The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-01-15
STOCKS AND BONDS.

New York, Jan. 14.-There was con-
siderable disturbance of speculative
sentiment in the stock market to-day,
and the movement to sell gained in
creasing force. The weakness became
rather acute in the final hour, when
the heaviest selling of the day was
done, and the market closed active
and weak and generally at the lowest,
net losses running all the way from l
to points for the principal stocks.
There were some special causes of
weakness of individual stocks which
affected the general market by SYM
pathy to some extent, but the move
ment as a whole was due to general
causes. which have been gaining an
influence for several days past. All
minor differences of Interpretation over
the standing of the case against the
Northern Securities Company are sunk
in the general consideration that the
legality of the combination is to be
submitted to determination by the
courts, and that the value of it's Sc
curities are to be in allegiance during
a probable prolonged litigation. The
bearing of the decision in other COM
bina tions, not only those made but
some others i'm contemplation, makes
the decision of this case of vast inn
portance to the whole securities mar
ket.
The difficulties developed in the sew
eral industrial combinations which
have suffered from impaired credit,
have given rise to a much more con-
sentative spirit among lenders of
money and buyers of securities. To-
days upset in the grain markets, re-
sulting from over commitments in
speculation, brought some liquidation
upon the stock market. Besides these
general considerations Wall street had
rumors that a new bond issue by the
Erie Railroad Company was imminent,
and on these the stocks of the COM
pany lost IL and IL points. The re-
mark by President Thomas in the last
annual report that sit would seem as
though the day is now approaching
when arrangement for new arrange
ment for new capital can be proftably
made" was regarded as substantial
basis for these rumors. The cut in
the price of refined sugars cost that
speciality 3 points.
There was noticeable weakness in a
group of stocks in which there has
been speculation on hopes of dividend
increases or the beginning Of dividend
increases. There were fears that these
hopes would be disappointed. THE
New York, Chicago and st. Louis
stocks the st. Louis and San Fran
cisco stocks, Lake Erie and Western,
and United States Express might be
included in this category, The At
chisons were heavily sold on contin-
uing dissatisfaction over the bond is
sue. There was a period of some
strength in the morning, led by Man
haitian with an advance OF ia. but
that stock fell with the rest of the
market: Active bonds weakened in
sympathy with stocks. but some less
active issues held their early gains.
Total sales, par value, $3,675000. United
States bonds were all unchanged on
the last call.
The total sales of stocks to-day were
6S7 300 shares, including: Atchlson, H.
400 do preferred, 1900; Baltimore and
Ohio, $500; Erie, $1,000; do LIST pre-
ferred 1900: do I'd preferred, 1920;
Louisville and Nashville, 1000: Man
haitian, 1880; Missouri Pacific, 10000;
New York Central: 1890: Pennsylva-
MIA, 1890; Reading. $4,000; do I'd pre-
ferred 1900: st. Louis and San Fran
cisco, 1900: Southern Pacific, 1900;
Southern Railway, 7.4O0; Union Pacific,
$1,000: Amalgamated Copper, Al 200;
Brooklyn Rapid Transit 7900 Glu-
cose Sugar. $500; Sugar $4,000; United
States Steel. 35,2O0; United States Steel
preferred. 21.90O; American Locomo-
tive, $500.