The Savannah morning news., 1902-02-27
STOCKS AND BONDS.

New York, Feb 26-The proceedings
in to-day's stock market were practi-
cally repetition of those of the last
few days. That is to say, the i'm
portant railroad and industrial stocks
of the largest capitalization which
usually take the lead in market move
ments were allowed to slumber while
various obscure and rarely active
stocks We're taken up one after an
other and pushed upward in more or
less sensational movements
This order of things was varied in
the last hour by a sharp raid on the
part of the professional bears. The os-
tensible reason for their selling and Of
fering down prices was the announces
ment of engagements of gold for ex-
port by to-morrow's steamer to the
amount of 50, 450, 900.
The persistent dullness of the whole
market and it's refusal to advance un-
der the efforts to stimulate il by mark
ing UP individual stocks impressed the
professionals with its vulnerable posi-
ton, and the announcement of the gold
exports was rather a signal than a mo-
tive for the attack. Reports of dam
age to the winter wheat crop and the
resulting stiffening in the winter wheat
market were used to advantage by the
bears in their raid. Missouri Pacific
was for this reason especially vulner-
able, and its report of a decrease of
$4,000 in gross earnings for the third
week in February also added to its
weakness. 1t was noticeable, however,
that roads which reported increases for
the same period and especially Atchi-
son, with it's January increase of $220,-
SI5 net, were not able to resist the de-
cline. No other stock was so acutely
affected. however, as Missouri Pacific.
nf tc
was hardly a surprise, as sterling ex-
change has lowered about the export
point all the week. Foreigners have
been heavy sellers of stocks since the
news of the governments procedure
against the Northern Securities Com
pany and the supply of commercial ex-
change bills in the market is very
scanty. The money market in New
York has not shown the slightest re-
fiection of any coming stringency, yet
the sub-treasury operations have al
rsady taken up nearly million dollars
since the last bank statement, and with
New York exchange at Chicago down
to 10 cents discounts the interior move
ment Of currency y probably away
from New York. An early response
in the. local money market is highly
probable - ~
The advances in to-day's market were
almost universally without. expldnd-
ton. In the case of the minor rail-
raods they were based on general re-
sumption that absorption of these by
the larger systems is manifest destiny.
OF the more prominent stocks there
was strength in Pennsylvania, Eries,
Wabash preferred and Illinois Central.
Amalgamated Copper was an active
and irregular issue.
There was very large buying of Wa
bash debenture BIS and the general
bond market was firm. Total sales, par
value, $4,S0O000. United States bonds
were all unchanged On the last call.
Total sales of stocks to-day were
614, 800 shares. including Atchison, 200;
Chicago and Great Western, $4,000;
Colorado Southern, $500; Colorado
second preferred. 14.400; Erie, 13,200;
Manhattan, 1900; Mexican National,
II ZOO; Missouri Pacific, 81. 700; Pennsyl-
vania, 27, 500; Reading second preferred,
II 800: Southern Pacific, 26,S00; South
ern Railway. 1000; Southern Railway
preferred, 1900 Union Pacific, 10000;
Wabash preferred. 1900; Copper, $4,000;
Brooklyn, 1880; Sugar. H. 400; Tennes-
see Coal and Iron. IL, 400; United States
Steel, 1900; United States Steel pre-
ferred, 30100.