The Savannah morning news., 1902-05-28
ESTABLISHED 1872.

There was an upward movement in
Sugar, when the report reached Wall
street of a conference of senator's to
attempt an agreement upon Cuban re-
ciprocity, but the stock dropped back
when the conference adjourned with
out actions. An advance of nearly 2
points in American Locomotive seemed
supplement to that of yesterday in
the car stocks. Pressed Steel Car re-
acted sharply over points on the
emphatic denial of yesterdays rumors
of a merger with the American Car
Company. Canadian Pacific continued
by far the most active stock in the
list 1t reacted sharply "a in the
first few minutes of trading, but was
rallied by arbitrage buying from Ca
madam centers, where the absorption
of the stock continued at figures above
the New York level.
The reaction was considered a re-
suit of the speculation which has fol-
lowed the advance, but the conviction
remains in Wall street that important
developments are pending in the prop
erty. The absence of development in
the coal strike situation did not pre-
vent the repressiVe influence eXer-
cised by the strike, which is empha-
sized by the increasing scarcity of coal
and the growing effect on other indus
tries.
The governments weekly crop bulle-
tin may have had some unfavora bic
effect becaues of the delay to seed?
ing of the corn crop reported A
batch of favorable railroad earnings.
including the net showing for April
of a number of important systems, and
good increases in gross earnings for
the third week in May of others was
without apparent effect on the mar
ket.
The money market has grown so
easy, at or below per cent. for call
loans as to have lost Importance as
factor But while the money rate
shows an easy condition it may easily
be that consideration of the money
situation present and prospective has
an influence against the policy of pres
ent large borrowings for speculative
purposes. 4EaaH 1I
Opinion is by no means agreed in
Wall street as to the effect upon this
market of a. declaration of peace in
South Africa. The small effect pro-
duced here in contrast with the spec
ulative activity abroad by the current
rumorS of peace awakened conjecture
here. OF course, there is the POSSIBLE
ity of a miscarriage of the negotia-
tons, but there is also a possibility
that the activity in speculation ana
in investment aroused by the end of
the South African war will be Invested
into foreign securities, shaken down as
they have been by a long period of
liquidation following industrial depres-
sion An awakening of speculative and
industrial activity abroad which would
be likely to lead to the withdrawal Of
large amounts of foreign capital now
placed in New York in bankers loans.
The effect could hardly be salutary
upon American financial affairs.
The bond market was dull and irreg-
ular. Total sales, par value, $l,790,0O
United States bonds unchanged.
Total sales of stocks to-day were
907, 800 shares, including Canadian Pa
citic, 80, 800; Pennsylvania, $500; Read
ing 1920; St Paul, $500; Union Pa
cific, 12,400; Wisconsin Central, 10000;
Wisconsin Central preferred, $4,000;
Amalgamated Copper, $500; American
Car and Foundry, 1880; American
Smelling, 1880; Brooklyn Transit,
6.4OO: Sugar. 1860; Pressed Steel Car,
2O,9O0: United States Steel 1850; Unit
ed States Steel preferred, $500; Ameri-
can Locomotive, 10000.
New NorI< stock ard Band List.