Savannah morning news. [volume] (Savannah) 1868-1887, 1885-09-18
MARKETS BY TELEGRAPH,
FINANCIAL.

LONDON, Sept. II, 4 p. m.-Consols. 1905.
The amount OF bullion in the Bank of l. ng-
land decreased f77,2o5 during the past week.
NEW YORK, Sept. II, noon.-Stocks quiet bat
steady. Money easy at l per cent. Exchange
long, 81 SSl4; short, 81 $50. State bonds
neglected. Government bonds dun but firm.
500 p. m.-Exchange 50 S214. Money closed
at ~ per cent. Sub-Treasury balances
Gold. 1852, 1923 600; currency, $22, 006, 600. Gov
eminent bonds dul but firm; four per cents,
1885, three per cents. 1881 bid. State bonds
neglected.
The stock market presents an unhealthy
condition, and gives unmstakable evidence
Of being the outgrOwth of nothing more than
manipulation in great measure by few
leading operators. This was seen particularly
in the numerous reports that were set ahoat
during the day and industriOusly circulated,
In which all kinds of promises for the future
are made, but which. If they were true, would
not be made public until the changes had been
actually contaminated. The railroads are
doing business between Chicago and New
York At less than the actual cost Of trans
portatOn, and the street is told from day to
day that this and that road are threatening
to advance rates, the rumors coming much
in the same way that reports of cutting are
generally started, but when advances are ac-
tually made they are done without any previ-
GUS announcement by officials. Parties who
it is generally believed are heavily Interested,
and who are in position to command practi-
cally an unlimited amount OF capital, prevent
more than moderate declines, but neither
they nor the outside public appear to be IN
creasng their holdings. The market this
morning was strong at the opening, and fur
ther fractional advances were made in the
early dealings, but the early prices as rule
were the highest of the day. There was
later moderate decline, then steadlness, ac-
comanied by extreme dulness. and after
midday q very decided further decline in the
general list. The decline was checked shortly
after O'Clock, but the market remained dull
and heavy, with only very slight reactions, to
Naaan oil fkas erFta ~
much better than the lowest quotations
reached. st. Paul absorbed large portion of
the attention of manipulatOrs to-day, and
was strong throughout the forenoon, advanc-
ing from 1914 to 1871. Later IL sold at sos, but
the manner in which the buying was done
left no doubt among lookers-On as to the pur-
pose of the manipulation. In the afternoon
il had declined to 1871, rallied in the last hour
to 795k, and closed at 1871. Delaware and
Hudson is up llS per cent. New Jersey Cen
trail, which was very dull and about steady in
the forenoon, developed considerable weak
ness on small sales later in the day. The sud
den activity developed yesterday by Missouri,
Kansas and Texas, and Texas Pacific. has as
quickly subsidized, the sales to-day being for
only moderate amounts. while the stocks are
4 per cent. lower for the former and e for
the latter. Northern Pacific lost most Of
mental IS unchanged and Oregon Navigation
is "a per cent. higher. Other changes are for
only small fractions, and are about equally
divided between gains and losses. The sales
aggregate 257. 900 shares. There was increased
activity in the railroad bond market, the
sales amounting to 2.22l, 200 shares. The fol-
lowing are the closing quotations: