The Savannah morning news., 1901-12-03
STOCKS AND BONDS.

New York, Dec. decided weak
ness developed in the stock market to-
day after some early exhibition of
strength, and the last prices for the
day show considerable net losses and
all of the earlier gains wiped out. The
principal factor in the early strength
was the recovery in Amalgamated Cop
per and the decided rebound in the
price of raw copper in London.
The reaction was based on the gold
exports and apprehensions that the
Presidents message to be sent to Con-
gress tomorrow would take strong
grounds against great combinations Of
corporations, with unfavorahle effect
upon the market late in the day, which
accentuated the weakness in the clos
ing dealings in stocks. Professional
bear operators were active in the de-
cline and followed vigorous manipu-
lative tactics, but they met with little
resistance to their efforts in the way
of supporting orders, and the market
was apparently left unprotected. The
resultant covering CT stop loss orders
dislodged some large amounts of stock,
especially among the industrials, the
trans-continental railroads and the
Vanderbilts, which have been lifted on
persistent reports of deals and merg-
ers.
copper in London pointed to the con-
clusion that Saturdays demoraliZed
break was due to speculative short
selling or that later information was
changed from that which prompted the
selling. The recovery in Amalgamat-
ed Copper reached to 1865, but the
stock slumped again to 72%, helping TO
upset the market Louisville and
Nashville, Southern Railway preferred,
Southern Pacific and Sugar were prom
inent features of the upward move
ment, and Long Island became strong
and active at an advance of Az. The
announcement of gold exports to the
amount of 100000 was the turning
point of the market, although consid-
erable resistance was offered to the
decline after the announcement was
made. The outward movement of
gold had been generally expected and
spectators for the advance tried to
belittle its importance. Their efforts
were partly successful until the party
of reaction was reinforced by the anx-
iety over the effect of the Presidents
message and possible congressional
action on the subject of combinations
and the furry in call money. The
earlier ease of the money market and
the lateness of the hour at which the
rise in rates occurred, gave rise to the
the supposition that it might be partly
due to manipulation.
There was a large disbursement OF
dividends and interest during the day
but the effect of such disbursements Is
likely to be somewhat beiated in the
New York money market. There was
a drop in New York exchange at Chi
cago to 40 cents discount, which in
dicated some renewed requirements
for funds at that center. Professional
operators and pools were very active
in the dealings, and there was no evil
dence of large share in the transac-
tions by outsiders.
The bond market was moderately ac-
tive and irregular. Total sales, par
value, $3,230 ,0o0 United States re-
funding Is advanced 1s on the last call.
The total sales for the day were
S50.700 shares, including Atchison. 49,
500: do preferred, $500; Baltimore and
Ohio, 9,100: Chesapeake and Ohio, T.
900: Erie, 4,400: do first preferred, s.
400; do second preferred, $500: Louis
vile and Nashville, $4,000; Manhattan,
A, 300: Metropolitan Street, $500; Mis-
souri, Pacific, 7.100; New York Central,
1920; Norfolk and Western, 10, 800
Ontario and Western, $780, Pennsyl-
vania, 26.7OO; Reading, S5.400; do sec
ond, 12,600; st. Paul, 28,100: Southern
Pacific, 20,700; Southern Railway, 21,-
100; do preferred, $500; Union Pacific,
S3,100: Amalgamated Copper, 1876, 500
Anaconda. $780, Brooklyn, 19,100
Sugar, 10000; United States Steel, 32,-
S75; do preferred, 10000; American Lo-
comotiVe 300