The Savannah morning news., 1902-06-04
STOCKS AND BONDS.

New York, June 3.--It would be use
less to seek for anything but a mega
tive inference from the operations in
to-day's stock market owing to the
snlallness of the dealings and the lam
guild movement of prices. Varia-
tons of as much as a point are rare
and must be sought amongst the OBJ
scure portions of the list
An example of the character of the
market is offered by st. Paul, usually
an active leader of the market, but in.
which there were only three transac-
tions up to o'clock to-day. 1t is
necessary to go back nearly two years
to the period preceding the last presi
Dental election to find any such show
ing of stagnant speculative interest.
The undertone was rather firm as the
immediate news developments were,
favorable to values. The buying was
entirely by small professional traders
and the market was so narrow that
they We're obliged to concede all Of the
advance in price caused by their BID
ding in order to close out a contract.
The traders bought during the first
hour in the belief that the success of
the anthracite operators in keeping
their mine pumps going, in spite of the
strike, would presage. an advance in
the value of anthracite stocks. I'm
portance was also attributed to the no
table increase in the receipts of corn
and the resultant decline in the corn
market.
The immediate benefit of increased
traffic for the railroads of the larger
receipts was considered of much less
consequence than the obvious infer
ence that the freer offerings of corn.
were due to belief of planters that
he he Oh,
The higher rate fori money was prob
ably the most influential factor in re-
pressing speculation. Rates for money
on call ruled about last weeks maxi
mum throughout. The syndicate oper-
ations last week which resulted in
the 5000 900 loana expansion by the
banks are liable to be repeated in kind
at almost any time and the effect on
the money market in the present nor
row state of. the. surplus reserve is
an object lesson againEt free gpecula-
tive commitments.
The question is Beginning to be can
vassed whether the tax reduction bill
which goes into effect on July 1 will
afford the expected relief to the money
market by relaxing the governments
surplus revenue requirement. The fis-
cal operations for May show that in
spite of a falling off of over $4,000, 900
in internal revenue collections, the gov
ernment's surplus for the month was
fully equal to that of the year be-
fore. The most notable factor in main
tanning the surplus of the government
is the cessa ton of bond redemptions,
which were a continuing source of re-
lief to the money market after July l
of last year. The policy of the new
secretary Of the treasury has not vet
provided for this relief and his inten-
tons in the matter are not known to
the public.
There was an active demand for Con-
solidated Tobacco As. Otherwise the
bond market was dull and irregular.
Total sales par value SO, 405, 900. United
States bonds all unchanged on the last
call. f.r
Total sales of stocks to-day were 1884,
900 shares, including Canadian Pacific
6,400; Manhattan 5,lo0; Reading IA, 900
Union Pacific $500; Brooklyn Transit
$500; Consolidated Tobacco preferred
1890; Sugar 10000.