Savannah morning news. [volume] (Savannah) 1868-1887, 1885-10-17
MARKETS BY TELEGRAPH.
FINANCIAL.

LONDON, Oct. l6. noon.-Consols, 100 5-l6.
4p. m.-ConsOls 1907.
NEW YORK, Oct. l6. nOon.-Stocks active but
steady. Money easy at l02 per cent. Ex-
ehange-long, 81 81; short, 81 S5sz. State bonds
dull but steady. Government bonds dull but
steady.
5:OOp. m.-Exchange, 81 Sss<. Money closed
at ll3@2 per cent. Sub-Treasury balances
Gold, Sl56, BAL 900; currency, 3l5,i3s 900. Gov
eminent bonds steady; four per cents, 1877;
three per cents, lo31s. State bonds active but
stro, g.
During the recent advance IN prices on the
Stock Exchange 80 many pools have been
formed in the different stocks that there Is
hardly any active stock the price OF which Ia
not materially controlled by the operations of
a particular clique in this stock. This Is APP
Piled 70 low priced shares that are forgotten
except at times like the present, when they
suddenly spring into prominence as much rs
more active securities. For time these pools
acted in perfect harmony, as all we're working
for the same end-an advance in quotations.
As time passed some Of them were successful
in unloading at satisfactory profits, and they
were then, OF course, ready for reaction.
Others, however. that had not been 80 fortu-
nate naturally resisted the downward move
ment, and hence many bull pools have come
20 work more or less in opposition 10 each
other. This is the view OF the present con-
dition Of the stock market that II taken by
many prominent conservative operators, and
10 Is the reason given for the feverlsh and IN
settled tone which the market has exhibited
for several days past. While any material
decided advance, usually 10 prices above the
highest previous figures, many CON ervatiye
operators are afraid that some one will 20
under as result OF this course. Whilst be-
leying in higher prices than laAt summers
quotations and "a better business outlook, they
say the thing has been OverflOne. The mar
ket opened q little less than buOyant, the FIRST
prices showing an advance in almost every
instance OF 1sGA per cent while Central
Pacific showed gain Of ! and Lackawanna
=. Western Union, Union Pacific and North
ern Pacific were. however, unchanged, and
Pacific Mail "A per cent. lower. In the early
dealings there were further fractional adj
vances for most OF the active Lat, the gains
ranging all the way from Il 10 ~ per cent,
while LackawannA rose IA per cont. This
was followed by reaction, during which the
early gains were lost, ami generally small frac-
tions in addition. In other cases, however,
the lowest prices Of the day were made al the
opening, including Pacific Mail. New York
Central. Northwestern, and New jersey Cen
tral. a strong bull movement was started
about midday, which continued until after /
o'clock, and during which there was n gen.
eral advance Of / 10 over per cent. This
was followed by another reaction, and then
there was a comparatively steady but nrm
market 10 the close. The final prices are gem
orally a TO over per cent. better than the
closing prices Of yeeterday.- Lackawanna
closed with net gain 81 IL. New Jersey Cen
tral "a. Reading. Erie. grangere, Nanderbilts,
and Central Pacific and Northern Pacific each
made net gains OF per cent. or more. Sales
$4,000 shares, the market closing at the fol-
lowing quotations.