The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-07-17
STOCKS AND BONDS.

New York, July 16.-There was an
active and variegated speculation in
stocks to-day, the market rejecting the
play. of larger forces than at any time
during the recent advancing tendency.
No specific new developments were evil
dent to account for the movement
which was apparently due to the SUBJ
stantial basis of confidence in the gem
orally prosperous condition of the
country, and the firm foundation of
credits. The uneasiness over the re-
sources of the money markets to meet
the expanded requirements upon them
also was less in evidence. The reported
dissolution of the speculative corner in
the July corn option at Chicago had not
a little to do with 'engendering conf
dence, as there has been a fear that
for several days past the struggle to
maintain the artificial conditions in
that market would result in pressure
upon New York for money, and in
forced liquidation of stocks that might
prove disastrous to the market. The
published abstracts of the affidayits of
officials of the United StHtessStaehG Cor
poration in connection with the suit
against the corporation were expected
to have a stimulating effect upon
prices. The fact that the advance in
the United States Steel stocks came TO
a standstill under the flood of long
stock which came out when they were
bid up, and the further fact that Chi
cago renewed its demand upon New
York for currency, causing a shipment
of 100000 through the sub-treasury,
were without effect in checking the
bullish tendency of the market. Trad
ers laid much more stress upon their
belief that they detected the operations
of Morgan and Standard Oil interests
in the large buying orders executed by
variousbrokers. The bringing forward
of new stocks into the upward move
ment was taken advantage of on a
very large scale to take profits in
stocks, which were, generally speaking,
the high priced established dividend
payers, especially amongst the Grang-
ers, but no serious inroads were made
on the prices of these stocks. Stocks of
the second grade, lower in price and
with no established dividend paying
record. led the market. The heavy
absorption of Chicago and Alton
strengthened other low priced railroad
stocks in the West and Southwest,
while the aggressive advance in Ches-
apeake and Ohio affected the low priced
coal carriers. both in the anthracite
and bituminous group. The belief that
to-morrow's miners convention at In
dianapolis will decide against a general
strike and thus lead up to an -srly
settlement of the anthracite strike, .Fas
the predominating influence 81 this
group. Much was made also It
rumor that the control of Reading has
passed to the Pennsylvania thus fur
Their centralizing that corporations CON-
troll of the coal traffic. There were
other points of strength from individual
causes. Amalgamated Copper was
bought on the belief that the present
dividend rate is to be maintained. Ten
nessee Coal reflected favorable report
of earnings. The settlement of the
freight handlers strike in Chicago was
favorable influence, especially upon
the Chicago terminal transfer stocks.
The market closed somewhat irreg-
ular with profit-taking continuing but
there was notable renewal OF the buy