The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-01-24
STOCKS AND BONDS.

New 4Olh, jail. z0.-IneTe was no
return of animation to the stock mar
ket to-day and the, bulk of the small
operations was confined to a short list
of stocks, which advanced quite strong
~ from the influence of special
causes. Even in these the dominant
professional element was evident in
the selling to the profits on the ad-
vance.
There was a movement in the Van
derbilts which was apparently stimu-
lated by assertions that part of the
new stock issue of the New York Gem
trail was to be exchanged for that of
Cleveland, Cincinnati, Chicago and St.
Louis, but the movement spent its
force in the course of the day. st. Law
renee and Adirondack was marked up
over points apparently on the expec-
tation that it would be taken over by
the New York Central The recently
prevalent strength of the local traction
stocks led by Metropolitan Street Rail-
way continued for q. time to-day, but
the whole group succumbed to realiz-
ing. Sugar succeeded to the leader
ship of the market and late in the day
lifted 3L points over last night. An
advance of 10 points in the price of the
product and reports of an agreement
at Washington looking to the free en-
try of Cuban raw sugar were account
able for that movement.
The news that an agreement had
been reached between Western rail-
roads and packing houses to maintain
rates, thus relieving the Objectionable
conditions against which the inquiry
by the Interstate Commerce Commits
sion is directed, had a stimulating eff
feet on the Pacific, Changers and
Southwesterners. Missouri Pacific led
with rise of over points. Dealing in
the railroad list were on a small scale
however.
There are growing symptoms of
plethora of money at all of the great
centers of capital. To-day's reduction
in the Bank of Englands discount
rate was contrary to expectation as
large collections of taxes were expect
ed to deplete the London money mar
ket at this time. To-days statement
of the Bank of France shows such an
accumulation there as to offer little
inducement to call home capital, but
Berlin seems the center of greatest re-
dundancy, as is shown by the fact that
Berlin has been buying bills in the Lon
don money market and easing the dis
count rate there while in the very act
of subscribing sixty times over for the
proffered government loans of SIS, 000.-
900. There is an accumulation of mon
ey in New York also, but without the
stimulating effect on speculation which
is manifest at other great money CEN
tiers. Remarkable development in the
situation here is the fact that very
large time loans, running into the mil
lions of dollars are being negotiated at
interior domestic points for New York
account
There was continued activity among
usually quiet bonds and some striking
gains were recorded, but the market
generally was irregular
Total sales, par value, $5,445 000
United States new AS coupon declined
Il per cent. on the last call. Total sales
shares, including: Atchison 1890; Erie
of stocks for the day were 10000
Q, 500; Louisville and Nashville, 1900;
Manhattan 1890: Metropolitan. 46, 800;
Mexican National, 1900; Missouri Pa
cific, $4,000; Pennsylvania. 72O0 Read
ing. SO, 100; St. Paul. 100: Southern
Pacific, $500; Union Pacific. 1920; Cop
per, II 300: Brooklyn Rapid Transit. 49,
300; Sugar. $4,000; United States Steel
preferred, 5,400.