The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-06-02

bid, 15l asked; Langley Factory, lN bid
105A asked; Enterprise Factory. common.
80 bid, 96 asked; J. R. King Manufacturing
Company, l04 bid. los asked; Sibley Man
ufacturing Company, 20 bid Is asked; Sa-
vannah Brewing Company, - bid s. ask
ed.
New York, June Money on call was
easy at 1Adl1a per cent; the last loan
was at Ia per cent, and closed at IA per
cent Prime mercantile paper ShG4 per
cent Sterling exchange. steady. with
actual business in bankers bills at S4H
for demand and 81. S5S4d4S6 for sixty days;
posted rates. S. s61s9l4S7 and SLSSd4 ssh
Commercial bills, $4.S5l4. Bar silver, 601sc
Government bonds were strong state
bonds Were dull; railroad bonds were
strong, Silver certificates, 6OAd699sc.
New York June 1.-The Evening Posts
London financial cablegram: Business
in the stock markets here was very slack
to-day. Disappointment is expressed at
the absence of a response from Wall street
to the higher prices quoted here yesterday
for Americans Operators here were quite
cheerful prior to the arrival of the New
York quotations, and every preparation
had been made for an active business. Sec
rotary Cages assurance regarding the in
tentions of the United States government
on the currency question was mainly re-
sponstble for the improved tone, although
the expanding railroad earnings were not
overlooked. The market, however, closed
dull and disheartened. The Japanese .oan
was applied for to-day about five times
over. Three hundred thousand sovereigns
in gold, due to arrive from Australia in
the course of the next week or so, have
been bought in advance for export to Rus
STA. small decrease is shown in the
stocks of copper during May, while deliv-
cries have exceeded supplies by about 100
tons. The Paris bourse opened duh and
closed comparatively firm, while the Ber-
lin market was steady throughout"
New York. June l.-During the cessation
of trading on the stock exchange yester-
day, London took hold of American rail-
road stocks and brought up the price of
all those which are internationally listed
to a point materially above New York S
close of Saturday Promptly upon the open
ing of the market here to-day large or
ders to buy for London account were exc
cuted to cover sales made in London at the
advance. The consequence was a jump at
the opening to the London parity for near
ly all the internationals. St Paul was the
favorte in these arbitrage operations. but
there were purchases of all the interna-
tionals. Trade reports indicated that the
traders there laid much stress upon the
speech of Secretary of the Treasury Gage,
and his optimistic opinions of the bust
ness outlook. Some reaction followed upon
this early jump in prices, the impression
spreading sympathetically from one or two
centers. The Cleveland Cncin-
natl, Chicago and st. Louis shares
continued TO sag without any good buying
to sustain them Admissions that the earn
ings have been insufficient to cover the
dividend on the preferred stock have led
to suggestions that the dividend rate will
be reduced. The additional fall in the
common stock of 3l2 points, was a drag in
the market, though a later recovery left
the net loss only T. This was supplement-
ed by some heaViness in the Granger
group, caused by reports of crop damage
by frosts. Burlington's increase of earn
ing of over 100000 was compared, in the
minds of dealers, with the greater in
crease, exceeding $303OJO shown last month,
and caused a reaction in the stock The
bears also fell back upon their old re-
source of attacking Jersey Central and
the Gould shares and thus worked a re-
action in the general list to below the
opening prices. The market fell into dull
ness at the decline. Sugar showing a loss
on Washington reports of damage to the
Sugar schedule of the tariff bill. Realiz-
ing sales in Chicago Gas helped the reac-
ton to some extent. The settlements fail
ed to hold the rising tendency and closing
prices were as a rule the best OF the day.
The buying by the commission houses was
on quite large scale and the outside in
terest in the market was more in evidence
than for many months past The dealings
were remarkably well distributed, and the
speculative low priced stocks, especially
those of recognized companies were in
special demand, Union Pacific leading the
activity of this class of securities. with
sales of over 1000 shares. The demand
from London for this line of stocks was
particularly marked. The number of
shares bought for London account were
estimated to exceed 10000 shares. The in
| crease in net earnings for April helped to
strengthen the market, Louisville and
Nashville, and Southern Pacific, showing
substantial gains. Some stocks escaped
entirely the early reactionary tendency of
the market, and in others 1t did not exr
coed fractional limits, but extended to IA
in Sugar, with only partial recovery, a
point in Burlington and IA in Omaha,
which also closed a below Saturdays
close. Net gains were the rule throughout
the list, losses being confined to a few
cases. Total sales OF stock for the day
amounted to IA. 6sS, including Sugar 1920;
Burlington, $500; Chicago Gas, 1000;
Northwest. $500; Omaha, $500; Reading,
300; Rock Island. 1900; St Paul, 500;
Union Pacific, 100; Southern preferred,
5,400 Jersey Central, 1000. The bond mar
ket displayed considerable strength and
animation. with the gains very pronounced
in some of the international shares which
were helped by foreign supports The sales
were S,6730O0. Government bonds tended
upward with the new tours rising p per
cent The transactions were 5000.
Closing Stocks