The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-07-09
STOCKS AND BONDS.

New York, July S.-Something very
like scramble to take profits at the
end of the day served to throw some
discredit upon the character of the
days movement in stocks which had
reached considerab BILE proportions and
with semblance of much more sub
stantial character than anything in the
recent course of the market
Spots of strength were more num-
erous and the well established divfd-
end paying stocks were foremost in the
trading. The orders from single COM
mission houses and the individual
docks taken of some of the high grade
railroad stocks fairly warranted an in
terence of investment buying, supposed
to be for reinvestment of resources
made available by the July disburse-
ments on the part of inside controlling
interests in some of the properties
Such buying was manifest in New
York Central and Chicago and North
western This probably had more than
anyone thing to do with dissipating the
feeling of suspicion which has been
pers1stently felt towards the whole re-
cent upward movement. The reaction
at the close of the day revived these
suspicious and the large portion of the
DAY buying orders which were for
Western account kept alive the sup
position that the western contingent"
We're actively manipulating the market
In connection with the renewed press
ure upon the shorts IN July corn. The
special strength of ST. Paul was ac-
eompanied by revival of old rumors of
control of that property by Union Pa
cific. The soft coal carriers were taken
on the demonstrated benefit they are
receiving from the paralysis of the
anthracite coal traffic This movement
embraced some of the common stocks
OF the Morgan reorganiza tions, includ-
ing Southern railway and Erie, but the
Readings and anthracite carriers gem
ea1ly were almost stagnant.
A market influence was caused upon
sentiment by the sagging of the fore
ing exchange rate away from the gold
export point, after tentative arrange
ments had actually been made for a
shipment on Thursday. The sterling
rate at Paris also rallied The export
of gold was averted by the renewed
offerings of bankers bills against sterl-
ing loans which were facilitated by the
growing ease of the London money
market
The local trust companies also came
INTO this market as lenders of many
millions of dollars on call which served
as stimulating influence on specula-
ton. The Chicago exchange rate con-
tinues at 80 cents discount, with con-
tinued pressure upon New York for
funds. United States Steel fell nearly
point in the late dealings ON the post
ponement of the decision of the appeal
of the suit against the stock CONVEX
sion plan and on the beginning of a
new suit. This and the sharp break In
Colorado Fuel aggravated the reac-
ton and the closing was easy.
Business in bonds broadened out
somewhat, but the market was irreg-
ular. Total sales par value $685., 900.
United States new As declined n on
the last call
Total sales of stocks to-day were ST.
800; shares, including Atchison, %, 800;
Atchison preferred, 6100; Chesapeake
and Ohio, $4,000 Chicago Northwest
ern, $500; Rock Island, $3.50; Colorado
Southern. 5000; Erie. $500; Illinois
Central, 800; Louisville and Nashville,
$500; Missouri Pacific, 10000 New
York Central 20,60O; Norfolk and West
ern 23,700; Pennsylvania, $1,000; Read
ing, 5000: st. Paul 1900; Southern
Pacific, 31.9o0; Southern railway, 81
100; Union Pacific, $500; Colorado
Fuel, S.400; United States Steel $500;
do preferred. $500.