The Savannah morning news., 1902-06-20
STOCKS AND BONDS.

New York, June 19-There was quite
an animated shaking out of specula-
tive accounts in to-day's stock market
and a sharp reaction from the recent
prolonged advance. 1t became evident
soon after the opening this morning
that the real elimination of the rise
had occurred yesterday.
The leading speculative interests in
the market apparently took advantage
of the stimulating influence of yester-
days excited rise IN Illinois Central to
take their profits This morning there
We're some operations that seemed to
represent continued efforts to advance
the market by one or two of the inn
portant speculative parties whose joint
efforts have induced the late advance.
But the effective support of the prin-
cipal speculative interest was lacking
and the professional traders were able
to find sales to take profits for that
account. They needed no other invl-
tation to turn aggressively to the bear
side and they sold the list throughout
with great freedom. Prices gave way
and fell on an average of from / TO
points below last nights level The
bears were so precipitate In their sell
ing that they were obliged to bid quite
urgently for stocks, when thew came
to take profits, causing some substan-
shorts satisfied, the market yielded
again and closed irregular.
The whole movement was technical
ard was as little affected by news of
the day Is the previous advance has
been. The activity Of the bears was
evident in the circulation of alarmist
rumors, afterwards denied. One of
these was that J. p. Morgan was Sc
riously III. Another was that a fresh
10 - 1T. II
against the United States Steel bond
issue.
The earlier weakness was confined
to the stocks which have been the ia
vorites during the bull campaign, but
active selling of United States Steel
developed under the influence Of these
runors and carried that stock down
IS below last night. The long contin-
ued advance in stocks has made the
professional alert for signs of reaction.
which was considered overdue. The
short selling from time TO time has en-
couraged the bulls to extend the ad-
vance and force covering. A large por-
ton OF this short account was forced
out in yesterdays jump in prices, add
ing to the technical weakness of the
market to-day. Individual causes ag-
gravated the weakness of some special
stocks. Doubts were expressed over the
maintenance OF the present dividend
rate on Colorado Fuel. Minor incidents
of the day were declines of 10 points
in International Power, and Az each in
Ice preferred and Brooklyn Union
Gas.
Bonds were weak in sympathy with
stocks. Total sales par value SO, III, 900
United States bonds unchanged on the
last call.
Total sales of stocks to-day were
5S3,500 shares, including Atchfson. 54,-
300; do preferred, 5000: Baltimore and
Ohio, $500: Canadian Pacific, 11,400
Erie. 7.4C0; Illinois. 1900; Missouri
Pacific, 81 200; Pennsylvania. 10000;
Reading, So, 800; st. Paul, $500; South
ern Pacific, $500; Union Pacific. $4,000
Wabash, 17,400; do preferred. $500;
Amalgamated Copper. 1900; American
Car and Foundry, 600; Colorado fuel
and Iron. 1920; Sugar, 9,400; United
States Steel, $3.50; do preferred, To-
900.
New York Stock ana bond List