The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-10-17

Il pi0, Zli5 asked Electric Light ana POW
er Company, Sc bid, IS asked.
Bank Stocks, Etc-Citizens Bank, 1924
bid,l101s asked; Chatham bank, 49, bid Az
asked; Germania Bank. 1Oslz bid. 1914
| asked; Merchants National Bank, 81 bid,
So asked; National Rank of savannah,
1858 bid,1Z7 asked; Oglethorpe Savings and
| Trust Company, 1903 bid, 1O4 asked; South
ern Bank of the State of Georgia, 1873 bid.
/ 155 asked; Savannah Bank and Trust
/ Company, 10l bid, 102 asked; Chatham Real
| Estate and Improvement Company, A, 55ls
bid, 56ih asked; B, 5415 bid IS asked; Peo-
| pies Savings and Loan Company, 80 bid,
| "a asked.
Factory Bonds-Augusta Factory IS, 1O1
bid, 102 asked; Enterprise Factory 6s 100
/ bid, 10l asked; Eagle and Phenix Manu-
| featuring Company per cent. bonds. 40
| bid ~ asked Sibley Manufacturing Com
pany 6s, 1O1 bid. 1O2 asked.
Factory Stocks-Savannah Cotton Fac
tory. - bid, Is asked; Augusta Factory,
| 80 bid. SO asked; Graniteville Factory las
bid. 15l asked; Langley Factory, 1O4 bid.
| 1854 asked; Enterprise Factory. common,
| 90 bid, SO asked; ]. r. King Manufactur-
| ing Company, 104 bid, 105 asked; Sibley
! Manufacturing Company, 70 bid, IS asked;
| Savannah Brewing Company, 80 bid So
| asked.
| New York, Oct 16, noon.-Money on call
/ was nominal at 215a3 per cent. Prime
mercantile paper, 41464A per cent. Ster-
| ling exchange firm, with actual business
in bankers bills at $4.S41a for demand
and $4.S2AQ4. s21a for sixty days. The
posted rates were "a. S21aGl4 .s31a and A.s512
| Commercial bills, $4.s1. Silver certificates,
-. Bar silver, $3.50. Mexican dollars,
Alac. State bonds were quiet. Railroad
| bonds were firm. Government bonds were
! firm.
New York, Oct. 16.-The weekly bank
statement shows the following changes
! c. o. Loo
| decrease, $2,6l4, 100; specie, increase, $685.
200; legal tenders, increase, $26 400; deposits
decrease. $467. eco; circulation Increase, $+6,-
| 800. The banks now hold $l4,6l4, 800 in eX-
cess of the requirement of the 2S per cent
| rule
New York, Oct. 16.-The Evening Posts
London financial cablegram says: THE
stock markets were good to-day. The
feature was the revival in Americans and
Kaff1rs. In the former Central Pacific
were especially good; a strong pool is said
to be formed In them. Nothing definite
is yet known in the city about the cabi-
net meeting to frame the answer to the
| bemetallie commission but at the time of
cabling silver is being sold freely for for
ward delivery"
New York Oct 16.-There was nothing
to indicate any urgent covering of short
contracts in to-day's market, such as is
| very often customary at the close of a
/
| ket showed a firm tone during the greater
part of the days trading, but the fluctu-
I atiops were very narrow and the close
| was at small declines from the best
/ These were in sympathy with break Of
! Is III Manhattan on short sales, and of a
! point in Chicago Gas, which was the most
| striking demonstration by the bears dur
ing the day. Both parties in the market
! seemed equally apathetc There was
! good buying in the two leading special
1 ties, Chicago Gas and Sugar the former
! equally attributed to a purpose of inside
/ interests to acquire stock, and maneu-
! yer to squeeze the shorts. Missouri Pa
cific offered to some extent, probably in
| sympathy with the drive against Manhat-
| tan. Union Pacific exhibited some de-
| preston, on account of the expressed crit
icisms of the minimum bid agreed to by
| the government for the satisfaction of it's
/ claim, and agreement to the foreclosure
! sale. London was buyer on balance to-
/ day to a small extent, and afforded some
! support to the market None of, the lead
! ing stocks show important net changes,
] but most of them are gains. ,.t-|
Experts having been watching the mar
ket now for signs that it has turned up
wards again. Such a process has appar
emily been inaugurated twice during the
week, but the upward course came to a
! stop with the closing of short contracts
| and reaction resumed It's sway THE re-
dictionary tendency has now continued
| dominant for about month and the av
erage decline in that time is about half as
much was the rise in the previous four
months of the bull market. Statistics
might be cited of the proportions of reac-
ton TO decline, after previous great bull
markets, but precedents are misleading
and various. The main fact is that even
in the full tide of the conditions which
induce an advnnce In the price of Sc
curties it is invariably the rule that a
backward swing occurs covering ma
terlal part, though not the whole, of the
advance.
The professional traders sold out their
stocks a month ago al high prices
and they do not care to buy again, so long
as there is prospect of causing further de-
clines. During the week many holders of
stocks. who have been persistent In hold
ing on for a turn, have become disguised
and have liquidated on a large scale to
save further loss, thus giving material
assistance to the bear party. The motives
assigned for the selling are various and
of little real force, as is demonstrated by
the fact that when the alleged cause is
removed there Is no cessation in the de-
cline. The trade reviews all report con-
tinued expansion in their lines the i'm
provement in the iron industry being es-
pecially marked. The increase in the out
put of pig iron and the decrease in the
stocks indicates that the rate of consump-
ton has increased about 40 per cent. since
July 1. Further engagements of gold for
import were expected to have been made
this week, but the purchase of exchange
bills against last weeks engagements have
kept the rate of exchange above the i'm
port point. This point has also been low
cred by the advance in the prices of gold
bullion in London and by the rise in dis
counts at London, Paris and Berlin. A
very heavy movement of gold before the
season ends Is considered inevitable.
London has ceased to sell American Sc
curities In the New York market. Gov
eminent trades statement for September
shows a balance of trade for the month
in favor of this country of over $62 0000
The movement of cotton, now just
gaining full tide, is expected to give a
heavy balance for October in this coun-
try's favor. 1t Is to be borne in mind,
however. that the low price Of cotton pre-
vailing makes a great difference in the
amount Of exchange demand to pay for
exports.
To-days statement of imports at New
York for the week also show a striking
increase over last week of 81, SS3,551, while
the exports from this port for the week
fell off $2454, 1894. This must modify the