The Savannah morning news., 1902-12-04
STOCKS AND BONDS.

above and below last nights level
in to-days market. The trading, which
has been strictly professional for
several days. was in the hands of the
smaller class of traders and their
operations showed increasing hesita-
ton and uncertainty.
There were occasional attempts on
the part of speculative pools to put
up prices, but any considerable adj
vance met realizing sales of a suffi-
cient volume to check the rise. The
pressure to sell was not at all urgent
and showed a prompt relaxation at
the lower level of prices, where sup
porting orders were also encountered.
The result was a constant shifting
of the course of prices within a mar
row range. There were no special fea
lures to the trading, although the
recent speculative favorites maintained
their prominence. These were the
local fractions, st. Paul, Louisville,
the Pacifics and New York Central
and several of the coalers. The move
ment in these was pretty consistent,
the whole group moving upwards or
downwards whenever any one stock
took the initiative An advance in the
price of refined sugar failed to differ
entiate sugar from the general moves
ment in the list.
Renewed weakness in the silver
market and a reaction in the London
copper market from yesterdays sharp
advance were reflected in American
Smelling and Amalgamated Copper.
The chief repressive influence on the
speculation was the tightening course
of the money market. There was no
money offering on call at less than
I per cent. at the opening. The rate
subsequently declined as low as 6 per
cent. during the active period of the
day, and to below that before the
close. Time money was distinctly
firmer, 6 per cent being quoted for
all periods up to six months, with
a commission demanded for the shorter
periods which made the rate equiva-
lent to Z per cent. New York institu-
tons were entirely out of the market
for mercantile paper and even the
prime grades brought per cent. An
additional engagement of 100000 in
| gold for South America was announc-
ed, making the total shipment to-day
81 900, 900.
This operation amounts to a diver
sion of the demand from South Amer
lea upon the Bank of England for gold
from that institution to New York
Discounts in London consequently
eased to-day. Sterling exchange here
held steady but advanced In Paris, so
Nhal CApOl - vi BOiu dCEUSS lIG Az
lantic are not feasible. The sub-trea-
sury continues to draw on the New
York money market. the loss since
Friday on that account having reached
$3,456.000. There was deposited at the
sub-treasury to-day 100000 for trans
fer to New Orleans. Chicago exchange
however, remains at par. The trad
ing element showed it's disappointment
that the Presidents message had
failed to stimulate speculation and
with the additional discoura cement OF
the high money rate, there was a pro-
gressive decrease in the activity OF
| the market.
Bonds We're dull and irregular. To-
| tai sales par value $1,700. 600 u S
bonds were all unchanged on the last
| call.
Total sales of stocks to-day were
$4,000 shares, including Atchison 81,
400: Baltimore & Ohio 5000; Canadian
Pacific $500: Erie $500: Louisville &
| Nashville 10000; Manhattan SIS, 100,
Metropolitan $500; Missouri Pacific 49,
400; New York Central 9.400: NorfolB
& Western $500: Pennsylvania 49,
| 200; Reading $4,000; st. Paul 80, 400;
Southern Pacific 27500; Southern rail-
way $500; Union Pacific 23,S00: Copper
1900; Brooklyn Rapid Transit 2S, 900;
| Sugar q, 700; United States Steel $500,
United States Steel preferred 5000
Rock Island $500.