The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-11-21

Estate and Improvement Company, a, Sc
bid, 81 asked; B, So bid, 5512 asked; Peo-
pes Savings and Loan Company 20 bid,
So asked.
Factory Bonds-Augusta Factory Is, 1O1
BID, l03 asked; Enterprise Factory 6s, 100
bid, l0l asked; Eagle and Phenix Manu-
tbaisetupping company per cent bonds, 40
pany IS, 101 bid, 102 asked
Factory Stocks-Savannah Cotton Fac
tory, bid. 10 asked; Augusta Factory
50 bid. SO asked; Graniteviie Factory. 145
bid. l5l asked; Langley Factory, 1O4 bid
1854 asked Enterprise Factory common
ing Company, 10l bid. 1O5 asked; Sibley
Manufacturing Company, 20 bid, rs asked;
savannah Brewing Company, SOl5 bid, 50
New York Nov. 2o.-Money on call was
easy at l1@d2 per cent Prime mercantile
paper, 3Aq4l2 per cent; sterling exchange
at 81. S5l2u4.S5ss for demand and %.S2Ss for
sixty days. Commercial bills, A.62. Bar
silver, 5Sc Mexican dollars, 45l2c. State
bonds firm; railroad bonds firm; govern
ment bonds firm.
New York, Nov. 20.-The weekly bank
statement shows the following changes;
Surplus, reserve, increase, 81, Gas, 100; loans
increase, $4S53, 200; specie, increase, 1888 800;
legal tenders, increase, S2.195,60O; deposits
increase. %,7S5,200; circulation, decrease
$4S, 400. The banks now hold $2S, 4OS, go in
excess of the requirements of the 25 per
cent. rule.
der no very well defined motive toward a
lower level. London's great fire seemed to
exercise a rather depressing influence on
that financial center and for lack of an
other initiative the local stock market
followed that lead. Dealings We're on
very small scale. and the movement of
prices outside a few special cases very mar
row. The bank statement was without
any influence on the trading, as it showed
about what was expected. The increase in
loans is undoubtedly due to opera tons
connected with the sale of the Union Pa
cific, the first payment for which of near
ly GOO is to be made on Monday The
excess of the increase in deposits over that
in loans reflects the return from interior
banks which are depositing idle funds in
both the New York and Chicago banks
in large volume.
Outside of the special Union Pacific OPP
erations, there is no doubt that the loans
of the banks would show a substantial
decrease, as there has been large liqul-
dalton of merchandise accounts during the
week, and the money market has been IN
tensely dull in all departments. Bidding
for choice grades of commercial paper has
been very active, but the market has been
almost bare of offerings.
The money market has not shown the
slightest f1utter over the approaching $l3,-
100000 payment to the government, on ac-
count of the Union Pacific sale This
payment will in fact, amount to nttie
the transfer of entries being in large part
confined to the individual banks handling
both accounts These banks have deposit
ington bonds in full amount, as security
and the government has arranged to Leave
its funds on deposit in the vaults OF these
banks.
The stock market has been rather a triv-
ial affair all the week, trading being OF
small volume, and the movement of prlces
slight On Thursday the total sales of all
stocks fell to less than 10000 shares. rms
apathy Of speculation is the more notable,
in view of the amplitude and the cheap
ness of the supplies of money and the
large reserve of money supply made avail
able by the heavy trade balance in favor
of this country.
The halt in speculation cannot be at
tributed TO existing conditions, which con-
tinued to be very favorable, but rather to
doubts regarding the future. 1t is usual
for Wall street to come to pause in its
operations in November, pending the as
sembling of congress, the publlcauon OF
the Presidents message and the percep-
ton of the temper and intention of the
legisla tive branch The tendency of rail-
road earnings is also being scrutinized
with great attention, now that the alb
normal grain movement has abated.
The week S returns for the second week
in November show earnings well up to
the best records in former years, and in
the case of some southern and southwest
ern roads where arrears of trat1c releaS-
ed from quarantine restrictions are com
record. But the expectation is that the
third week earnings will not be fully
maintained at the recent high level. The
net returns from railroads for October,
which are expected shortly, are said to
show very large roporton of heavy in
creases in gross earnings absorbed by
operating expenses. As a natural outcome
of cheap money and speculative uncer-
tainty, the market for railroad bonds has
been relatively active, and the high grade
issues have been very stiffiy held, result
ing in record prices in some cases. Prices
are higher in nearly all cases. Total sales
81, 800 600.
The total sales of stocks were $500
shares, including Burlington, 5,9S5; ST
Paul, 51S4; Peoples Gas, 53l0; Sugar, H.
605.