The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-01-17

STOCKS AND BONDS.

New Y 0rK, Jan. Io.-Ine StreilB III
which developed in yesterdays stock
market failed to persist to-day. With
the demand from the shorts satisfied
the buying becafne apathetio. The
selling was light but not we'll abb
sorbed and the market moved in a
sluggish and irregular way all day.
The rather acute weakness which was
manifest earlier in the week was not
renewed, and there was some appear
ance of support on the declines, This
and the positive strength of q. few,
stocks in the list steadied the tone
after declines had reached eonsidera-
BILE figures and resulted in recoveries.
The general level of prices did not
get far from last, nights on the re-.
coMery, and the market became irreg-
nlar again at the belosing. There is
an element among stock operators
/ which holds the theory that large re-
serves of capital .are in the hands of
investors, ready to flow into securities
i the moment the downward course Of
I prices is seen to have gone far enough.
This class hoped for the support af-
forded the market yesterday would
resolve the doubts of the owners of
this waiting capital, and that it would
flow into the stock market; but the
commission houses this morning failed
to reflect any notable increase in their
orders for execution. The opening 'ad-
vance quickly came TO standstill.
Sharp weakness in Manhattan helped
the reactionary tone, that stock
touching 134% Spectators in the
stock have been fed with the hope
that an arrangement for an inter-
change of traffic with the New York
Central was impending as a conse-
quence of the disaster in the Park ave-
nue. tunnel. AS yesterdays statement
by the New York Central directors of
their plans for terminal improvements
gave no corroboration to the reported
plan for interchange with Manhattan,
that stock was sold freely by the
spectators.
There was much discussion in a gem,
eral way of the recent new bond and
stock issues by various railroad COM
panies, and the result of this discus
sion was unfavorable to speculation
Recent heavy OUTLAWS by railroad COM
panies from the current profits were
supposed to be forestalment of nee
essary charges for betterments, and TO
promise future curtailment of ex-
penses, and the consequent mainte-
nance of net profit in future periods of
less prosperity. The current tendency
to increase capital issues has dis
turbed this feeling of security over
the future. The process of piling up
reserves in the New York banks,
which seems to have gained much
Roadway during the week, failed en-
tirely to stimulate speculation. The
money market to-day continued easy
and sterling exchange showed no adj
vance. There was some special strength
in to-day's market by Southwestern
Railroad stocks, notably in the ST.
Louis Southwesterns, the st. Louis
and San Francisco and the Texas and
Pacific stocks. Sugar also showed
strength.
Bonds were moderately active and
firm. Total sales. par value, 50, 400
900. The United States bonds were all
unchanged on the last call.
Total sales of stocks to-day were
1855 500 shares, including: Atchison,
q 800; Erie. 1900; Manhattan, 2s,SO0;
Missouri Pacific, 10200; Pennsylvania,
$500; Reading, 21,700: st. Louis and
San Francisco, 1880; do I'd preferred,
$500; st. Paul, 1900: Southern Pa
cihc, $500; Union Pacific, 80, 400: Anal
gamated Copper, 1900; Peoples Gas,
1000; Sugar. 10000; United States
Steel, 2O,3OO; United States Steel. a.
500.