The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-02-11
MARKETS By rsLa4aAPz.
FINANCIAL.

FINANCIAL.
NEW YoRK, Feb. 90 noon.-The following
were the opening quotations:
Erie Observation-Disclosures. 241b
Lake Shore Observation-Disclosures. 1888
Northwestern ................... ...........l1SL
Norfolk and Western preferred .... $751;
Richmond and West Point Terminal. ...... 10
Western Union. Observation-Disclosures. ..... 9736
NEw YoRK, Feb. 10, 800 p. m.-Money
on call easy, ranging from goa per cent,
closing offered at 2 per cent. prime mercantile
paper 4l4C06 per cent. Sterling exchange
closed quiet; posted rates, 81 S7614 SO: COM
mercial bills, "a 9594Qh4 S716. Government bonds
dull. Southern state bonds neglected. Rail.
road bonds active.
New YORK. Feb. l0.-The stock market to-
day was waiting one, and usual, under
such circumstances, was dull, except where
operations OF bears created temporary activity.
In the forenoon comparative smallness Of the
gold shipment, stimulated by the bulsh fol
lowing which was manifested by the desire on
the part of shorts to cover. but later the hard
ening tendency of money, and the reported
prophecy OF a prominent bank president that
within the next thirty days we would see a stiff
per cent money market, created further hest
tation among buyers and stimulated profes.
sional bears to further aggressiveness and they
were followed by the banking element. The
uneasy feeling about the financial situation is
undoubtedly spreading, and while the proposed
issue OF bonds Tor gold would have the effect
of strengthening the treasury. the money would
have to be Withdrawn from the banks and the
effect would, therefore, be the contraction or
Tue currency. AILOgeJner. Jne SITUATION IS re-
garded by most bulls and bears as unsatisfac
tory, and there is no evidence of any improve
ment in the near future. Many operators who
are generally found on the bull side have with
drawn from the market, as sufficiently demon
strated by the dwlndling volume of business,
and refuse to buy stocks until the silver ques-
ton is settled definitely, and some positive &C
ton taken on the tariff bill. The market was
almost entirely professional to-day, and besides
the factors enumerated the dscrimina-
ton again exercised by finan-
cial institutions against certain stocks
tended not only to restrict operations, but to
depress prices The early strength sufficed to
advance prices generally small fractions; Man
haitian, New England and Distlllers being the
only ones TO show special strength, but the
pressure brought TO bear later ia the day 1shed
out these improvements with something in ad.
dition, Distillers and Lead among the indus.
trials and Richmond and West Point among the
railroads being exceptionally strong and clos
ing with fractional gains Lackawanna closed
down per cent. ouly, other material declines
being seen in Colorado Fuel, which lost'one, and
Manhattan which lost l15, again touching 1854.
The bears showed little disposition to largely
increase their short lines, and an effort was
made to cover late in the day, which rallied the
whole market fractionally from the lowest
prices. On this rally the market closed with a
firm tone and generally only slightly lower for
the day, Sales listed stocks $1,000 shares, I'M
listed 81 600.