The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-02-14

effect of this support was little more
than to check the selling elsewhere. The
buying of the Fries themselves was
not followed up and the closing was
dull and heavy. The selling of the
Fries was on very large scale from
the outset, London joining in the
movement. Extreme declines were
effected in the common stock of "a,
in the first preferred of 23s, and in the
second preferred 33s. The terms of the
new issue of bonds were disappointing,
but there was also selling by specula
tive holders, who had bought with the
idea that some new disposition of the
whole property was involved. Some
sort of new capital issued by the Erie
has been understood to be on the pro-
gramme for several years past.
The prospect of increased earnings
by reason of the outlay and the pos
sible rights to subscription by stock
holders at the issue price of 8712 did
not prove sufficiently attractive to pre-
Vent very heavy realizing on the re-
ceH advance. The stocks We're prac-
tically unsupported until the last
hour. The sympathetic effect on the
general list was considerable and the
active speculative leaders were very
generally a point or more below Wed
nesday's level at one time during the
day The concentrated selling of
some of the recent speculative favor
ties pointed to enormous realizing on
the part of some of the speculative
pools. There were some evidences also
of bearish manipulation, especially in
the circulation of rumors of the Sc
rious illness of a prominent operator
who is supposed to have important
market interests committed to his
guardianship. The rally in the last
hours was helped by the preliminary
figures of the weeks currency move
ment, which indicate a net gain in
cash by the banks during the week up
to Wednesday night of over $1,000, 000
Earlier in the day the sentiment over
the money situation was dominated
by the further considerable rise in
sterling exchange, practically to the
gold export point, allowing for yester-
days reaction in sterling at Paris
There will be no fast ships to sail I'M
til next week, but probability of gold
exports is indicated. Money is grow
ing tighter in London and the selling
of stocks here to-day for that account
was large and was a material factor
in the strengthening of exchange.
The January exports of domestic
products showed the expected increase
by reason of the large outward move
ment of corn, but a decrease in cotton
was Disappointing, and the present
high price of that staple, it is feared,
will discourage the export demand.
The Central of Georgia income bonds
rose sharply, but the movement of
prices generally in the bond market
was irregular. Total sales, par value,
1885, 900. United States rs declined
a and the old AS II per cent. on the
last call.
Total sales were 644,7O0 shares, in
GLIDING Atchison, 1880; Baltimore and
Ohio, 1890; Erie, 121, 300; do first pre-
ferred $4,000; do second preferred, H.
300; Missouri Pacific, SO, 900; Ontario
and Western, 5000; Pennsylvania, 49,
400; Reading, 25,SOO; st. Paul, $4,000;
Southern Pacific, 10000; Southern Rail
way, $500; Texas and Pacific, $500;
Union Pacific, 24,1OO; Wabash pre-
ferred, $4,000; Copper, 1880; American
Smelling and Refining, $4,000; Brook
lyn Rapid Transit, $500; United States
Leather, 10000; United States Steel
1900; do preferred, $500; Rock Island,
1890.