The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-08-10


bid, l03 asked; Atlanta and West Point s
per cent. certificates, 102 bid, 1913 asked;
Savannah Construction Company, - bid,
70 asked.
Gas stocks-Nominal: Savannah Gas
Light stock. zig bid, 221s asked; Electric
Light and Power Company, So bid, 20
asked
Bank Stocks. Etc.-Citizens Bank, 1OSI5
bid, 1882 asked chatham Bank, 4312 bid Az
asked; Germania Bank. 107 bid. 10S asked;
Merchants National Bank IS bid sly ask
ed; National Bank of Savannah. 12i bid,
- asked; Oglethorpe Savings and Trust
Company, 1882 bid, asked; Southern
Bank of the State of Georgia. $50 bid, -
asked; Savannah Bank and Trust Com
pany, 100 bid asked; Chatham Real
| Estate and Improvement Company, A. SO
bid, asked; B. 5i14 bid asked: Peo-
pies Savings and Loan Company 90 bid,
- asked
| bid, 102 asked; Enterprise Factory Is 100
bid, 10l asked; Eagle and Phenix Manu-
| featuring Company. per cent. bonds, 40
bid, AZ asked; Sibley Manufacturing Com
pany IS. 101 bid, 1O2 asked.
Factory Stocks-Savannah Cotton Fac
| tory. bid, % asked; Augusta Factory,
! 50 bid. SO asked; Graniteville Factory, las
| bid, Isl asked; Langley Factory, 104 bid,
| 1854 asked; Enterprise Factory common,
| SO bid, SO asked; j. r. King Manufacturing
| Company, 104 bid, 1Q5 asked; Sibley Manu-
| featuring Company 70 bid, rs asked; Sa-
Vannah Brewing Company, - bid IS asked
New York, Aug. 9.-Money on call was
| easy at lQ1l2 per cent; the last loan was
| at ~ per cent. and closed offered a. ] per
! cent. Prime mercantile paper. 4G41R per
! cent. Sterling exchange was weak, with
| actual business in bankers bills at "a S534
| CASE for demand and at $4S4h@4S4la for
| so days; posted rates, $4.8564S7 and 1861
| a4.8S. Commercial bills, &.S4. Silver GER
| tificates, 56d57c; bar silver, 5524c; Mexican
| dollars, 42Ac. Government bonds were
| firm; state bonds were dull; railroad bonds
were strong.
New York, Aug. 9-The Evening Posts
| London financial cablegram says: THE
settlement in mines shows a big bull ac-
count. Contangoes on mining shares was
| as high as 10 per cent There was a set
! back in prices consequently. Americans
| were in good demand. They were bought
| here largely this morning, but reapsed on
| a little selling on account of New York
| finally closing firm at the best. The ex-
pected settlement tomorrow may show
| shOrtness of stock in places. The de-
| cline in consols is due to the fears of ex-
| ports of gold to the United States and
| dearer money, fears, which, perhaps are
| premature. The rise in Paris exchange
| on London. the first decided recovery in
| several months, was partly connected with
to-day's strength in London discounts, but
| are said more Immediately from recent
| heavy purchases of Kaffrs for Paris, on
| the London market The Paris market
was firm with buying of Kaffirs. The
Berlin market was firm with buying of
| Americans and Kaffirs.
New York, Aug 9.-Quite a violent IL
| quotation set in in the stock market in
| the last hour and a half of trading to-
| day and prices came tumblng from their
! high places, the decline from the high
| point being, in many cases, very wide.
| What the professional traders have been
predicting for some time came to pass,
| namely, a sufficient decline in many
| stocks to uncover stop loss orders by
| weak holders of stocks.
The dealers have been aware of the
! "pyramiding" of orders on a large scale,
| that is to say the REIMBURSEMENT of earn
| ings as fast as made by weak holders
| which threatened what occurred to-day.
| 1t looked for a time as though the mar
| ket was going to pieces under the weight
of heavy offerings to realize but after il
was over, taking account of the day re-
| Vealed that the net changes of impor-
| lance were confined to a comparatively
| few stocks. The stocks that had enjoy
| ed sensational advances in the morning,
| notably the Changers suffered most Sc
| Verely in the afternoon. The selling to
| realize started in the Changers. and as
| the market is more sensitive to the nfiu-
! ence of this group than any other, the
selling movement soon broadened by SYM
| pathy until it included pretty much the
whole list. 1t was noticeable that the
| Changers steaded and rallied, even while
other prices we're still falling. Buring-
ton recovering over a point from the low
est and there were exceptions all through
| the list to the weakness, some prominent
stocks holding firm in the midst of the
| heaviest settings OF the other stocks.
The buying Of the morning, on the rise
was on enormous proportions, exceeding
| in volume that for a whole day of or
binary trading. There was a large fall
ing off in the early period of the decline,
| which was a hopeful indication that
prices would resist the pressure and re-
sumo the advance.
But faint-heartedness took increasing
| hold on the minds Of holders and the SELL
| ing movement developed into something
| like a throwing overheard of securities.
| Sales for the day exceeded $4,000 shares.
! The erratic movement of Manhattan
was an unsettling factor in the market.
| The short interest in the stock contin-
ued in manifest distress and covered
| heavily a rising prices. The short inter-
| est in this and other stocks is believed
| to nave been largely eliminated during
| the early buying, thus withdrawing an
important sustaining factor and the stock
| fell accordingly toward its normal level.
| The same condition OF affairs was pres
| ent In the case of other stocks and the
! first decline uncovered stop orders which
| of course. accelerated the decline There
| was no news on the general situation 20
assist I'm the decline. all factors contin-
ulng favorable London buying as well
| as selling stocks, the price OF sterling ex-
| change registering a still further decline.
and crop news an continuing favorably.
! The early advance carried many stocks
up over two points, notably Burlington.
| Rock Island, Chicago Great Western, To-
| bacco. Colorado Fuel. Lackawanna.
I Western Union and Jersey Central A
| large number OF other active shares show
cd gains OF over "a point. But the slump
In the market wiped Az but a small frac-
! ton OF the advance in nearly all cases.
ana carried some below last nights close.
Rock Island and Leather preferred each
! losing "a net
The sales Of stocks to-day we're 756 500
shares including Atchlson preferred. ~. o.
Nm. Chicago and Alton 1850. Chicago
and Eastern Illinois $3.50. Lake Erie
| and Western. 1890. Louisville and Nash
| vile. $1,000 Manhattan. 2j.052. Missouri
| Pacific. 1850; New Jersey Central li.20O.