The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-12-13
STOCKS AND BONDS.

New York. Dec. 12.-There was
sudden revulsion of. sentiment during
the days trading at the Stock Elk
change, which transformed democrat
lied market into what looked like an
animated bull speculation.
Undoubtedly the bear account, which
had suddenly expanded to unwieldly
proportions in the last three days, was
partly responsible, for the sudden and
violent recovery of prices, but the
change in sentiment on the part of this
element was prompted by the evidences
of large and Influential buying OF
more substantial character. This was
the signal for the up turn of the mar
ket. Before noon there were ragged de-
clines of all the way from 1 to 5
points in the prices of active railroad
stocks. In the inactive list, including
specialties, the losses extended to IL
and IS points, the last named in New
York and Harlem.
The last previous sale of this stock
was made in April of 1901, at $50. To-
days sale were of 1,200 shares at 405.
The sales of securities of this grade
in a demoralized market is generally
regarded as evidence of the extreme
pressure for money. That there was
such a pressure to-day is beyond dis
pute and a great part of the selling
was probably without the free choice
of the nominal holders of the securi-
ties. The withdrawal of credits from
holders of stock and the practical inn
possibility of obtaining fresh accom-
mediation left no resource but to throw
over their holdings al the best prices
they could get. For a time this pro-
cess was carried on, as it was yester-
day, with practically no buyers in the
market, but at the extreme decline the
buying demand developed.
The drastic liquidation effected was
the immediate cause of relief to the
crisis in the money market. An im~
portant factor was the announcement
that the $4,000 900 block of Pennsyl-
vania Car Trust certificates which was
taken by the New York bankers earlier
in the week had been taken by foreign
capitalists. The street was prompt to
jump to the conclusion that a cores
ponding amount of capital would be
Immediately released to place in the
incident helped to relieve acute anxiety
over the money outlook and was
promptly followed by an effective rally.
Another influential factor was the rev.
citation by the publication of the pre-
liminary figures of the currency move
ment, that the banks had gained some
thing over $2,0O0,00 on the regular in
terror movement of currency, thus Off
setting to that extent the loss of So
100000 on sub-treasury operations and
gold exports. Taken in connection with
the probable loan contraction, less
unfavorable bank statement is indi-
Gated than was feared
The violent up-turn of prices trans
formed the earlier losses into general
net gains, which, in some cases were
sufficient to wipe out all of yesterdays
declines. Evansville and Terre Haute
was conspicuous for a gain of points
Great Northern preferred 4 and a fair
sprinkling of the leaders of the maket
from to 8. The maket closed about
steady, but slightly below the best.
Bonds rallied from early weakness
in sympathy with stocks. Total sales,
par value, 81. 495, 900. United States
bonds were all unchanged on the last
call.
Total sales of stocks were 1,1O4 900
shares, including AtchisOn, $4,000; do
preferred, 1900; Baltimore and Ohio,
1880; Canadian Pacific, 10000; Chicago
and Great Western, $500; Erie, AZ, 400;
Illinois Central, 1900; Louisville and
Nashville, $4,000; Manhattan, 23,6OO;
Metropolitan, $500; Missouri Pacific,
46250; New York Central, $500; On
tario and Western, 7,300 Pennsylvania,
7S,SOo; Reading, 3S,4OO; st. Paul. 49,
800; Southern Pacific, 69,6OO: Southern
Railway, 16,700; Texas and Pacific, e.
200; Union Pacific, $4,000; Copper, 49,
900; Brooklyn Rapid Transit, LOO;
Republic Steel,6,2OO; Sugar, 21,1O0;
Tennessee Coal and Iron, 5000; United
States Steel, 127, $50; do preferred, 49,
100; Rock Island, S4,10O; do preferred,
800.
New York stock and Bond List.