The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-09-19
THE MORNING NEWS: SUNDAY. SEPTEMBER 10, 1897.

Diu, 90 aSkeus 81 Dag bld, % asked. Peo-
pies Savings and Loan Company, 90 bid,
81 asked, ex-div.
Factory Bonds-Augusta Factory 6s, 101
bid, l02 asked; Enterprise Factory 6s, 100
bid. 101 asked Eagle and Phenix Manu-
featuring Company per cent. bonds
40 bid, AZ asked; Sibley Manufacturing
Company Is, 1Ol bid. 102 asked.
Factory Stocks-Savannah Cotton Fac
tory. bid, 3 asked; Augusta Factory,
| 80 bid, SO asked Granitevile Factory. 145
bid, Isl asked; Langley Factory, 1O4 bid,
| 1854 asked; Enterprise Factory, common,
SO bid, Sc asked; j. n. King Manufacture
| ing Company 104 bid lO5 asked; Sibley
Manufacturing Company, 20 bid, rs ask
ed; Savannah Brewing Company, - bid, IS
| asked.
New York. Sept 1S.-Money on call was
| nominally at 1AQ2la per cent. Prime mer-
camille paper, 4G41a per cent. Sterling ex-
change dull and steady with actual bust
ness in bankers bills at 81 S4s4d4.S5 for de-
| mand and at $4.SS15 for sixty days. Posted
rates, 81. S3Q4 "a. Commercial bills, $4Sl1aGD
4.S2. Bar silver, 57Ac. Mexican dollars
| 43S4c. State bonds were quiet. Railroad
bonds were steady. Government bonds
| were steady.
New York, Sept 1S.-The weekly bank
statement shows the following changes:
| Surplus reserve. decrease, Sc, 77S, $50: loans
| increase, 1853, 800; specie decrease, $S49,-
| 800; legal tenders, decrease, 81, 976, 600; de-
posits decrease, Sc, 191, 400; circulation, in
crease, Sc, 200 The banks now hold, $19,-
S9S,375 in excess of the requirements of the
| % per cent. rule.
New York, Sept. 1S.-The Evening Post
| London financial cablegram says: 1.-THE
| stock markets were quiet but good to-day
and the outlook is firm, barring any dis
| turbing political news. Americans were ac-
| tive, although nine out of every ten men
cannot tell how far the buying here is on
kferNr Nnrl
| ly operations here are mainly on New York
account although English realization on
| high priced shares continues and cheap
| shares are still brought here. Those who
are most Sanguine about Americans appar-
| emily base their view mainly on the idea
| that New York is to run London out of
| stocks. Hence the best key to the position
| is furnished at each settlement. The dis
| count market is barely steady. American
| bills TO arrive ten days hence, are quoted
| at per cent, or 1sc lower than yesterday
| A considerable amount of gold is now be-
| ing shipped to India.
| New York, Sept 1S.-The feature of the
dealings at to-days brief session of the
| Stock Exchange was the extraordinary
| gyrations of Consolidated Gas stock. The
| stock had been comparatively steady,
| about 240 since its jump of 20 points ear
| ly in the week. But it took violent fall
| to-day of over 10 points from the opening.
/
| were as high as points between conSe-
| cutive sales. The stock closed at 233, a
| net decline of g. Its eccentric movement
| served to unsettle the whole market and
discouraged trading generally. The mar
| ket sagged somewhat. There was an I'M
| dertone of heaviness. The indications
| supplied by the bank statement that rates
| for money would rise further in the near
| future served as a check on speculation
| and helped the decline in the final hour.
| Manhattan suffered a sharp decline Of
2%.
The Coalers reacted somewhat from
| yesterdays advance, Delaware and Hud-
son rising 11a, but losing practically all
the gain. Chicago Great Western mani
| tested strength in it's August statement,
| and Burlington was carried above St.
| Paul, but closed a fraction below. Union
| Pacific was under pressure of London sell
| ing to realize after yesterdays heavy buy
ing. Baltimore and Ohio rose point and
| reacted, and Baltimore and Ohio South
western preferred, rose over points and
| retained practically all the gain. Pitts
| burg, Cleveland, Cincinnati and st. Louis
| preferred, advanced two points. The
Northern Pacific stocks were heavy
| throughout the day. The close showed
| prices generally below last nights close.
The confidence of the bears that the long
| expected reaction was due, has been aug
| mented from time to time this week and a
short interest has shown itself in some
what aggressive form several times. The
| bears were not much encouraged by their
| efforts Monday and on Tuesday they were
routed as a result of the sharp fall in ex-
| change, and the prediction that a gold i'm
| port movement would Immediately set in.
For the rest of the week the market was
| extremely irregular and sharp advances
| occurred in different stocks through the
| list, while other leading stocks remained
1
| liquidation in progress and this steadi-
ness, with which the offerings to realize
were absorbed, is a striking testimony to
the continued breadth and strength of the
| support. Some of the most remarkable of
the advances have been well retained and
| the level of the market is decidedly higher
| than week go. Consolidated Gas is the
only one of the stocks advanced that has
| had a serious setback.
| The high prices of many stocks are
| based on expectations of increased divi-
dends, but in no case is the prospective
increase in dividend anything like in pro-
| portion to the increase which had taken
| place in the prices. There is good ground,
therefore, in the argument that prices
| have advanced to a higher level than is
| warranted. The argument is made, on the
other hand that the rate of return on
| investment has reached a permanently
| lower basis.
| The long continued stagnation in the
money market has tended to the same
conviction. To-days bank statement,
however, gives evidence of the rapid alb
sorption of idle money by the growing
needs of commerce and industry. 1t is ev-
ident also, from the action of exchange
market that the expanding balance of
trade in favor of this country stands as
a safeguard against any stringency in our
money market
Net changes for the week in the ma
jortiy of leading stocks are small, but a
few stocks show large gains. Quite a
number of usually neglected and low pric-
ed stocks have been carried to a higher
! level.
The business in bonds has been very
heavy, but advances were not so marked
as during recent periods, some of the
speculative Issues showing slight reac-
lions on profit taking. Dealings I'm gov
eminent bonds have been dull, and prices
are unchanged, except for the new As,
which are a half lower.
Total sales of stocks to-day were 246,017
shares including Atchison preferred 10
800, Chesapeake and Ohio 7,770, Burling-
ton 5000, Louisville and Nashville $3.50,