The Savannah morning news., 1902-07-01
STOCKS AND BONDS.

New York, June S0-The stock mar
ket reelected the recent prevailing ten
| dency of speculative sentiment to lay
| greatest stress upon encouraging de-
velopments and to ignore what appears
to be unfavorable with an invincible
cheerfulness. The money market be-
came quite active to-day and call loan
rates ran up to { per cent. under the
influence of month-end demand for
funds. This had the effect of curtailing
operations in stocks to some extent, but
forced no appreciable liquidation.
The special stocks which have been
chosen as leaders of the market by the
speculative party which has made it.
self the guardian of values showed
points of strength at various times dur
ing the day. The course of the grain
markets showed a feeling of consider
able anxiety as to the effect of the
heavy storms upon the grain crops, but
aside from St Paul, no railroad stock
was much affected by this develop
ment. On the other hand, the favor
able effect of the rains on the cotton
crop found a response in an upward
movement in some of the cotton car
riers, notably Texas Pacific and South
ern Railway.
The coalers also responded to the ex-
pressions of confidence on the part of
the operators that the coal strike is
disintegrating. There Is a belief in the
financial district that the coal mine
operators have been deferring active
steps toward a resumption of mining
until after the July holidays in the
belief that the holiday period might ag-
gravate a tendency to disorder. A
buoyant recovery from recent depres-
sion in Colorado Fuel was attributed to
manipulation or to struggle for con-
troll among disaffected insiders. Sugar
also made an unexplained rise, but the
industrials generally were heavy.
United States Steel stocks dropped
back a fraction. Over-ca pitalzation,
insufficient provision for working cap
ital and eXorbitant allowances to mer-
ger syndicates and the continually de-
veloping necessity for bond issues by
the industrial combinations are SUBJ
jects under constant discussion in Wall
street. The immunity of stock values
from harm on account of the furry in
the money market is attributed to the
fact that the large speculative inter
ests have provided themselves with
time loans over the period of the July
settlements. The market closed almost
inanimate and steady.
There was an active market for Bur-
lington joint As in connection with the
closing up OF the syndicate. The UNI
Outstanding that the syndicate holdings
were disposed OF in connection with the
settlement made the bonds strong
Otherwise the market was quiet and
firm. Total sales, par value, $4,000, 600
United States bonds, unchanged
The total sales of stocks were 314,-
900 shares, including Atchison, 10, 700;
Atchison preferred, 6,400; Canadian Pa
cific, 12,400; Chicago and Great West
ern, 5000; Illinois Central, $4,000; Mis-
souri, Pacific, 90, SEQ Pennsylvania, 49,
900; Reading, $4,000; St Paul, ii, 900;
Southern Pacific, $780, Southern Rail-
way, 1900; Texas Pacific, 1860; Union
Pacific, 14,500; Amalgamated Copper,
$4,000; Colorado Fuel, $4,000; Sugar, 49,
800; United States Steel, 107O0; United
States Steel preferred, $500.
New York stock and Bond List.