices would sag away again, but after
the sales under the rule had ceased to
make their appearance on abe tape the
money rate began TO yield under large
offerings of loanable funds. Equally sig
nificant of the relaxation I'm the money
situation was the sharp recovery in sterl-
ing and Berlin exchanges. This was at
tributed to the fact that persons who an
ticipated a need of money at the end OF
this week had over-supplied themselves
from too abundant caution and with
the expiration this afternoon Of the time
NIB Ae in, han - n
they let go part OF their available supply
Of money.
The covering movement in the last hour
was the most active of the day and re-
suited in establishing a final level Of
prices, which Is quite generally a point
or more above last night. The most con-
spicuous stocks on the advance we're
Atchison and ST. Paul. which gained az
each. There were gains of two points or
over also by Louisville. Lacka wanna and
Illinois Central. Evansville and Terre
Haute rose 8 points over the recent pre-
vaillDg bid. Among the specialties there
were gains OF 2is to 374 by Tennessee Coal,
Colorado Fuel. North American and Cen
eral Electric.
To-morrow's bank statement was not a
factor, as no one processes TO be able to
forecast II. The easing of the money rate
to-day and the expectation that the money
market will be relieved next week by
large disbursements we're looked to for a
guide 70 sentiment. A more cheerful sit
uation reported In Berlin was factor IN
the strength of to-days market
The bond market was dull, but prices
advanced In sympathy with stocks. To-
tai sales. par value. S,s00.O00
United States bonds were 81 unchanged
on the last call.
The total sales OF stocks to-day were
655.600 shares, including Atchison. 294O0:
Eric. 1850; Erie first preferred, 5000; IL
linols Central. $500: Louisville and Nash
Vile, 10000; Manhattan. $500: MetropolI-
tan, 900: Missouri Pacific. 1850; Penn
sylvanla 1880; Reading. 300: st. Paul,
1880. Southern Pacific 20i00; Southern
Railway. i14O0, Union Pacific. 1900; Cop
per, 1890; Brooklyn Transit. i5 800; sugar.
7770o; Tsnnessee Coal, 7eoo; United States
Steel 1900; United States Steel pre-
fcrred. 1900.
New York stock and bond List.
Railroad Stocks
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