The Savannah morning news., 1902-05-02
STOCKS AND BONDS.

New York, May 1.-The volume of
dealings fell off again in to-day's stock
market and the movement of prices
indicated much uncertainty and con-
fusion of sentiment. The furry in call
money to Is per cent. would go far to
explain the action of the market but
there were some supplementary causes
which were confusing and no doubt
had something to do with the rise in
the money rate. The preparation for
the May disbursements, which are I'M
usually heavy this year was, of course,
the primary cause of the construction
of the money supply. But such DEM
onstration of insta bility as that in In
ternational Power and a number or
other industrials whose affairs are
more or less shrouded in mystery yes
terday and to-day had the inevitable
effect of inducing closer scrutiny of
the character of collateral offered for
loans.
The May disbursements for dividends
and interest are estimated at over
SIS, 900, 600, including the heavy pay
ments for United States Steel divi-
dends. The sub-treasury operations
this week have taken from the banks
over 81, 500 900. largely due to deposits
to retire bank circulation. There has
been some demand from the interior,
as shown by the drop in New York
Exchange at Chicago to a discount.
1t is not strange, therefore, in view
of the limited surplus of the banks
that monthly requirements should have
sent the money rate up to 10 per cent.
to-day. The government interest due
to-day, however, amounts to about
ST. SOC, 000 and additional deposits of
government funds to the extent of sew
eral million dollars are expected to
be made by the Secretary of the Treas
ury. The rise in the money market
has had the effect also of easing the
foreign exchange market, carrying II
away from the gold export point.
The International Power episode
caused a decidedly feverish feeling
among the obscure class of industrials.
The higher grade stocks of this class
were less affected although the United
States Steel securities showed some
depression, partly due to some public
discussion of a rather biting character
of the financing of the corporation.
Sugar, Amalgamated Copper and Peo-
pies Gas were firm to strong. The
grain carrying railroads started to adj
vance on the overnight reports of
showers in Kansas and the North
west, but the advance was checked by
the failure of the grain market to re-
fleet any benefit to the crops. There
was large and concentrated buying Of
Idul, WnlCn Seeutu 10 DC que W
the advance in the dividend rate on
Northern Pacific from to per cent.
basis.
Another feature of strength was
the Southern trunk lines, which had
no other explanation than the reports
of very large North and South traffic.
The movement affected Louisville and
Nashville, Illinois Central, Chicago, In
dianapolis and Louisville and to a
large extent Southern Railway. The
fixing of the May semi-annual rate on
Pennsylvania - 3 per cent. induced
large buying of that stock and helped
the other trunk lines. For two years
past the dividend on Pennsylvania has
been 2A per cent, while in Novem-
Der there was declaration of 21A per
cent. regular and / per cent. extra. The
rate of disbursement is unchanged,
therefore, by to-days rate, but the fact
that it is called regular is accepted
as a declaration of confidence in the
future on the part of the directors.
The undecided question of the anthra-
cite miners terms was a weight on
that portion of the market. The clos
ing was irregular.
The bond market was irregular, in
sympathy with stocks. Total sales, par
value. $2,430,0OO United States new As
declined "a per cent. on the last call.
Total sales of stocks to-day were
1929, 500 shares, including Atchison, 49,
400; Baltimore and Ohio, 1900; Ca
madam Pacific. $500; Monon, $780, Chi
cago Great Western. 1000; Erie, 1900;
Illinois Central, $1,000; Louisville and
Nashville. 10000; Manhattan, 7.400;
Missouri Pacific, 10000; Missouri, Kan
sas and Texas preferred $500; New
York Central IS 200; Norfolk and West
ern. 1900: Pennsylvania. Ill 400; Read
ing $4,000: st. Paul S5 200; Southern
Pacific TO- 800; Southern Railway, ST.
500; Union Pacific, 22.30O; Amalgam-
ated Copper. $500; Brooklyn Transit
10000; Colorado Fuel. $4,000; Peoples
Gas, 10. ZOO Tennessee Coal 5000; SUI
gar, $4,000: United States Steel $500;
United States Steel preferred. 1900;
American Locomotive. 10,400
New York stock and hond List.
Railroad Stocks.