The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-01-17

bid, 103 asked: Sibley Factory IS. 100 bid,
10l asked; Enterprise Factory 6s. 102 bid,
1903 asked; Eagle and Phenix Manufacture
ing Company, per cent. bonds, 10 bid. so
asked.
Factory Stocks-Savannah Cotton Fac
tory, - bid, 80 asked; Augusta Factory. 81
bid, 50 asked, eX-div.; Graniteville Fac
tory, 145 bid, Isl asked; Langley Factory,
106 bid, 1W asked; Enterprise Factory,
common. 80 bid. lO2 asked; ]. R. King
Manufacturing Company, 103 bid, 1N ask
ed; Sibley Manufacturing Company, So bid.
SO asked; Savannah Brewing Company, 80
bid, 95 asked.
London. Jan. 16.-Bar silver, % 11-16d.
Consols, liz Lie for money and liz 3-16 for
the account
Paris. Jan. 16-Three per cent, rentes
lO2 francs SO centimes for the account.
New York, Jan. l6.-Money on call, 11s@
per cent. Prime mercantile paper. $685.
per cent. Sterling exchange firm, with ac-
tual business in bankers bills at $4.S4S4d
Ass for sixty days and S4S7laQ4S7$4 for de-
mand. Posted rates, $4S5l4d4 SSla. Com
mercial bills, 4.SSAQ4S4A. Government
bonds firm: state bonds duh; railroad
bonds active and strong. Bar silver, 6434.
Silver at the board was neglected.
New York, Jan. 1.-THE treasury bal
ances were as follows: Coin; $l22, 695, 290i
currency S46,O72, 01O.
New York Jan 16.-The weekly state
htSAll VI lile dSSOCldleQ banks snow the
following changes: Reserve, increase, S.
1S1,075; loans, increase, $3.50, 600; specie, in
crease, $92S, 600; legal tenders, increase, 49,
jS9, 500; deposits, increase, 80 34S, 100; circu-
lation, decrease, $163, 800. The banks now
hold $52 OS9, 52o i'll excess of legal require
ments.
New York, Jan 16-The New York FL
nancier says this week: New York is
now the cheapest money center in the
world and the statement made by the
clearing house banks for the week end
ing Jan. 49, showing a further increase in
the surplus reserves of the banks to the
amount of $S,lS1, 075, is an indication that
it will remain so for an indefinite period.
Up to the first of the present year, the
New York banks reported a steady expan-
sion in loans, the increase from Nov. Z to
Jan. having been not less than $40 900, 600
Since Jan. 2, however, the loans from the
banks have increased only SIC, 900, or prac-
tically nothing, while deposits in the two
weeks have expanded to the totai of $780,
100000. This accumulation has been of
no USE to the banks and shows why the
loan market has fallen off so rapidly. Since
Jan. 2 the cash holdings of the bank have
risen $25,5S6,000 In other words, the de-
posits remain inactive in the banks. In
evidence of these facts the efforts being
made by number of New York banks to
maintain a minimum interest rate of 2 per
slight change in the loan item is evidence
that they have not abandoned the agree
ment, which it is asserted that some of
them have made. The statement is inter
esting especially as relating to purchases
of sterling bills. The advance in sterling
is now narrowing the profit to
small figure, and while the
low money rates of themselves
favor an advance, the heavy foreign trade
balances reported for the month and the
year do not encourage the belief that ex-
change will rise to gold exporting point
The investments made in foreign bills, the
carrying of which is really lending money
to Europe stand to lose, therefore, quite
as much as to gain. In the meantime
what to do with the heavy surplus carried
by the New York banks is a serious prob
lem. Surface indications now favor an
advance in stock prices, and as low money
will stimulate buying and industry in gem
eral, it is not unreasonable to say that the
heavy surplus will be absorbed to a large
extent in domestic expansion. If this
proves true, the United States will enter
upon an era of prosperity during the COM
ing spring which has not been equalled
since the early nineties. The statement
in its other items shows only changes
which are incident to the conditions all
ready mentioned. The loan expansion
was $2S3,OO0; the cash increase, $40 SIS, 100
and deposit increase, 1894 100