The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-08-12

New York, Aug. 11-Money on call firm
er at 1@2 per cent Prime mercantile pa
per, 3&4G4A per cent. Sterling exchange
steady, with actual business in bankers
bills at 81. s51a@4,S5% for demand, and at
$4.S4A for sixty days. Posted rates, A4i2q
A S61a and 81 S613d4.&. Commercial bills
"a. SO. Silver certificates, 56d57c. Bar silver.
55lac Mexican dollars. 42ia. Government
bonds firm. State bonds were dun. Rail
road bonds were strong.
New York, Aug. 1.-THE Evening Posts
London financial cablegram says: The
stock markets were irregular to-day be-
ing entirely shaped by New York. Thus
consols, English rails and all kindred
stocks were fiat on dearer money based
on fears of gold exports to New York.
while American and Kafiirs were boom
ing. l learn that yesterdays and to-day s
Withdrawals of gold from the Bank of
England were exceptional transactions.
due to gold having been sod forward In
open market for a given date against
which arrivals have not been sufficient.
No arrangements have yet been made for
shipments to New York. Americans were
good all day
The public here is buying; the interest
is spreading and the dealing are becom-
ing very heavy. There was a run on all
the preference stocks of reorganized liens.
Louisville and Nashville was also very
oAl OAiSs L tlCGG ElOHCN IL SlduN uiiutt tiS
best but with a confident tone. 1t is sig
nficant that some of the more confident
buying of Americans comes from MEM
bers of the Baltic clique who see the grain
movements and from financiers in the
money market who see the American bills
offered for discount These are said, in
some quarters, TO be almost unprecedent-
edly large.
The sharp rise in discount rates here
to-day to l2sG11e per cent. shows to what
extent business in that branch of the
market is disorganized Best opinion fav-
ors no change in to-morrows bank OF
England rates, still such is the fear of
exports q gold to New York that change
in the Ste is discussed All the CONT
mental exchanges on london continue to
advance. The Paris bourse opened dull,
but closed firm with buying Of Kaffirs.
The Berlin market was firm"
New York, Aug. 1.-THE only Interrupt
ton to the upward course of prices of
stocks to-day was due 10 occasional profit
taking by room traders. The offerings on
this account were easily absorbed with only
a momentary halt and then resumed. Dur
ing the morning the influence of buying
for London account was evident, arbtrage
brokers taking all the international shares
quite freely London prices also came
high at the opening.
But before the day was over London had
turned seller again and it is estimated sold
$4,000 more shares than were bought The
effect of this selling had no appreciable
effect on prices. The low-priced shares
of non-dividend paying stocks were large
ly bought by London and were favorites
also in the local speculation, the argument
being that such stocks are bound to ad-
vance if the promise of better times holds
good and if it does not they cannot recede
far
Union Pacific was the favorite in this
class and was the leader Of the whole mar
ket in point of activity. $1,000 shares being
bought during the day The stock was
helped by revival of an old story that
the forthcoming foreclosure sale would
make the road part Of great trans-con-
tinental system. The stock was heavily
bought by professional traders for spec
ulative account and closed with a gain Of
81 points on the day The excitement in
the wheat market was reflected i'm the
stock market and was a large element in
encouraging purchases, especially Of the
Granger stocks, the grain carrying roads
in the northwest, west and southwest al;
showing substantial gains and great ac-
tivity. The dealings la the hgh-priced
Changers were of enormous proportions and
the Atchison securities and Nothern Pa
cihc preferred were also prominent feat
ures
Reports from western points were OF In
creasing demand for car space to move the
grain crop and Of the necessity OF great ex-
tensions on the part Of railroad managers
to avoid a ear famine Statements OF
earnings also continue encouraging. ST.
Paul shows an Increase for the first week
in August Of S5O.225 over last year. for the
same period Canadian Pacific gained s6i,-
900, Missouri Pacific $4,000 and Kansas and
Texas Sl2 1888. Northern Pacific gained
Fev T.,~ .a4v -. T..f.
vile and Nashville was active all day, but
moved within narrow limits until near the
close when IL jumped 10 a leading place
in the advance with net gain OF 2hc.
One Of the features Of the day was the
steadylng Of the sterling exchange mar
ket and the consequent cessation Of talk Of
gold imports IN the immediate future. The
stincning Of the discount rate IN London.
added 20 the continued heavy sales here
Of London holdings of securities are prob
ably responsible for the check 10 the fall
In exchange. Continental exchange con.
tlnued weak and downward
Gains extended over point IN a large
number OF railroad stocks and 10 10 points
IN Cleveland Cincinnati. Chicago and ST.
Louis preferred The total sales Of stocks
to-day were 63l, 100 shares Including Atch-
son 1909. do preferred 1850 Chcsapease
and Ohio 1886 Burlington 3e.lG5 Eric 7ii6.
Illinois Central 72l0 Louisville ana Nash
Vile 1881. METROPOLITAN Traction 600.
Northern Pacific $780, 90 preferred 1900.
ontario and Western $50 Reading n. ss5.
Rock Island l2.Gl6. s. Paul 1875 Southern
Railway G2i7 do preferred 1860. Union Pa
clnc 81 $50 Tennessee Coal and Iron gsg.
Chicago Great Western $500 Sugar ~. aii.
American Tobacco 1920.
The inquiry f0r railroad mortgages con.
unurs heavy ans reflected tho ncroaao1
confidence Bob tho general alf1afl0u H..
sues Of reorg1nlzfi properties forged 20
iho front ana purchaser of the middle
grade liens were on large scale Tho
genera market maintained a very strong
tone throughout THE aggregate frIfa
were tiI1.p0 i0fernmcnt bonds were
slightly irregular on dtuiiGfa OF $4,000
New York Closing Stocks
AfrhIson ........ laH Rock Island ...E
40 pref .u.t 300 a. q 49, D..