The Savannah morning news., 1901-11-13
STOCKS AND BONDS.
The Market Closes Active and weak
at the Decline.

new I Ork, NOV. 1Z.-Inere was
rather less buying demand and rather
more irregularity in the stock market
from the outset to-day. The hesita-
ton in the advance grew and turned
tons. Selling to take profits was join
ed to extensive short lines put out by
the bear party on the argument that
the rise in prices after enduring for so
great length of time, must leave the
market vulnerable to attack, but there
still persisted points of strength in the
market, and although the extreme adj
vances in the strong stocks were no.
tably curtailed, many of them have
considerable net gains to show for the
day. The local traction stocks were
conspicuous examples.
In Metropolitan the advance reached
~ at one time and in Brooklyn Tran
sit rs, while the net gains are "a for
Metropolitan Street Railway and
rs for Brooklyn Transit. The
anthracite and soft coal roads
selling below par also showed continued
strength, as did the iron and steel in
dustrials. The disposition to take at
tractive profits after the considerable
advance in prices which has occurred
was emphasized by the expectation
that several millions of gold will go out
this week on Thursday to Paris and
on Saturday probably to Lon
don, as the rate of sterling eT-
change to-day advanced a point
which makes gold exports to Lon
don profitable. The strength of ster-
ling here in spite of easier money rates
both in London and in Berlin and a
relaxation of the continental pressure
upon London for gold.
The necessity of large movement OF
gold from New York at this time OF
the year calls renewed attention TO the
| extent of the American borrowings in
Europe earlier in the year with the
expectation that our European trade
balance would continue so favorab BILE
that these loans could be repaid at a
profit out of the abundance of the for
eign exchange bills in New York. The
fact that this expectation has not been
realized and that exchange bills are
scarce owing to the falling off in our
export trade arouses some natural sur
mise whether the high prices of stocks
reached earlier in the year did not also
represent undue expectations 1t Is to
be remembered that the projects which
stimulated. our stock imitation. and
even to some extent the actual man
ipulation of the market were furthered
by the resources Of these foreign bor-
rowings.
In the present movement more than
one stock has reached a record price
and all stocks are undeniably high
priced. On the other hand, the extra
ordinary railroad earnings and trade
activity are natural incentives to spec
ulation. To-day's returns of gross
earnings for the first week in Novem-
Der shows such increases over last
year as SO per cent for Rio Grande
Western; % per cent. for Chicago
Great Western; 81 per cent. for Can
adam Pacific II per cent for Wabash.
Is per cent. for Chicago and Eastern
Illinois, and 8 per cent. for St Paul.
The government estimate on the corn
crop, although it offered no very un-
expected information, renewed the de-
pressing influence of the heavy short
age in the crop. and the corn carrying
railroads in the West and the South
west were therefore most acutely af-
fected by the profit-taking. The cut
in the price of sugar especially affected
that stock. The market closed active
and weak
There was another large days BUSH
ness in bonds. but the price movement
was irregular. Total sales par value
$3.50. 900.
United States bonds all unchanged
on the last call
The total sales Of stocks to-day were
909,100 shares, including Atchison 49,
5O; Atchison preferred, 11,400 Balti-
more and Ohio, $500; Chicago. Indian
apolis and Louisville, $4,000; Erie, 3d.
200 Erie first prefrred. 34,100; Erie
second preferred. 12,400 Great North
ern prefrred, 5000; Louisville and
Nashville. 1o,400; Manhattan, $1,000;
Metropolitan. 56.100; Missouri Pacific.
300; New York Central, s.40o; Ontario
and Western, $500; Pennsylvania, s.
600; Reading, q, 500 Reading first pre-
ferred, 9,400; Reading second preferred.
24600; st. Paul. 34,500 Southern Pa
cific, 37,700: Southern Railway. 9,l00
Union Pacific, 300; Union Pacific pre-
ferred, 7SSO0; Amalgamated Copper,
37,700; Smelling, 1890; Brooklyn
Transit. 81 800; Sugar, $4,000; United
States Steel. 22.400; United States Steel
prefrred, 1900.
New York stock and Bond List.