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


New York. June 5.-The weekly bank
statement shows the following changes:
Reserve. decrease, 81, 1870; loans, in
crease, 81, 409, 600 specie, increase, 1881, 100;
legal tenders, decrease, &1S, 200; deposits,
increase, $5655, 100; circulation decrease,
$500. The banks now hold $i5,SO,S20 in
excess of the requirements of the . per
cent rule.
New York, June 5.-There was no mis-
taking the strong bull character of to-
days market for stocks and bonds, nor
was there any room for doubt that the
motive for the buying was the greatly in
creased confidence over the general out
look for business in the country. The
bear element was not a factor in the
market at any time during the day, ex-
cept as eager buyers to cover short con-
tracts before prices should rise beyond
their reach. There was some proft-tak-
ing at intervals by the more conservative
minded traders. but apparently their only
purpose in selling one stock was to put the
proceeds into another. Such realizing
sales as were made were well absorbed,
and. in consequence, the upward course
of prices went merrily on from opening
to close of the days short session.
The dealings were remarkably well dis
tributed, Sugar showing the largest NUM-
Der of shares of any one stock sold, 1850
shares Chicago Gas and Burlington foE
and st. Paul was not far behind. OF
stocks that were dealt in to the extent
of from l, 100 to 1000 shares, there were
about twenty and a large number of
the usually inactive shares showed a
smaller number of sales made up in part
of odd lots, bought by commission houses
on outside orders. The general strength
of the market was doubtless assisted by
the aggressive strength shown by some
of the most active stocks, notably Sugar,
the Changers and Jersey Central.
Reports from Washington that a treaty
with Spain was being considered, looking
to the regulation Of the naturalization of
Spanish subjects as citizens of the United
States had their effect in helping prices
as indicating a purpose to eliminate
causes of friction between the two coun-
tries. Missouri Pacific and Western
Union joined the list of approaching
values. With the favorites of the bears
thus all shifted to the bull side of the
market, there was practically no opposi-
ton left to the advancing tendency Of
the market.
The week has been most remarkable for
the manifestation of increased confidence
in the buying and holding of securities, es-
pecially railroad stocks and bonds The
improved tone of the speculation has been
as remarkable for the absence of specific
influences on the stock most affected, as
for the confidence shown. There can be
no doubt that a great part of the buying
of stocks during the week has been pre-
dictated upon a conviction that the outlook
for general business is greatly improved,
and that the country has turned the corner
from depression towards improvement
The cheerful confidence shown by the Sec
rotary of the Treasury in his public ut
frances, has made a strong impression in
Wall street Much account is taken of
he % ha val Of business
is equal TO that in the most prosperous
years, although prices are still low. The
effect of gold exports is no longer dread
ed, it is seen that the depletion of the sur
plus gold reserve in the treasury is not
measured by the amount of gold exported.
The decrease in the treasury reserve since
gold export movement began is, in fact,
considerably less than two-thirds of the
gold exports. The growing prospects
that the country's crops are to be plenti-
full and of good quality is accepted as CIV
ing the best possible assurance of increas-
ed prosperity and expanded business.
The crop prospects have had an espe-
cially beneficial effect on the Granger
group of railroads. The reports of earn
ings from these railroads for this week
also added to their strength, notably so In
Northwestern and Burlington. A large
portion of the weeks speculation, so far
as this list was concerned, has conferred
in this group. The improved earnings of
southern and southwestern railroads con-
tinue to reflect the expansion of business
in these quarters also.
In the money market there has been an
increased inactivity in the mercantile pa
per department, indicating an increased
use of credits in trade There have been
also large Withdrawals of the money de-
posted with New York banks by outside
banks for use in different localities. The
I,r,.- -
usual has been quick to respond to these
evidences of awakening activity in trade.
The traders have shown themselves some-
what timid and distrustful of the i'm
proyement, as was natural after the long
period of depression and recurring reac-
ton. They have been constantly watch
full to take profits on short turn and
there have been halts during the week for
this purpose, and especially at the times
of the breaks in the shares of Rubber and
Cleveland, Cincinnati, Chicago and St
Louis, due to a reduction of dividend in
the former, and rumors of a reduction in
the latter. But these offerings to realize
have been steadily and confidently absorb
ed without notable reaction, and each day
of such developments has added to the
confidence of trading on the bull side.
Purchases for foreign account have been
large and well distributed, the low-prlced
shares of reorganized companies being es-
pecially prominent in this movement. The
Changers shares easily led the railroad
list both in point Of activity and strength.
The total sales of stocks to-day were
l5l.A2 shares, including the following:
Chicago Gas, 1900; Louisville and Nash
Vile $500; Reading, 6,4OO; Western Union.
$500.
Closing Stocks.
Atchison ........ 11% N. Y. & ". EFT
ADAMS Fix. LIB Ontario & w.. 14A
Alton, T. H.. co Oregon Nav. "a
American Elk. iii %. S. l.. & II. n 15M
Bat. q Ohio l0h Pacific Mail ..... q
Can. Pacific .. 81 p, d. & T.. 49, u
Can. Southern 4Sl5 Pittsburg ........ 1e2
Cent. Pacific -. 8IbPullman Palace 1ef
Ches & Ohio. III Reading ...... 9oh
Chicago Alton. las Rio c. Western 12iS
c. b. & Q. 80. 1874 do do pref 49,. set5
Chicago Gas -. $50 Rock Island .... 6S7s
Con. Gas .......l60la ST. Paul .... M
C.,C.,C.,& ST. L. 24A do pref .1335.
Col. Coal & L.. ssSt. Paul e. o. 59
Cot. o. Cert. 1914 do do pref. 40
Del, HUDSON ..l0f3s So. Pacific ~ 1nl
Del, l.. & Win Sugar Ref 11eit
D. & II. G. pref. S7%lT \. c. & i. ....... 81
Erie ...........".l Texas Pacific .. 9b
do LIST PREF. 32 y. & c. pref. 40
do End pref .. 20 I'm. Pacific 49,.
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