The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-10-10


point per cent. certificates, 102 bid. 1879
asked; Savannah Construction Company,
81 bid 70 asked.
Gas Stocks-Savannah Gas Light Stock,
2l12 bid, % asked; Electric Light and Pow
er Company, IS bid, - asked.
Bank Stocks, Etc.-Citizens Bank, 1914
bid asked; Chatham bank. ~ bid, 42ls
asked; Germania Bank 1851 bid, 1924
asked; Merchants National Bank, 80 bid,
81 asked; National Bank of savannah
125 bid, 126 asked; OglethOrpe Savings and
Trust Company, 1O3 bid, 104 asked; South
ern Bank of the State of Georgia, 152 bid,
155 asked Savannah Bank and Trust
Company 100 bid, 1O2 asked Chatham Real
Estate and Improvement Company, A, 55l2
bid Sc asked; B, 54la bid, So asked; Peo-
pies Savings and Loan Company, "a bid
IS asked.
Factory Bonds-Augusta Factory IS, l0l
bid 102 asked; Enterprise Factory 6s, 100
bid, 101 asked; Eagle and Phenix Manu-
featuring Company per cent bonds, ~
bid, ~ asked Sibley Manufacturing Com
pany 6s, 101 bid. 102 asked.
Factory Stocks-Savannah Cotton Fac
tory, bid, 10 asked Augusta Factory,
50 bid, SO asked; Graniteville Factory, l45
bid, Isl asked; Langley Factory, lO4 bid
1854 asked; Enterprise Factory, common,
SO bid, Sc asked; j. r. King Manufactur-
ing Company, 1O4 bid, 105 asked; Sibley
Manufacturing Company, 70 bid, 76 asked;
Savannah Brewing Company, 50 bid, 81
asked.
New York, Oct. 9.-Money on call was
nominaly at 21a6D3 per cent. Prime meE-
camille paper 1895 per cent. Sterling eX-
change steady, with actual business in
bankers bills at "a. s4A for demand and al
$iS215 for sixty days. Posted rates $s5n
4,SSl@ and S4S5b. Commercial bills, %.Sl.
Silver certificates 57G57l3c. Bar silver,
56$tc Mexican dollars, 431ac. State ponds
CT Il -
government bonds were strong.
New York Oct. 9.-The weekly bank
statement: Surplus reserve decrease, 81
O6i, 800; loans decrease 1882, 800; specie IN
crease 81, $50, 400; legal tenders decrease
ST. 1902, 800; deposits. decrease $2,6l6,OO0; cir
culatiOn increase $29SC0. The banks now
hold $13, 500 in excess of the legal re-
quirements.
New York, Oct. 9.-The exports of specie
from the port of New York for the week
amounted to 81. 365 in gold and $S54,98 in
silver The imports were: Gold, Sl,446, e
| 015; silver 1874, 615; dry goods and general
| merchandise, IS, 1864
New York, Oct 9.-The Evening Posts
London financial cablegram says: 1.-THE
| stock markets were idle to-day pending
| the settlement in Mines which is to be-
! gin on Monday next. Americans were
| steady. The belief grows here that the
| Indian minis will not reopen, for the rea-
| THE London money market stands at
| 3-16 per cent. Supply of American two
| and three months bills is increased. Of
| fering rates on bills to arrive ten days
| hence are "a per cent. and upwards. A
| Canadian 21a per cent. loan for 100000
sterling is announced, with a minimum
issue price of 81 per cent.
New York, Oct 9-The bears renewed
| their raid on the market to such account
| that few stocks have escaped with less
| than a point net loss. The course of the
market yesterday, in the face of extra
| ordinary dullness, had led many to sup
! pose that the bear campaign had come
| to an end and that the market would
! probably sink into inanimation for time.
| The usual end-week covering of short con-
tracts was expected to stiffen prices slight
| ly. Quite the contrary occurred. Prices
| did improve a fraction in the first hour
on the very light volume of dealings, but
| weakness developed in Chicago Gas and
| checked the rise. The room traders soon
| afterwards detected selling by houses with
| Washington connections, and bears seized
! upon this as proof of inside information
| of a mysterious something impending in
| Washington that might play havoc with
values when it becomes known. What
| the mysterious something was, was not
| disclosed. The stock market is peculiarly
| sensitive to intimations from Washington
many minds that it is only a question of
| time when the Cuban question shall lead
to a rupture with Spain. Much stress is
! laid also by traders in stocks upon the
| pending decision of the supreme court
upon the Nebraska maximum freight rates
case and the case against the joint trat-
fic association.
| The market was evidently unprotected
| by supporting orders and the aggressive
| short selling by the bears led to rapid de-
clines in light transactions. Only two
| stocks in the list show sales as high as
| 10000 shares. These are Chicago Gas and
burlington. Chicago Gas, Omaha, Man
haitian, Missouri Pacific and Burlington
| were conspicuous in the decline COnsoh-
dated Gas fluctuated in its characteristic
| way, breaking points at one time, but
| end with recovery of 3 points. There
| were slight recoveries in some stocks just
at the close, but most stocks closed at
the lowest, the prevailing tone being very
weak Probably a superficial view of the
weekly statement of the New York clear
| ing house banks had something to do with
| to-day's selling movement of stocks.
| The professional trader usually accepts
| a decrease in the surplus reserve as a
specific admonition to sell. To-day's de-
! crease of $2,064, 800 in that item was, in
! fact, something of a surprise, in view of
| the rather strenuous efforts by the banks
! shrinkage in their surplus. But the small
| decrease in loans reported this week, 1882,
3OO indicates that the banking authori-
ties view with equanimity the decline in
! their reserve surplus, confident in the
strengthening force of the $6,350000 in
gold now in transit to New York from
| England and France
The gold arrivals of the week reflected
! in an increase in specie of 81, 5S3 400, but
are more than offset by the decrease in
legal tenders of $4,SO2, 300. The demand for
/ legal tenders is very keen, and the best
| efforts of the banks and the United States
treasury are not equal to fully provide a
supply. The New York sub-treasury has
| been obliged to refuse to supply legal ten
ders in return for gold except for tele-
graphic transfer of currency to other sub
! treasury points.
The New York banks have been settling
their balances at the clearing house dur
| ing the week in gold to a large extent, and
the prediction is made that the payments
of customs duties will soon be made in
gold. Chicago banks are reported also to
be presenting gold at the sub-treasury
there with a request Cor legal tenders,
and the treasury at Washington is be-
/ Ginning IN find itself ernba IRA eee1 RI SIM