The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-01-21

New York Jan. 20, p. m.-Money on call
mas been easy, ranging from l to IL per
cent. The last loan was at l, and at the clos
ing was offered at |.
Prime mercantile paper, 4GS4}l per cent
Bar silver 6Shc.
Mexican dollars 54Mc.
Sterling exchange steady with actual bus
mess in bankers bills at a $4,000 81 for sixty
Gays and 81 S6A04 e6A for demand posted
rates 81 S5Is6l4 s7l9.
Commercial bills q s4484.si for sixty
days and 81 1904 S6l9 for demand
Government bonds steady. State bonds
dull. Railroad bonds strong.
Silver at the Stock Exchange to-day was
heavy, 5000 ounces selling at sc.
Treasury balances-Coin, $50, BOG, 900; cur
rency, 1871 S7S 900.
New York, Jan. 20 noon.-The following
were the opening quotations;
Erie I5ts
Chicago and Northwestern l0i K
Lake SnoT6- I2bba
Norfolk and Western preferred ....... 1877
klchmondand West Point Terminal. .... 24
western Union ................... S58
New York, Jan. 20.-It has been many a
week since Wall street felt as cheerful as IL
did today. The tendency OF prices was up
ward. and the bulls were in control from the
opening to the close of the session. The re-
action in the final trading occasioned 10 sur
prise, as II quite often happens that small
traders take profits at the end OF the week
rather than carry their contracts over Sun
day. The first thing TO give an impetus to
speculation this morning was the receipt of
higher prices from London, and moderate
buying orders from that center The execu-
ton OF the latter developed the fact that there
were few stocks pressing for sale
In the local market. The aid received from
the foreigners encouraged the bulls to take
more aggressive stand, and in a short time
they had the whole list on the up-tack There
was disposition to anticipate the effect OF
the bank statement, which proved to be a
most remarkable exhibit. The increase in
cash was Sl3 800. and in surplus reserve
SlO,l7O775, lifting the amount held by the
banks in excess of the p per cent legal re-
quirements to the unprecedented figure OF
SlU2 154, $50. The natural presumption is that
before great while this vast hoard of idle
money will seek other channels for employ
ment, and that the Stock Exchange will feel
the benefit OF this. With money command
ing only per cent on call and 2@3
per cent. on time, bank and trust
companies prefer to purchase thor
BILE at figures that return per cent. and over
Another bull argument is the starting up OF
the mills and furnaces in various parts OF the
country. A factor OF considerable impor-
lance Is the improvement in railroad earn
lngs. Thus far in January, the big systems
have shown a smaller falling of in earning 5
than was the case in December and some Of
the smaller lines even show gains as com
pared with 1893. Net receipts will go up much
better than the gross, as wages are lower and
the companies are saving money in other
ways All these matters have induced certain
operators TO take hold Of the stock market
and the consensus OF opinion on the street is
that livelier condition Of affairs will prevail
in the near future. In the early morning,
Lake Shore rose "a, North West III,
Burlington and Quincy Ia, st. Paul 4 a.,
Rock Island e. General Electric g Man
haitian I q. Louisville and Nashville x Mis-
souri, Pacific !, New Jersey Central IA. New
York Central Ia Reading q, Omaha z, Omaha
preferred rs, Western Union u, Canada
southern IL Big Four 4. Delaware and Hud.
son s. Michigan Central l, Lead preferred q
and Pittsburg and Western preferred /. In
the specialties Terre Haute preferred rose l.
Toward the close, Sugar weakened rather
suddenly on rumors Of probable legislation
adverse to the company. The stock declined
per cent. This. together with sales to re-
aliZe profits, led to reaction in the re-
niainder of the list Of 1s61 per cent. from the
highest. Speculation left OFF steady in tone
The sales were 100 600 listed and % 900 un-
listed. Railway and miscellaneous bonds
we're active and strong.