The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-03-13
STOCKS AND BONDS.

New York, March l2.-There was
some show of animation in to-day's
stock market on an upward range of
prices. The strength did not perrneate
the whole market, but there were more
of the usually prominent stocks con-
cerned in the movement than has been
the rule recently. The most conspic-
uous of these was Amalgamated Cop
per, in which there was evidence of
LIQUIDATION, with only occasional inter-
missions during which the fall received
momentary check. The extreme de-
cline reached 45s points The selling
of the stock was accompanied by ru-
mors that the next dividend will be
reduced or passed. No authoritative
information was to be had on the sub
ject, nor on the many reports that the
marketing of the company's surplus
stock had involved heavy losses.
The weakness of this stock gave an
occasional check to the advance at
other points. but did not materially af-
feet the stronger tendency of the mar
ket Covering by alarmed shorts SEEM
ed to play a part in the advance,
especially in the coalers, which have
been freely sold on rumors that the
anthracite miners were determined to
push demands that would not be grant
ed. To-day equally assured predictions
were heard that there would be no
labor troubles in the coal trade and
that there was no room for dissatis-
faction. There was no authoritative
information on this subject either.
Another case where speculative sem
timent was reversed from that of yes
terday was on the outlook for the win
ter wheat crop, on reports of copious
rains in Texas and the Southwest
Buying to cover short contracts was
particularly effective in Missouri Pa
cific, which also had the advantage of
reported increase in gross earnings
for the first week of March.
The calmness of the money market
was the final factor of a general char
acter on the strength in stocks. The
rate for money is firm and nobdy is
found to predict an early relaxation of
rates, but feeling was treasured to-
day that there is no immediate danger
of forcing a condition of stringency. 1t
is supposed that the trust companies
are putting out loans at the higher
rates and thus RELIEVING some of the
pressure upon the banks. This shift
ing of loans from the banks to the
trust companies does not effect any
real strengthening of the money sit
uation as the cash reserves of the
trust companies are on deposit with
the banks. and the ultimate reserve
against the loans is thuG unchanged.
The foreign exchange market indi-
Gates also that loans are still being
renewed and extended from foreign
lenders. Special strength was shown
to-day by General Electric, Westing-
house Electric, North American, the
Virginia-Carolina Chemical stocks, the
Cotton Oil stocks, the Readings and
Peoria and Eastern. There were gains
of point or over for a large number
of stocks which were modified by a
late realizing movement.
The bond market continues rather ir-
regular and moderately active. Total
sales par value $2,340,000. United
States bonds were unchanged on call.
Total sales of stocks for the day
were 675,3 300 shares, including Atchison
$500; Chicago and Great Western, TO-
900; Chicago Terminal and Transpor-
tation preferred, $500; Erie, Is, 700;
Manhattan l., 10, 900; Mexican National,
t. r., 1900; Missouri Pacific, 1890;
Pennsylvania. 1S.4O0; Reading, 55300
Reading first preferred, $500; Reading
second preferred, $1,000; st. Paul. $780,
Southern Pacific. $4,000; Southern Rail-
way, $500; Union Pacific. 1890; Wis
consin Central, 44,300; Wisconsin Cen
trail preferred, $500; Amalgamated
Copper, 119, 300; Consolidated Gas, 49,
200: Peoples Gas. 800: Republic Steel.
400; Sugar, 800: United States Steel,
400; United States Steel preferred,
1920.