The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-05-14
STOCKS AND BONDS.

New York, May 13.-To-day'S stock
market was a dull and narrow affair
between professional traders for the
most part, but the stronger tone was
unmistakable. To a large extent this
was a natural recovery from yester-
days weakness. The influence which
weakened the market then were allie
waited or removed to-day and there
was a considerable demand from the
professional short interests which sold
stocks short yesterday on the unfavor-
able developments.
The publication of the governments
unfaVora BILE report of crop conditions
on May l induced considerable realiz-
ing by the short interest. The decline
in the condition of winter wheat was
not so great as expected, but the
abandoned acreage proved larger than
supposed. The professional shorts
were disposed on the whole to take
their profits and they were urged to
this course by the additional argu-
ment that the favorable weather since
the first of the month must represent
a notable improvement in the crop since
the date of the governments report.
Pressure against the shorts was also
exerted by the circulation of rumors of
a favorable turn in the anthracite
strike situation, but no information on
this point was forthcoming. Appar-
city the lIQutudtlUIl lOICGu ny lilc ilOl Z
urgent discrimination by money lend
ers against collateral was complete
yesterday, and there were no such
formidab BILE breaches in the prices of
high grade stocks as on yesterday,
when that feat was a strong senti-
mental influence against the market.
Some of the wide advances scored to-
day in fact simply represented sudden
recoveries or partial recoveries from
yesterdays severe declines.
The money situation was somewhat
easier to-day, although loans were
made again at as high as 8 per cent.
The foreign banking houses were very
large lenders in the market and the
continued decline in exchange reelected
further borrowing from foreign money
markets under which the money rate
weakened. The selling of exchange in
this operation is in effect going short
in the exchange market and represents
requirements for exchange to be met
in the future. To some extent it is
speculation on the future volume of
our exports which dep.ds most large
ly on the size of the coming corn crop.
Buying of stocks for London account
was strengthening factor in the mar
ket.
Yesterdays sharp relapses in some
stocks awakened skepticism as to
many recent rumors of the source of
recent demand for stocks, said to be
for control by large interests But the
Louisville and Nashville episode and
the known character of some of the
recent distribution of Reading among
other railroad interests keeps alive the
conviction that there is a tendency to-
wards the Judgment of stocks in strong
hands for control. The state of sus-
pension of the Northern Securities case
clearly does not prevent the progress
of plans for control as the question in
volved there is one of method in hold
ing stocks after they have been Sc
cured. A rumor circulated to-day, al
though emphatically denied, that the
Northern Securities interests intended
to abandon their present plan resulted
in a drop in the stock on the curb to
80, which is its first fall below par.
The stock market closed dull and
firm.
The bond market was dull and some
what irregular. Total sales par value,
$2,31O,000. United States rs and 3's
declined u per cent. on the last call.
Total sales of stocks to-day were
400, 200 shares, including Atchison, 49,,
900: Canadian Pacific. 1900; Chicago
Great Western, Il. 200; Delaware and
Hudson, 6,100; Erie 1920; Louisville,
r. 900; Manhattan, $500; Missouri Pa
cliffs, 200; New York Central, TO-
400; pennsylvania, l2,l35; Reading, A.
500; Reading second preferred, 100;
st. Paul, $4,000; Southern Pacific, H.
400; Southern Railway, 24.200; Union
Pacific, "a, 900; Amalgamated Copper,
2O,7OO; Brooklyn Transit, $500; Colo
RADIO Fuel and Iron, %, 900; Sugar. g.,
300; Tennessee Coal, $500: United
States Steel, u 900; United States
Stees preferred, 13600; Kansas City
Southern, II, 100.