The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-10-03
STOCKS AND BONDS.

New York, Oct. 2.-There was an
increasing tendency to dullness in the
stock market to-day, and the condi-
tions became semi-stagnant at times.
There was an obvious readiness back
ed by powerful resources to support
the market at any Indication of a
break IN prices, such as occurred at
the opening, but there was an equally
obvious disposition to keep advances
within moderate limits, and not induce
any renewed outbreak of extensive
speculation.
The adoption of this policy in stock
market operations by we'll equipped
forces served to reinforce the admon-
ishing policy of the banks to restrict
the speculative employment of funds
until after the money outlook has
cleared up entirely. The desire to
await the result of to-morrows con-
ference of coal operators and miners
representatives with President Roose-
welt was also a restraining influence on
speculation. AS a consequence spec
ulation fiattened out almost completely
and this development was regarded
with genuine relief and satisfaction by
the best opinion in the financial world
It is realized that the. relief offered
to the money market by Secretary
Shaw's action averted a crisis that
promised to become dangerous, and
the determination is manifest not to
allow the resources thus provided to
be prodigally used for the purpose of
renewed speculative imitation of secu-
rites. There are various developments
to show also that there are abundant
requirements upon New York money
resources yet to be met, and that some
of the possible sources of relief have
been shut off for the present by the
possession of the additional facilities
afforded by the release of reserve
against government deposits. There
was a deposit at the sub-treasury to-
day of $3.50, 900 for Geographic transfer
to New Orleans and the movement of
currency by express is against New
York on balance.
To-day's advance in the Bank of
England minimum discount rate and
the weekly exhibit of that institution.
and the Bank of France, are clear in
dications that no gold is likely to be
spared by either of those institutions
at present for shipment to- New York.
Sterling exchange advanced sharply
here.
Such movement as there was in the
market to-day was confined to a few
stocks. An advance in Norfolk and
Western on expectation of an increased
dividend caused a sympathetic response
in the Pennsylvania group. The few
gains were much curtailed, and last
prices showed mixed net changes.
The bond market was hating and
irregular. Total sales, par value, So
$4,000. United States bonds, new As
declined II per cent. on the last call.
Total sales of stocks to-day were
494,200 shares, including Atchison, 49,
800; Baltimore and Ohio, 10, 900: Chesa-
peake and Ohio, 1000: Erie. 1920: |
Louisville and Nashville, $4,000: Man i
haitian, 1900; Missouri Pacific, 1900;
Norfolk and Western, 80, 800; PennsyI- |
vania, $500; Reading, 1880; St. Paul, |
s, 500; Southern Pacific, 1890: South |
ern Railway, $4,000; Union Pacific. 25,- |
700; Amalgamated Copper $500; Amer |
lean Car Foundry, 1880; Colorado Fuel |
and Iron, 26.500; Pressed Steel Car, TO- |
800; Tennessee Coal 200: United /
States Leather, $500.
New York stock and Bond List.