Savannah morning news. [volume] (Savannah) 1868-1887, 1885-10-03
MARkEr5 ~ rEL EGRAPH.
& FINANCIAL.

LONDON. Oct. ?, Doon Conscls. % 1915.
4p. m.--Consols. 81 1915. Z o.
NEW YORK, Oct. 2, noon. St0oksex n ted and
weak. Money easy at per cent Exchange
long, $4s39<; short, 81 s5k. State bonds fair
lv active and strong, Government bonds dull
but steady.
Money closed at liGlM per cent. Sub-Trea-
sury balanoes-GOld. Sl58,644, 900; currency,
So, 2IO 600. Government bonds steady; four
per cents, 1925; three per cents. 1853 bid.
IL would be difficult to select two brokerage
houses on Wall street that stood higher or
whose credit was better on Monday morning
last than those Of SOutter n Co. and VIM.
Heath 4 Co.. and yet both houses have sus-
pended payment since Wednesday morning,
and. az the matter - understood on wall
street through the failure OF single cuslO-
mer, who has been stubbOrnly and persistently
short OF the market dnrlnI the rise OF the past
two or three months, 10 respond with requisite
margins. Perhaps never before In the history
OF wall street have there been such important
failures that werc Immediately followed by
such slight changes in quotations as have taken
place this week. Although prices this evening
are lower than they We're TINS morning, the
ming, before there was any general suspicion
Of trouble anywhere, are uninp0rtant,
number OF stocks boing fractionaliy higher
Tonight than then anu Few immateriaily
lower. The settlingOf the short lntrrcsL usu-
ally has fnisthe first Immediate rCfrt com
siderable advances growing out 81 fha neces-
pended 1rm parchssingto protect themselye9.
vet the stock market to-day, which opened
somewhat irregular aud rather feverlah ana
took no decided course in either direction
prior to the announcement Of the suspension
which was made shortly before midday-ad-
vanced only for fractional amounts, and be-
fore the close Of the day AL advances and
something more were lost. There was mani
testify an apparently unlimited quantity OF
stock on hand 1T current quotations, ana when
purchases had been made which closed the ac-
counts, 80 far as the stock Exchange was con-
cerned. OF VIM. Heath n Co., there WAS a
weak and dull market, with only light epasms
Of activity, until late IN the afternoon. Dur
ing the last hour quotations settled down 10 a
figure generally little above tho lowest OF
the day aud 30 remained 70 the close, the
market leaving OF steady 10 firm at small
fractions above the lowest prices aud gener-
ally for the active shares At = 70 q per cent
below the final figures OF yesterday. Louis
vile and Nashville lost 10 per cent. Omaha
common 1 and Denver and Rio Grande "a,
and with these exceptions not a single stock
on the active list lost per cent. end not one
ia higher. 10 Ia believed that some ~ the In
innate friends OF the suspended firm were
cOgnizant Of the impending announcement.
aud, before IL became known on Change that
the firm had Suspended, had bought IA their
stock. hence there was quite an active mar
ket throughout the forenoon. aud during the
time that transactions were being made undcr
the rule the activity continued; but no one
seemed disposed 90 continue business m the
uncertain aud unsettled condition OF Affairs
after &C cunts for Heath A Co. were closed,
and there was therefore n sudden relapse intD
extreme duline1a, a. already noted. which
continued during most Of the remainder Of
house Of Heath a Co. was short OF about l2O,-
ono fhafea. NJ 10 the amount BID IN FOR Heath
a 60. be addsd the short accounts ~ other
bear opcratc.~ II = idobable that tho pur-