The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-06-13


pany, 10l bid, 102 asked; Chatham Real Es-
tate and Improvement Company, A, IS
bid, 56 asked; B. 81 bid, 54ls asked; Peo-
pies Savings and Loan Company, 91i5 bid.
92ia asked.
Factory Bonds-Augusta Factory 81. 1O1
bid, 102 asked; Enterprise Factory 6s. 100
bid. 101 asked; Eagle and Phenix Manu-
featuring Company, s per cent bonds, 10
bid, ~ asked; Sibley Manufacturing Com
pany 6s. 1O1 bid. 102 asked.
Factory Stocks-Savannah Cotton Fac
tory, - bid, 25 asked; Augusta Factory,
50 bid, So asked; Graniteville Factory, las
bid, Isl asked; Langley Factory, 1O4 bid
105l4 asked; Enterprise Factory, common,
80 bid, So asked; J. r. King Manufacturing
Company, 104 bid, los asked Sibey Man
ufacturing Company, 70 bid, 76 asked Sa-
Vannah Brewing Company, - bid, IS ask
ed
New York. June 12-Money on call easy
at per cent; prime mercantile paper 3a4
per cent. Sterling exchange dun and
steady, with actual business in bankers
bills, at $4H for demand and S4S5S4M4S6
for sixty days; posted rates, AS61Rd4.S7
and $i.SS12; commercial bills, $4.S5. Silver
certificates, bar silver. $3.50. Mexican
dollars, 47lsc. State bonds dull; railroad
bonds firm: government bonds firm.
New York. June 12.-The weekly bank
statement show the following changes:
Reserve, increase, s.. go, $50; loans, in
F4toAosNNVt
legal tenders, increase. 3,2S7, 900; deposits
increase. s43. S55, 400; circulation decrease.
$4,000. The banks now hold $474, 6O1, 475 in
excess of the requirements of the % per
cent. rule.
New York, June 12.-Sugar asserted its
leadership of the market quite emphat-
cally to-day, and the tone of the market
was almost wholly dependent upon devel-
opments in it, The obvious fact that there
was selling to take profits on sugar was
the potent influence in causing realizing
sales in other stocks. The consequence is
an average loss for the day in the prices
of stocks There was vigorous manipula-
ton in sugar to hold It at the high level
and even to raise that level on the strength
OF the benefit to accrue to the company
from the sugar schedule But those who
have benefited by the weeks results in
sugar argue that the present price rep
resents the value to the stock From the
Senate's action, and the next influence to
be taken into account is the conference
committee of the two houses. AS the action
OF this committee will i'm all likelihood be
less favorable rather more favorable to
the Sugar than is the Senate schedule
the orders are discount a future fall in
the price. There is some sort of selling in
accordance with this, in addition to real
izing sales, which forced the prices
down nearly points from the highest
The dealings represented fully one-fifth of
the total transactions. The fall in Sugar
carried down prices throughout the list
and practically obliterated early gains, ex-
cept in a few instances. The coal stocks
were quite notably strong in
the early dealings. 1t is note
worthy fact that these stocks made
up the only group in which there is any
short interest left of the recent continuous
advance of prices. This fact had no small
part in to-day's strength in the stocks.
hut
fects of the late selling movement but
not a sufficient extent to wipe out the ear
~ gains. The week just closed is the
third, showing continued aggressive
strength in the stock market. The mar
ket has been sustained all the week by
the aggressive strength of Sugar, growing
out of the caucus agreement of the repub-
leans upon sugar schedule, which is
showed with APPROVAL by the friends of
sugar. This being the case it was natural
that the whole market should give Way
but the week nevertheless represents as a
whole another step forward in the prog
ress toward higher range of values which
has been going on ever since the Senate
took up the tariff bill and demonstra ted
that 1t could dispose of it with reasonable
promtitude. This, with the decision of
the supreme court against the right of
the interstate commerce commission to fix
their rates, gave the distinct impetus TO the
market, which has ever since been a most
striking feature. The weeks mar
ket has been comparatively inactive.
but the frmness Of Granger stocks
which were strong, led the early improve
ment. They have not halted during the
past week, while other groups were put to
their level. Professional traders have
caused this result largely by the sale of
Changers for profits and putting the pro-
ceeds into stock, preparatory to a change.
q oh
declaration of the usual quarterly divi
dend on Western Union of IL
per cent. solved a long standing
doubt in Wall street, and this, together
with the quarterly statement of Manhat-
tan, served to take these faVorites of the
bears out of their hands and
then drive them to cover. Ouite
a feature in the market has been
the aggressive strength of the low
priced stocks. The total sales of stocks
to-day were 10, 75l shares, including the
following American Sugar, q, 300: Burl-
ington and Quincy, 800; Northern Pacific
preferred, $500; Western Union, 500; New
Jersey Central. 500.
The bond market displayed very strong
tone during the week with the dealings
increased in considerable volume. The
market was governed to a consfdera BILE
extent by the developments operating 10
enhance share values. Purchases by lead
ing interests impaired decided impetus to
the general tendency, with the inquiry for
the liens of reorganized properties very
brisk Transactions for continental ac-
count were in large volume, and included
purchases Of the more prominent inter-
national mortgages. Some of the middle
grade bonds were marketed, but the Of
ferings were readily absorbed and more
general disposition was evidenced to carry
lines of the low priced speculative issues.
The usually inactive securities were con-
spicuous in the speculation, and sustained
material improvements generally. The
gilt-edged bonds commanded fair atten-
ton, but the variations were rather mar
row. Government bonds exhibited con-
siderable hrmness and improved fraction
ally on light dealings
Closing Stocks.
Atchison 12hlN n. Y. & N. L. 81
ADAMS Ex. .....l49 ION. & West. go. 14k
Alton, I. II. .... 60 Oregon Nav. -. 10
American Elk. Iii 10. S. L. g. II. NJ 16tA
Bait. g. Ohio -. 1917 Pacific Mall. 2qiE
Can. Pacific zee. 62SiP. Dec. & E. "
Can. Southern 5O7s Pittsburg ........1e,
Cen. Pacific ... 10 Pull Palace .1s3
Ches & Ohio . l7ss Reading ... 22ik
Chicago Alton .14S r. G. w. ..... 12%
c., b. & o.. 1914 do do pref. 49,. ss%