The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-05-08
STOCKS AND BONDS.

New York, May 7.-To-day's stock
market reflected an unavailing effort
to contest the downward tendency.
After yesterdays revulsion from the
semi decentralization on Monday, some
reactionary tendency was natural to
restore the normal balance of things,
but this tendency was reinforced by
the decidedly skeptical sentiment over
the prophecies of the anthracite labor
settlement. These prophecies contin
ued very confident from sources with
every means of authoritative informa-
ton, but the fiat contradiction of the
rumors received from Scranton, where
the miners delegates were in conven-
ton, caused confusion and uncertainty
and a suspicion that the Wall street
outgivings were in the nature of tips"
designed to influence the stock market.
AS a matter of fact, Reading,
which was accepted as the index of
the anthracite situation, was lifted a
shade above last night. The reports
of the condition of the crops and the
weakness of the grain market were a
help to the grain-carrying railroads,
and they made a good advance in the
course of the days session. The con-
tinued aggressive strength of Louis
vile and Nashville and Chicago, In
dianapolis and Louisville, and various
smaller subsidiary lines, gained addi-
tional influences from the responses
in Southern Railway, which was con-
sidered significant of closer relations in
the whole Southern group. Nashville,
Chattanooga and ST. Louis, Chicago
and Eastern Illinois, Evansville and
Terre Haute, all shared in the move
ment. Illinois Central was a conspic-
uous exception and was heavy through
out, falling at one time IL. The adj
vance in Kansas City Southern was
attributed to the formation of a pool
in the stock. All of the strong points,
however, yielded to the liquidation dur
ing the last hour, caused the relapse
in Reading, Louisville under last night.
Practically all of the gains were
wiped out and the level of prices car
ried below last night. Realizing sales
were much in evidence in Chicago
Great Western, which lost "a of yes
terday's AZ points gain. Tennessee
Coal lost over points on account Of
the annual report, which was consid-
cred discouraging. United States steel
stocks did not escape the depression,
Notwithstanding the extraordinary ex-
hibition of last years transactions by
the company. The money market was
called easier to-day, the maximum
loaning rate reaching Is per cent, with
a subsequent recession to 6 per cent,
but the decline in the foreign exchange
rate ceased in response to easier
money, and discussion was renewed of
gold exports. Current receipts of
Louisville and Nashville stock from
foreign holders are very large and
represent requirements for foreign pay
ments. There are reports of large
loans during the week made in the
stock market for account of outside
institutions, but it is worthy of notice
that $780, in currency has gone to
nrIa hi
exchange at Chicago ruled to-day at
20 cents discount.
Notwithstanding the relief afforded
by the purging of unhealthy spots in
the market there is still some tendency
to a vague feeling that there may be
some imitation still beyond the curb
stone bubbles which collapsed last
week. A symptom of this feeling is
found in a revival of discussion of
some restriction on the loaning powers
of the trust companies and additional
requirements upon them for mainten-
ance of cash reserves. The market
closed heavy.
The tone of the bond market weak
ened in sympathy with stocks. Total
sales, par value, $4,035 900. United
States bonds were all unchanged on
the last call.
Total sales of stocks to-day were l.
1873, 500, including Atchison. 1890; Bal
timore and Ohio, 500; Canadian Pa
cific. 5000; Chesapeake and Ohio $500:
Chicago, Indianapolis and Louisville,
10.600 Chicago and Great Western, S4,-
100; Chicago and Great Western
preferred. $500: Colorado Southern. g.
800; Erie. 1900; Louisville and Nash
vile, 46.l00 Manhattan. 1920 Mexi-
can Central, $500; Mexican National.
1900; Missouri Pacific. 17.200 New
York Central, $500; Norfolk and West