The Savannah morning news., 1902-12-20
STOCKS AND BONDS.

New York. Dec. 19-To-day's stock
market showed the natural effect of
the elimination yesterday of very
large short interest and the consequent
lack Of an important sustaining inlu-
ence. Yesterdays upward rush of
prices also led to considerable realiz-
ing.
The professional traders on the floor.
approaching this state of affairs,
worked for a reaction all day and were
rewarded in the latter part of the day
by a sharp break in prices, which car
ried most of the market leaders gen.
orally below last night. The forecast
of the weekly bank statement did not
promise as good a showing as was
counted upon in the middle of the week
and there was some selling due to dis
appointment on that score London
also turned seller in this market to-
day, reversing the position of yester-
day.
Published reports of a heavy flota-
ton Of railroad bonds of the Wander
bilt system in London attracted con-
siderable attention this morning and
contributed to a sharp rise in New
York Central. The rumor met with
denials from authoritative quarters
and this helped to turn the market
downwards. st. Paul was conspicu-
Gus center of strength with continued
rumors of an early issue of the new
stock authorized. The advance was
accompanied by some evidence of ma
nipulation and the gain was almost
entirely wiped out.
The continued eager demand for an
thracite sustained the Coalers. Great
Northern preferred rose sharply with
out explanation. The sharp advance
in the price of copper in London help
ed Amalgamated Copper These spe-
cial points of strength served to sus-
tain the market during the early part
of the day in face of the realizing
which was in evidence from the start
and most notably so in those stocks
which have led the weeks advance
Southern Pacific, Missouri Pacific, Su-
gar, Manhattan and Louisville and
Nashville were all sufferers on this
score. There was some check to the
selling before the close, which was
firm. The fact that the loss of the
banks to the sub-treasury this week is
$4,3l5,O00 less than it was last week
while interior exchange on New York
has ruled at high rates, gave wise to
hopes of a large recuperation this
week in the cash reserves of the banks,
but it seems that the gain on the reg
ular interior movement has been in
sufficient to offset this largely de-
creased drain to the sub treasury
Consequently a small net loss of $780,
600 is indicated for the week. This
did not include to-day's transfer of
SS5OO00 to New Orleans, which is sup
posed to be due to the large specula-
ton in cotton at that point. The news
of this transfer was factor in break
ing the market to-day. Sterling ex-
change, however, made a further de-
| cline to-day and the time money mar
ket showed the effect of growing sup
plies, the rate for short periods falling
| to per cent. fiat, with no additional
exaction for commission.
The bond market was better sustain
| ed than stocks. rejecting some invest
ment demand in anticipation of the
January coupons. Total sales, par
value. $S,990.000 United States bonds
! were all unchanged on the last call.
Total sales of stocks to-day were 1885,
800 shares, including Atchison, SO. 600
| Baltimore and Ohio, 1880; Canadian
| Pacific, $500; Chicago Terminal and