The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-09-22


asked, and interest; Georgia and Alabama
first consols, 81 bid, So asked
Railroad Stoc6s--Augusta and Savan-
nah. 9SS4 bid, % asked; Georgia common.
III bid, l7S asked; Southwestern, "a bid 80
asked Atlanta and West Point stock l02i5
bid, 1884, asked; Atlanta and West Point
8 per cent. certificates. 1929 bid. 1885, ask
ed; savannah Construction Company, Is
Did, IS asked
Gas Stocks-Savannah Gas Light Stock
22l2 bid, % asked: Electric Light and Pow
er Company. 50 bid. 60 asked.
Bank Stocks, Etc.-Citizens Bank, 1894
bid, - asked; Chatham Bank, 42 bid, 42la
asked; Germania Bank, 10S1a bid, 109}4
asked; Merchants National Bank, S5i2 bid,
SIG asked National Bank OF savannah.
125 bid, 126 asked; Ogletnorpe Savings and
Trust Company. 103 bid, 1O4 asked; South
ern Bank of the State of Georgia, 152 bid.
155 asked; Savannah Bank and Trust
Company. 100 bid. 102 asked Chatham Real
Estate and improvement Company, A, SO
bid, Sc asked; B, 541a bid, So asked; Peo-
pies Savings and Loan Company, % bid,
81 asked, eX-div.
Factory Bonds-Augusta Factory 6s, 101
bid, 102 asked; Enterprise Factory IS, 100
bid, 101 asked Eagle and PheniX Manu-
featuring Company 6 per cent. bonds, 40
bid, AZ asked; Sibley Manufacturing Com
pany 6s, 1O1 bid, 102 asked.
Factory Stocks-Savannah Cotton Fac
tory, bid, . asked; Augusta Factory,
50 bid, IS asked; Graniteville Factory, 145
bid, Isl asked; Langley Factory, 1Ol bid
1854 asked; Enterprise Factory, common,
80 bid, SO asked; j. R. King Manufacture
ing Company, 1N bid, 1O5 asked; Sibley
Manufacturing Company 70 bid, 76 ask
ed; Savannah Brewing Company, 49, bid, IS
asked
New York, Sept. 21-Money on call firm
at 1904 per cent; the last loan was at
31a per cent, and closed at 3HGt per
cent. Prime mercantile paper, 4d41a per
cent Sterling exchange weak with act
ual business in bankers bills, at 4.S43sQ
4s5 for demand and at $.S21zd4S2A for
sixty days; posted rates, $4.S312q4A and
$4S5q4S51a; commercial bills, s4S1h Sill
yer certificates, 59@60c. Bar silver, 59lsc.
Mexican dollars, 44c. Government bones
easier; state bonds were dull; railroad
bonds were weak.
New Y rk Sept. 21.-The Evening Posts
London financial cablegram says: There
was a weaker tone in the stock markets
to-day, Americans leading in the decline.
They opened under the parity. The Gu
ban situation is not liked here, and 1t Is
believed that New York has overdone the
rise for the moment. Gable dispatches
were also printed from New York hint
ing at a curtailment in banking accom-
modations etc. Prices of Americans raj
lied when the New York quotations were
first cabled, but the close was fiat at the
lowest Still there IS a disposition, on the
whole, to buy on any material reaction.
Mines were dull. The Paris and Berlin
markets were dull.
New York Sept 21.-What has been eX-
pected and foretold. and what the bull OPP
orators in the stock market have vainly
sought to avert, came ID pass to-day The
reactionaPy spirit took hold of the market
and a heavy decline resulted in the level
of prices throughout the whole list.
stocks viii seem at first glace out of pro-
portion, but a more careful scrutiny will
reveal that the heaviest losses are in those
stocks that have undergone the most
marked advances. That the movement of
the market to-day is a natural and inev-
liable development of the progress to-
ward improvement in business and indus
try which is going on in the country, is
obvious. sustained upward course of
prices is almost always unchecked until
it has exceeded the reasonable valuation.
The conviction has been gathering
strength for long period that
prices of stocks were passing
beyond this limit and that reaction was
imminent. Manipulation by powerful
financial interests is one thing that has
deferred it. Another thing has been the
continued plethora and cheapness of
money, inviting to continued speculation.
In the ma tural and orderly course of
I
panson of business would absorb idle
money and make its use more expensive.
Bank statements for two weeks past have
reflected the certainty that such a rise in
the price of money was approaching. The
marking up of cali loan rates late yester
day and their continuance at a high level
to-day crystalized into certainty the inn
preston in many minds that prices Of
stocks were excessively high and as a
consequence, the demand to buy fell be-
low the offerings to sell. There was
spasmodc and Intellectual effort shortly
after the opening on the part of the bull
cont 'ngent to check the decline but it was
apparently abandoned and the market
was left to itself until the heavy liquida-
ton should exhaust itself This seemed
to have come to pass at about 2 O'clock,
when the market became duh at a decline
ranging from 2 points upward.
The cessation of heavy realizing offers
encouraged some renewed buying and a
RAINY extending to over a point in many
shares ensued, but the market sold off
again before the close to the lowest point
of the day. There is reason to believe
that the rise of the call money rate was
not entirely free from manipulation. There
were evidences of concerted action in the
marking up of the rates. 1t was notice
able that the sharp stiffentng Of the money
rate did not result in as great a fall in the
rate of exchange as might be expected
and the discount rate in London was rath-
er easier, which was not to be expected.
There was disposition to make much
of reports Of an ultimatum from our gov
eminent to that of Spain on the CUBAN
question. Many commission houses have
been advising their customers to sell and
their offerings came upon the market
Some effect was produced on stocks of
trans-continental lines by Attorney Cen
eral McKenna's opinion against the va
lidity Of the discriminating duties against
foreign goods imported through contgu-
Gus countries. That there was heavy sell
ing for short account also, was quite evil
dent and standing orders to sell stop loss
on a decline were uncovered in large num-
bers. Some covering Of shorts at the de-
cline helped the rally. Such were the fac
tors In the days market for stocks.
The total sales of stocks to-day amount
ed to 10000 shares, including Atchison
67O0 Atchison preferred 1906 Chesa-
peake and Ohio 1850, Burlington 57,420,
Cincinnati, Cleveland Chicago and St
Louis $500, Denver and Rio Grande pre-
ferred 2,1O0, Louisville and Nashville, D.
$40, Manhattan L $4,000 Missouri Pacific
q, $40. Missouri, Kansas and Texas pre-