The Savannah morning news., 1902-02-11
! STOCKS AND BONDS.

New York, Feb. 10.--There was some
apprehension in speculative circles
that the support accorded the market
on Saturday after the appearance Of
the bank statement would prove but
temporary and that a setback was
Imminent in the prices of stocks. The
heavy fire losses reported over Sunday.
especially at Paterson, caused adj.
ditional apprehension before the OPEN
ing. The uneasihess, however. proved
to be unfounded.
There was abundant buying of
stocks from the opening and but. little
Liquidation was encountered There
was indeed proflt-taking in many of
the. stocks which. have had advances
lately but the strength was diverted to
new points. To-day lnarket.. although
disclosing some striking features of
strength, by no means took on the full
proportions of a bull market in either
1.-THE volume OF dealings, the. extent of
the advances, or the breadth of the
distribution The fbulk of the business
was still congesteti in comparatively
few stocks, notably Southern Pacific
and the Readings and stocks most
nearly allied to them q There We're some
indications of common origin for the
active dealings in both these leaders.
The buying of Southern Pacific is said
" DC DdStQ vi the rate Oh earnings fe~
ported for the company and the eossi-
bilities of reduced operating expenses
and refunding of high interest mort
cages. The gain in the stock extended
to pa. The strength of the Coalers was
due to the belief that an adjustment Of
labor disputes was assured. The soft
coal carriers shared in the movement
Many of the less prominent stocks
were features of the trading, notably
the st. Joseph and Grand Island stocks,
the Kansas City Southern stocks, and
the Toledo, st. Louis and Western
stocks. Some of this class Of stocks
which rose last week suffered sharp re-
actions. American Express rose II and
Wells. Fargo 5A on the conviction that
developments are pending in the ex-
press business. -e -,
The Industrials generally were in
clined to- be heavy except those having
to do with iron and steel. Detailed
analysis of Saturdays bank statement
shows that few large banks are re-
sponsible for the large changes i'm Sat
urdays statement. OF the total loan
increase of nearly SO, 900, 900. four
banks are seen to be responsible for
over $20,00O,0O0. namely. the National
City, the First National the Hanover
National and the National Bank of
Commerce. OF these it is also notable
that the decrease in reserves for three
of them amounts to considerably more
than the total decrease for all the
banks while the First National Bank
alone of the four shows an increase in
reserves of nearly $4,000, 900. The large
changes thus shown confirm the con-
viction prevalent that some large finan-
cial projects are pending.
The bond market was active, but
somewhat irregular. Total sales, par
value, $4,425, 600 United States bonds
We're all unchanged on the last call.
Total sales of stocks to-day were
1872 900 shares, including Atchison Is, 500
Baltimore and Ohio 54O0; Chesapeake
and Ohio, 1000; Colorado Southern,
Z 100; Erie. 26,S00; Erie first preferred,
100; Manhattan. 5000 Metropolitan,
1880; Missouri Pacific. 1880; New
York Central. $500; Pennsylvania. 13,-
300; Reading, 101, 700; Reading first pre-
ferred, $500; Reading second preferred
3S, 700; st. Paul. 81. 400; Southern Pacific
III 500; Southern Railway, $500; Union
Pacific. 400; Wabash preferred, 1000:
Amalgamated Copper, 36.500; Brooklyn
Rapid Transit. $500 Sugar, II 500:
United States Steel. 26.100; United
States Steel preferred. 20,750.