The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-07-13
MARKETS BY TELEGRAPH.


FINANCIAL
New YORK. July 12 noon-Stocks dull
Money easy at 2@3 per cent. Exchange-lonk,
81 S6@4 $50; short, 81 S71z0S4 So. Government
bonds dull but steady. State bonds dull but
steady.
Following are the noon stock quotations:
Erie. =. 49,. 264 Richm'd & w. PIT.
Chicago & North 1914 Terminal ....... 23ls
Lake Shore ..... 1885 Western Union. s5A
Mort & W. pref 81
SIP. m.-Exchange quiet but steady Money
easy at 2190.3l6 per cent. Sub-treasury bal
ances-Gold, 1854 1877 900; currency, $50, 236, 900
Government bonds dull but steady; four per
cents l2S14; four and half per cent. coupons
1868. State bonds dull and featureless
the temper of the stock market underwent
sudden change to-day from buoyancy to de-
preston, and the result of the operations is to
leave everything lower than last evening, aud
even to wipe out ali gains of yesterday, with
something to spare. Foreign houses were buy
ers of stocks at the opening, while London
prices were materially higher than our figures
of last evening. The market started off well,
but quickly struck snag, and marked de
cline was inaugurated over the entire list. The
sudden change began with the Lead trust, aud
it appears that while there has really been no
increase in outstanding certificates of trust. the
amount is actually SS3, 5000 O. as stated yester-
day, and the surprise over the announcement
led to free sales for both sides of the account.
Holders Of Lead trusts became demoralZed
and they were thrown over rapidly, over 1000
shares changing hands in the first hour of bust.
ness. Prices quickly dropped from 3l1s last
evening TO 26A, and afterward got down to
2516 at the close. The decentralization spread to
other trusts later in the day and Sugar dropped
from l1515 to 10S1f, though it rallied slightly
from lowest figures, and Cotton Oil broke from
81 to 5319. The weakness soon spread to the
regular list, the impelling cause being the an
nouncement that the Grand Trunk had re iuced
grain rates from Chicago, aud this did away
for time with all the good effects of the recent
advices from the Trunk Line Association and
Interstate meeting. The Changers were leaders
in the decline, and st. Paul. Atkinson, Missouri
in the regular list ranged up to 3 per cent To
add to the general Generalization 81, 800, 900 in
gold was ordered for export by to-morrow's
steamers, and the banks raised the rates for
loans on trust stocks. Lqudations 10 all de-
partments of the list were very large to-day
out there were heavy sales for short account
land both bear and bull brokers were conspicu-
GUS sellers all day long. First sales were made
Tor Chicago account on the action of the Grand
Trunk, and Granger stocks jumped imme
i1iately into the lead both in point Of activity
{ md weakness. The decline mot with no set
loack of Importance, though there were periods
.of comparative dizziness, when selling was
suspended. and prices halted in the downward
path The close, however, was fairly active
and decidedly weak at the lowest prices Of the
day. Sales of the listed stocks aggregated
We're: Lard 4aS, Sugar 53z st. Paul preferred 8,
common 2N. Cotton Oil ia, Missouri Pacific
2I6 Chesapeake and Ohio preferred "a New
England 2. Burlington IA, Chicago Gas 49,
Northwestern IA, Atchison. Union Pacific and
Lake Shore 13s, New Jersey Central, Canada
Southern and Louisville and Nashville il, Rock
Island, Northern Pacific preferred and Southern
amounts. The following were the closing
ouOfatiOnS.