The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-01-03
STOCKS AND BONDS.
After an Opening Advance the Mar
ket Recedes

New York. Jan. 2-To-day's stock mar
ket opened with an upward rush OF prices
and closed with something very
like slump, and with '.ie
list in very ragged co'iui-
tion I'm the matter of net changes. Inc
professional bear traders, who hao
watched the market for days TO detect
the expected turning point towards reac-
tion. fell upon the market to-day WIN
vigor and enthusiasm. But the profess
sional bear operators have MADE many
mistakes in the last few weeks, ana opih-
ion is greatly divided in Wall street To-
might as 40 whether their time has come
Certainly. the market to-day showed an
astonishinglv large demand for STOCKS
and in the early Ydea lIngs, t,pe. snpPty was
sufficiently limited to cause Voiaule up
ward squirt of prices in number OF
stocks The general level of che market
was in fact lifted so eonsideraDly as 10
offer very attractive prohts, even on
DAVIS turn, and a considerable volume OF
the selling vas undoubtedly Que 10 proll'
taking. The realizing was well absorbed
~ REGARDED from the standpoint of buyers
Of stocks ON Monday, but the relapse from
the high prices to-day, at which there was
a considerable volume Of purchases, makes
disappointing results for those who got In
at the high level.
The market must be considered also In
connection with the positive elements OF
weakness which developed. The violent
break in Sugar was a decidedly disturb
ing influence and had more effect than
similar breaks have had in the immediate
past. This stock was pushed up Ia TINS
morning on the published reports that the
proposed advance in the price OF package
coffee was the forerunner of settlement
of the Sugar trade war, which has been
a puzzle to Wall street for many months.
This comforting assurance for holders OF
Sugar certificates received a rude shock
from the announcement which quickly fol-
lowed cut in the price of graduated su-
gar by che American company, which was
followed by the other companies, bringing
the prices by all to the same basis. AS
the American Company has been holding
its price above that of the other COM
panies, the bringing Of prices to the same
basis Is alleged to be equivalent TO set
Element. But this did not avail to save
Sugar from a drop of ~ points to 49,
with the close only slightly better.
The New York public utilities suffered
from the remarks of the new Governor Of
New York on the subject of taxation Of
CORPORATIONS and franchises, and the Rub
Der stocks violently reacted from buoy
ant early rise. Coming on top OF the gem
eral movement to realize, the erect on
the general market was decidedly oppres-.
siye and stocks were carried down very
generally between ! and 2 points. The
most important stocks In the eorly rise
were, however, comparatively firm, and
handsome net gains were conserved for
81. Paul Pennsylvania, Baltimore and
Ohio. Union Pacific the Fries and Read
lnge. These stocks were the mainstays OF
the market all day and were absorbed on
autonomous scale, showing conclusive
ly the continued activity of powerful spec
ulatiye forces as to the recipients OF the
annual disbursement of dividends and in
terest they were NOT much in evidence.
with money on call constantly at 6 per
cent or under all through the late boom,
II would be fatuous to suppose that these
favored persons we're, however, made in
active all through the period that specu-
Iators were buying stocks and advancing
prices for the special purpose of selling
10 them at q profit. A feature OF the day
was the strength OF sterling exchange,
and this is believed to be in anticipation
of lower money rates here and higher
rates abroad, Notwithstanding that for
eign money rates relaxed appreciably to-
day with the January disbursements. To-
days clearing house report showed that
Mondays clcarlngs Of the New York
banks in the association were the largest
on record footing up siZ7 9o3, 262 The pre-
vious record was made last week, with
a total OF 36i,0iS,290.
Business IN bonds was very large and
widely distributed. and prices were gener-
ally higher. Total sales, par value s., 49,