The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-07-25
STOCKS AND BONDS.

New York, July 24.-The violent adj
vance in a few stocks on the stock
market to-day took on an appearance
of frothy effervescence in the later
stages of the dealings which Is rather
characteristic of the elimination of a
bull movement. Suspicious were arous-
ed as to the course of the wealthy
spectators who have been leading the
market. The dribble of speculative
liquidation which had been feature
of the market all day turned into a
general and somewhat precipitate SELL
ing movement and prices broke sharp
ly throughout the list. With the ex-
ception of a few stocks which were
selected as sustaining points of the
market, prices generally closed lower,
the net losses for the day running
from l to 2 points in some of the
prominent stocks. There was no news
to explain the extraordinary advance
of one or two stocks nor the selling
of the general list. The movement
seemed to be purely technical and due
to the desire of recent large buyers of
stocks to realize their profits. Such
movements are an incident of all rising
markets and there is no means of tell
Ing whether the falling back of prices
Is a manipulative movement due to
desire on the part of the leaders to
chfehS Oih - anu uHWltluy IOllOW-
ing or elimination of an upward
movement. SO far as could be perceiv-
ed from public information conditions
to-day bearing upon values were en-
tirely the same as yesterday The
news from the crops was favorable,
railroad earnings, railroad report J
showed increases over last year, ad-
vices from the iron and steel trade
showed no impairment of the active
demand and money continued easy.
There were numerous points of effec-
tive strength in various stocks. New
ertheless a feeling of distrust over
came the market with the result
above described. The early strength in
the market in the grangers and Pa
cifics became centralized in St Paul
and Rock Island. The latter was rush
ed UP 10 points to a record figure at
200, accompanied by vague rumors OF
closer relations with Mexican Central
which would afford an entrance to the
City of Mexico. There were also asser
tons of further large absorptions in
the interest Of the company and incl
dental variable rights to stockholders.
None of these received any formal
sanction from official sources. The
movement in st. Paul was equally
mysterious. There were shadowy re-
ports OF arrangements to benefit st.
Paul by readjustment of relations
among Western railroads Nothing
could be learned from any authorita-
tive source of any pending develop
ments, but the price was swept up
wards on a food Of buying orders.
Something was heard also of pro-
ject of Southern securities holding
company, which was held to explain
the strength of Louisville and Nash
VILE.
Only slight recnveries were scored
from the late downward progress of
prices and the closing was easy.
The convertible bond issues gave
way in sympathy with stocks and the
market became easy. Total sales par
value $4,345.000
United States new = registered and
the old As coupon declined u, and do
registered u per cent. on the last call.
Total sales OF stocks to-day were
e39, 400 shares, including:
Atchison, So. 100: do preferred. II 400;
Baltimore and Ohio. 1920; Canadian
Pacific. 30,l0O; Cincinnati and Ohio,