The Savannah morning news., 1901-07-24
STOCKS AND BONDS.
Prices Well Maintained With the
Closing Steady.


New York, July 23.-The subservi-
ence of the stock speculation to the
varying crop conditions, and to the
daily weather map was again striking
ly demonstrated to-day. But the ac-
tivity of the speculation in stocks was
somewhat curtailed as an outgrowth
of the confused sentiment engendered
in the grain market by the conflicting
price movements growing out of the
technical conditions in the grain spec
ulation. The uneasiness of the short
interest in stocks was easily perceived
by the force of the opening bulge in
prices.
There were indications that a tacti-
cal move against the shorts was being
made andstbe London market was used
before the opening here to influence
New York by much higher range of
prices there. London not only had
reports of copious rains in the corn
belt but of an imminent settlement
of the steel strike. There was a. con-
sequent rush to buy on the part of the
shorts at the opening here, but the high
prices melted away within few min
utes under the eager offerings to real
iZe on the part of interests remaining
long of the market Apparently there
was much skepticsm regarding the re-
ports of rain, but when the grain mar
ket opened with drop in corn almost
equal to yesterdays bulge, the belief
in relief for the crops was strengthen
ed. The reassuring expressions by the
secretary of agriculture as to the pres
ent status of the corn crop were also
an influence. !, The course of affairs
subsequent to the heavy damage to
last years spring wheat crop in the
Northwest, was cited as a precedent
which gave hope of maintenance of
earnings by railroads in the Southwest.
The publication of the plan for an
additional Issue of American Sugar
Refining stock lifted that speciality and
helped the market. The second rise
carried some stocks higher than the
opening. But the subsequent uncer-
tainty of the price movement reflected
the hesitation of the stock traders
about repeating last weeks attempt
to revive bull movement with the
crop situation still factor. The mar
ket was allowed to lie fallow during
the midday period with the exception
OF a momentary upward rush in the
United States steel stocks of nearly 2
points each on an unconfirmed rumor
that the strike was about to be set
the top level of the day seemed to be
based on the general consideration that
the damage to the crops had been dis
counted and important liquidation had
been effected, leaving the way open
for an advance.
The character of some of the buying
encouraged a following from the pro-
fessional contingent. The money mar
ket was easier in spite of gains by the
sub-treasury from the market, and the
growing demand from the interior for
funds. At the best prices which were
made in the last hour, st. Paul was
5h above last night Union Pacific Az,
Atchison a. Southern Pacific and st.
Louis and Southwestern preferred 3k,
and Missouri Pacific 3h. The last
prices showed only fractionl conces-
sions, and the closing was fairly steady.
Business in railroad bonds was fair
ly active, and the movement irregu-
lar. Total sales par value, So, 405, 900.
United States bonds were all unchang-
ed on the last call.
The total sales of stocks to-day were
$685. 900 shares. including Atchison, &c.
300; do preferred, 1890; Chicago, Rock
Island and Pacific, 100; Erie. %, 300
do first preferred, 5000; Louisville and
Nashville, 5000; Missouri Pacific, 49,
800; New York Central, 5000; ST. Paul,
$4,000: Southern Pacific, SO 300; South
ern Railway, 1900; Union Pacific, $780,
100: Wabash preferred 500; Amalga-
mated Copper, $500; Brooklyn Trans
it. 11.300: Peoples Gas, 1900; Sugar, H.
700; United States Steel, $4,000; do pre-
ferred, 1880.
New York stock and Hand Lat