The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-08-15

6Sl2 asked
Gas Stocks-Savannah Gas Light stock.
PIP bid, 22is asked Electric Light and
Power Company, 30 bid. 60 asked.
Bank Stocks, Etc.-Citizens Bank, 1OS1b
bid 1892 asked chatham Bank 43la bid, 4i5
asked, Germania Bank, 107 bid, los asked;
Merchants National Bank 50 bid, S6l9 ask
ed; National Bank Of Savannah, 124 bid,
asked; Oglethorpe Savings and Trust
Company, 1882 bid, asked; Southern
Bank Of the State of Georgia, $50 bid
asked; Savannah Bank and Trust Com
pany. 100 bid. 49, asked; Chatham Real
Estate and Improvement Company, A, SO
bid, - asked; B. 5414 bid. asked: Peo-
pies Savings and Loan Company. 90 bid,
asked
Factory Bonds-Augusta Factory SIS. 101
bid, 1O2 asked; Enterprise Factory IS, 100
bid, 1O1 asked; Eagle and Phenix Manu-
featuring Company 6 per cent. bonds, 40
bid, ~ asked; Sibley Manufacturing Com
pany 6s 101 bid, 1902 asked
Factory Stocks-Savannah Cotton Fac
tory, bid, % asked Augusta Factory,
50 bid, 50 asked; Graniteville Factory, AS
bid, Isl asked; Langley Factory. 104 bid,
1854 asked Enterprise Factory, common
SO bid, 96 asked; J. r. King Manufacturing
Company 104 bid, 1O5 asked; Sibley Manu-
featuring Company 70 bid, rs asked; Sa-
vannah Brewing Comnanv, 49, bid, IS asked
London, Aug. 14.-The Statist to-day dis
cussing the prospects of the money mar
ket, thinks that American payments of
interest and dividends, the remittance
made TO Americans travelling and the
payments for the securities Europe is
now selling, and for the raw materials,
particularly wool purchased before the
Dingley bill became a law, will about off
set Europe's debt to the United States.
The Statist, therefore is strongly of the
opinion that the gold shipments to the
United States will not be large
New York, Aug. 1A-Money on call was
at 102 per cent. Prime mercantile paper,
3 per cent. Sterling exchange weak, with
actual business in bankers bills al $685.
and S4s5s4 d4S51a for sixty days Posted
rates. &S215d4S5 and $4561ad4S7. Com
mercial bills. $.S2l2. Silver certificates, -;
bar silver, soc; Me lican dollars. 42c State
bonds were quiet; railroad bonds were
firm: government bonds were firm.
New York Aug 1.-THE weekly bank
statement shows the following changes:
Reserve, decreas ed, $2,119, 400 loans, in
creased, s. sos, 400; specie increased, $iS2 500;
legal tenders, decreased, $l,5l2500 depos
its, increased, 81, 457 500; circulation, de-
crea sed, $500 The banks now hold 49,
$50. 725 in excess of the requirements of the
% per cent rule.
New York Aug. A.-There was another
striking illustration to-day of the inher-
ent strength of the market for stocks,
heavy offerings to realize at the opening
being readily absorbed and strong, fresh
buying impulse invited by the lowest lew
ell of prices. This new impulse soon
turned the tide of prices to an upward
source once more, wiping out the early
losses and establishing net gains for the
whole list. The early decline extended to
from / to points in more prominent
stocks, and the subsequent rise establish
ed net gains of / to points in many
stocks. The Changers were foremost in
af;r ,a IN, ha mid Nf he aril
tons of prices, and there was probably
an intimate connection between their
movements and the early weakness in
wheat and the subsequent rally in that
market. A further decline of y in the
posted rate for long sterling exchange
to 4.S4 was a strengthening influence. AL
though loans in the bank statement are
at this time of unprecedented volume, the
same is true of the deposits and the total
reserve held, and a decrease in the sur
plus is looked forward to in the money
market to establish a better tone there.
1t can correctly be said that the lower
range of prices in London this morning
had an influence in depressing early prices
here, but it was a fact that a good deal
of the selling in London was on orders
from this side, and probably designated
for manipulative effect on continuing the
New York decline Of yesterday.
The Industrial stocks again took quite
d
advanced fully IL above the early de-
cline. The early decline was nearly
point in the Changers and Northern Pa
cific preferred, and exceeded a point in
Louisville and Nashville, New York Cen
trail and Southern Pacific. All of these
declines were more than recouped, sharp
net gains being established which extend
ed to a point or above in Burlington,
Sugar, Lackawanna %, Denver and Rio
Grande preferred, LaClede Gas preferred,
Lake Shore 81, Manhattan and Wheeling
and Lake Erie preferred
The week In Wall street has been mark
ed by an undated volume of trading on
the stock exchange, where the total sales
of all stocks on two separate days ex-
ceeded that of any previous day of the
present movement.
The record of a day tradings in bonds
was placed at a new point Sales of stock
for the week reached a total of 3,52O,412
shares, and the par value of the bonds
dealt in was $40 $4,000 The course Of
prices was not so steadily upward as last
week, two sharp reactions occurring, the
first beginning on Monday afternoon and
continuing on Tuesday and the second
showing its effect late on Thursday and
continuing through the early part of to-
days trading. The second reaction devel-
oped after the outbreak on Thursday OF
a speculative movement in a lot of obscure
and lOw-priced stocks, some of them no.
toriously without any equity whatever in
any property
Tho grade of intelligence which was be-
ing applied to speculation was indicated
by a widely diffused argument for selling
on Friday, because IL was Friday, and al
the same time the 18Th of the month. An
incident Of Friday was the return Of
large amount Of borrowed stock on which
sufficient interest was being paid to at
ford a margin TO the holders. This shook
quite a large amount OF weakly margined
stock and aided the decline.
Another interesting development Of the
week was the fact that foreign investors
are really buying largely OF American Sc
curities and at the same time foreign
holders have been selling largely. The
selling has been In the New York mar
ket. as has been obvious from the opera
tons Of arb'rage brokers.
There Is also reported 10 have been
some buying in New York for foreign ac-
count. by houses that are not regular ar
btrage brokers owing TO the determine
eddy pessimistic attitude adopted by En-.
gsh financial newspapers toward Ameri-
can securities. the London price has been
almost constantly below the New York
uarffrr tyhfah has added Ia Tho fsnInuat.