The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-11-28

and the gradual hardening of prices. in
spite or the dullneSS under the leadership.
Leather was strong and helped along the
Ilse. Nalns or ABOUT point or over We're
registered in the Changers shares. the coal
erS and number of trunk lines
southern lines Jagged in a rather con-
spicuous manner, knowing the strong
statement of Atchison Company for Octo-
osfs showing an increase in net earnings
OF %S0,ss9, No small part of the strength
IN the railway list was due TO the anticipa-
ton that the supreme court on reassem-
ping Monday, viii hand down decision
in the freight rate case. favorable to the
railroads. This decision has long been
looked forward to, to give an upward inn
petus to prices and, in fact, for several
days the assumption has been advanced
that 1t would be favorable and reacted.
The market was strong, and easily led the
ist with and advance of Is, on reports
that different decision from the treasury
department would be soon forthcoming.
applying TO the counterfeiting duty clause
TO Dutch refined sugars.
Inc bank statement was about what was
expected. Although there was an actual
increase in cash reserve of s., 33S, 700, the
legal reserve was raised by more than that
amount, OWING TO the tremendous amount
or increase, Sl6,744,l 100 in the deposits. The
surplus reserve in consequence has fallen
OF by $S41S25. The excess of increase in
deposits over that of loans. reflects the
movement of currency from the interior to
this center The large proportions of in
creases in loans and deposits, are of
course, reflection of the Union Pacific pay
ment on Monday. The condition of the
money market, present and prospective
has been of greater interest all week than
the stock market.
The heavy Union Pacific payment made
not the slightest impression on the mar
ket or course, the fact that the govern
ment LETT the whole amount on deposit ar
ter its payment obViated its actual with
drawal from the market, but the fact re-
mains that the raising of an enormous
amount OF cash has ended an extensive
change of loans, and credits accomplished
what inevitably would have been a stiff
Ienlng rate for money somewhat, had the
market been an q plethoric condition.
Even the resumption of business activity
in the south. the removal of yellow fever
quarantine. has failed to result in any no
table demand for money from that quar-
ter.
1t is worthy of special notice in that con-
nection that the imports of dry goods and
general merchandise for the week at New
York show an increase of $2.573 475, or near
~ 40 per cent. over those of last week,
and they exceed those of the correspond-
ing week of last year by over 1900. 600 IL
this indicates a settled tendency of foreign
trade, i will only mark the beginning of
the settlement of the heavy trade balance
in our favor. which is a potential factor
in the case of the domestic money market
but i marks an increase in the govern
ments revenues of imports and conse-
quence decrease in the deficit which is
constantly running, from the treasury into
the channels of the money market.
Inc foreign exchange market has proba-
bly, felt the effect of the weeks sales of
American securities for London account in
TINS market. London has sold quiTe stead
lily of the stocks, which make up the bulk
of ordinary arbitrage operations. But there
have also been large sales of high grade
investment bonds by that center. owing to
the high range of prices prevailing here
Remittances to pay for these have helped
to keep the exchange market firm.
The stock market has offered absolutely
no feature of interest during the week AS
the result of to-day's strength, the list
generally shows small net gains Stocks of
New York corporations were notably ac-
tive and strong. Metropolitan Street Rail-
way and Manhattan have rose 4$lc each
Consolidated Gas declined more than Y
points. ard closed points lower. Sugar
is up three points on the week
The feature of the bond market has
been the large demand, and the meager of
ferings Of high grade bonds The market
has not been notably active. but prices are
generally slightly higher. Total sales were
81, 100000. United States old As, regular, are
&c higher bid the old as coupon and the
new Is. &c higher bid, and the IS x lower
1877 600 shares