The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-10-15

the bank has to-day borrowed money on
consols. If this policy has been adopted
it is an important point because il means
rather tighter money here. The Paris and
Berlin markets were quiet"
New York. oct 1.-THE action of prices
in to-days market might be likened to the
toilsome and arduous efforts of a weaken
ed animal to climb to a secure station only
to be continually tnmbled backward by
single hostile stroke. The ready success
of the bears i'm depressing prices led them
occasionally to take profits These spas
modic covering movements were achieved
without effecting any marked change in
the general level of prices and the up
ward course soon resulted in an almost
stagnant condition.
There would be spirit of activity when
ever the bears renewed their raid and ap-
parenuy the desire to sell AMY ceased
when the bears ceased in setung the eX-
ample by short selling. Chicago Gas con-
tinued to occupy by far the largest share
of attention, and ranged over AS points
during the day. Large. supporting orders
were i'm the market at the opening so that
the initial sale was at a fractional adj
vance over last nights close. But this
was the highest quotation of the day and
the majority of the dealings was at a
level considerably over a point below last
nights close. Sugar which came next in
point of activity, was also under very
heavy pressure, and declined at one time
one point below last nights level The
firmest part of the market to-day was in
the last hour, and it looked as though
prices would be allowed to recover within
a fraction of last nights close, but re-
newed drive in the last ten minutes of
trading knocked the toilsome climber
again. Net losses ranged from 1 to
points in the most active stocks in the
list
The southern railroads and the south
westerns and some of the coalers showed
the greatest weakness in the railroad list.
| Manhattan was also quite severely hand
! led. There was no new developments in
! the affairs of the day to affect the course
! of the market the trading being wholly
| professional.
The sold whiR was shipped from Eu-
rope last week began to arrive to-day,
$2000 coo being deposited in the assay Office
and $550,OO0 In the clearing house vaults.
The money market continues easy, though
with no apprehension of any change in
| rate. Sterling exchange was steady in
spite of the advance to per cent. in the
! Bank of Englands rate of discount No
further engagements of gold for import
| are announced, but they are considered
likely before the week closes and the
sharp fall in the rate of exchange on
| Paris leads to the sppposition that the
next shipments will be from there. The
trade statement for September issued by
| the government makes 1t likely that the
excess of exports over imports for that
month will be found to foot up SIS, 100000
against nearly 100000 for August, and
over $17,0C coo for July. The cotton move
ment which has not attained its full
! force insures an additional heavy trade
balance in favor of this country for the
current month.
Dealings in bonds were on a reduced
scale, and the tonesw was weak, though fiuc-
! tuations were unimportant. Total sales
81 10000 United States government bonds
old As, were advanced y.
The total sales of stocks to-day were
391 $50 shares, including Atchison prefer
red, 1881; Chesapeake and Ohio. 6,CSO;
Louisville and Nashville, $3.50; Missouri
Pacific, S,737; Northern Pacific preferred
1O64S Reading, $40; Rock Island. A,907;