The Savannah morning news., 1902-02-19
STOCKS AND BONDS.

New YORK, Feb. 1S.-The restrictive
Influence upon trading of Yesterdays
storm was lifted to-day, yet the volume
| of trading was only about a half-nil-
lion shares. There was some show Of
strength during the morning hours, but
1t dwindled during the day, and the
market generally turned downward.
Some stocks which had the advantage
of early advances did not suffer ina
terially on the day, but the general
level of prices at the end was lower
than yesterday.
The Discrimination to trade in the
stocks of the great railroad systems
especially those of the trans continental
group, was very marked. 1t might
have been due to the efforts Of revision
of trans-continet1tal freight rates, and
1T might be explained by the growing
inclination to await next Mondays SEES
sion of the Supreme Court and a pos
sible decision in the Northern Securi-
ties case before entering upon specu-
lative commitments in this group of
stocks which have so much at stake
in the decision of that case. Specuia-
tive opinion is in perplexed state as
to the merits of the Metropolitan Street
Railway plan. The machinery of the
plan Is so complicated and the bear
irgs of its operation so obscure that
little can be made of it, and the gem
eral public is inclined to look askance
at the securities involved The inter-
est of insiders in supporting the price
of the stocks pending the completion OF
the plan Is obvious, but the price ran
off more than a point in the late trad
ing to-day. This had deterrent ihfiu-
ence on speculation elsewhere. The
same was true of the weakness OF
Amalgamated Copper, which lost 2%.
The futility of the efforts to advance
Southern Pacific and Sugar were addi-
tional Influences In the same direction:
The development of new points of ac-
tivity among the stocks seldom active
or of little general Importance eontin-
ued to be a feature, but other stocks
of the same class recently advanced
suffered from profit taking. There was
buying to some extent among the coal
ers, which was especially conspicuous
in Reading second preferred and New
York, Ontario and Western. Lacka-
wanna advanced points, but reacted 4.
Profitable demands upon the coal COM
panies are said to be more than thew
can supply, and there are surmises also
of proposed further consolidation of
the ownership of these roads. Another
group which was active and strong
was the Southwesterns, in spite of de-
creases in gross earnings for the Sec
or two members of the group. The
strength in the group gave way with
the weakness in the rest of the mar
ket Wide gains were made by num-
Der of extremely inactive stocks, the
last previous sales of which were many
months old in some cases. The money
market remained easy, but confidence
In it's future is not fully assured.
The closing was irregular, but there
were only slight rallies. Wabash de-
benture BIS constituted the bulk OF the
bond market, but they lost practically
all of their gains.
Total sales, par value. 81, 300 900.
United States bonds unchanged on last
call
Total sales OF stocks to-day were 5G7,
800 shares, including Baltimore and
Ohio, 5.S00 Chicago, indianapolis and
Louisville, 1920: Colorado Southern,
7,400; Erie, 1880; Metropolitan. 1880;
Missouri, Kansas end Texas preferred,
$500; ontario and Western, $4,000.
Pennsylvania, 22.7OO: Reading, 90. 500; do
FIRST preferred. 500. do second pre-
ferred. 75.lOO; Southern Pacific. 35,1OO:
Texas and Pacific. 1900; Union pa
eihc. 10000; Wabash preferred. 1900:
Amalsamated Copper, 400; Rugnr.
s3,100 Tennessee Coal 500, United
states steel lTtOOi United States steel
preferred, 1900.
49,. yaxt 9ea..L ana Rand Nf.t