The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-12-19

Bank Stocks, Etc.-Citizens Bank, 1OS
| bid, asked, ex-div.; Chatham
Germania Bank. 1Os bid, 10 ask
| ed; Merchants National Bank, IS bid, 80
| asked; National Bank of Savannah l26
bid, - asked; Oglethorpe Savings and
Trust Company, l04 bid asked; South
ern Bank of the State of Georgia. 15l bid,
| loS asked; Savannah Bank and Trust Com
| pany, l0l bid, - asked; Chatham Real
Estate and Improvement Company, A, So
bid, 81 asked; B, So bid, 551s asked; Peo-
| pics Savings and Loan Company 81 bid,
| 100 asked.
Factory Bonds-Augusta Factory Is, 1O1
bid, 1O2 asked; Enterprise Factory 6s. 100
bid, lOl asked Eagle and Phenix Manu-
featuring Company per cent bonds. -
| bid, 40 asked; Sibley Manufacturing Com
pany Is. 1O1 bid, 1O2 asked
Factory Stocks-Savannah Cotton Fac
| tory, bid, Is asked; Augusta Factory.
80 bid, SO asked; Graniteville Factory, 145
bid, Isl asked; Langley Factory, 14 bid,
1854 asked; Enterprise Factory, common,
| SO bid, 96 asked; J. r. King Manufacture
| ing Company, 10l bid, 105 asked; Sibley
| Manufacturing Company, 70 bid, &c asked:
| Savannah Brewing Company, SO1a bid, SO
| asked.
New York, Dec. 1S-Money on call was
nominally at 2d3 per cent Prime mercan-
| tile paper SQ4l2 per cent Sterling eX-
! change steadier, with actual business in
| bankers bills al $4.S5 for demand and at
| s4.S2d4.S21s for sixty days Posted rates,
| 81. S3d4 SS1a04. S61a. Commercial bills, %S1lR
! Mexican dollars, 45c. State bonds
quiet. Railroad bonds quiet. Gov
eminent bonds firm. United States 4s,new
regular, 1874; do coupon, 1293s; United
! States As, 113; coupons, 114%; Is, 9912; 5s
regular and coupon, 1141a. Pacific IS of 49,
1025s.
New York, Dec. 18.-The weekly bank
| a CHI b0 fOll aha
! Surplus. reserve decrease, SO, 161, 375; loans
| decrease, $1O46,0OO; specie, increase, $751;
| 100; legal tenders, decrease, $484S, 100; de-
! posits, decrease s., 27S, 800; circulation, de-
crease, SOB, 100. The banks now hold $15,-
| 726O5O in excess of the requirements of the
| % per cent. rule.
New York, Dec. 1S.-The Evening Posts
London financial cablegram says: The
| stock markets were quiet and firm to-day.
| Americans were reflected at New York
| prices To-day's sales of eagles by the
| Bank of England is for the continent, and
forms part of the 100000 pounds expected
| by order from Germany recently"
| New York, Dec 1S.-The rise of prices
was practically uninterrupted during the
| short session of the stock exchange to-day.
| Some very sharp net gains are the result
exceeding per cent. in some of the spec
ialties, over a point in a large number of
! leading active stocks and a sharp frac-
| tional through the list.
The rise was almost wholly the result of
professional buying, outside interest in the
market being at a standstll. Bull oper-
! ators extended their lines aggressively
and the bears covered heavily. Prices for
! Americans were higher in London this
morning, that center having become quite
| persistently bulliSh on the outlook for val
ues in this country on a long turn. This
! melted an advance in the international
| stocks from the opening. The specialities
were next to show strength, Manhattan
| becoming buOyant, on belief that condi-
tons imposed upon the underground rapid
| transit project by the appellate court
would be in effect prohibitory New Jer-
sey Central led a further advance in the
| Coalers on the prevalent belief that an eff
fective agreement has been arrived at from
! restriction of production and maintenance
| of prices of product. Sugar was also quite
| buoyant on covering of shorts. This COM
! bination of strength in individual stocks
due to special causes would have been a
! powerful sustaining factor in itself
But the incident that determined the
tone of the general speculation and awak-
| ened a general buying movement all
| through the list, was the report from Lon
DON afterward shown to be erroneous, that
over $4,000 in gold had been Withdrawn
from the Bank of England for shipment
to the United States. Taken in connec-
ton with the easing of the call loan ra
yesterday afternoon to per cent, and
the quantity of funds Offering at that rate
/ this report had the effect of dissipating
some of the fears of the traders as to the
future of the money market and agrees
sive buying ensued
The weekly bank statement with the
| large decrease shown in surplus reserve
! gave only a momentary pause to the up
ward movement, which was then renewed
and continued with buoyant tone to the
close of the market.
Up to Friday it looked very much as
though the expected reaction in the stock
| market had set in, which is as much ex-
| pected in the natural course of things as
! the December rise" But to-day's course
! leaves the future course very much of a
| problem. 1t is very certain that there was
! very large profit taking during the week
! in expectation of decline and realizing
to close out speculative lines, on account
/ of the stiffenlng in the rates for money
! Owing to the condition of the money mar
| ket, there is not expected to be much ease
! in rates before the first of the year. Be
| sides the usual accumulation of funds
! preparatory to the disbursement of Janu-
airy interest, there has been Withdrawn
| from the market this week over So 900 900
on account of the Union Pacific sale. An
other similar payment is to be made, and
| the last on Jan 25
! Much stress has been laid upon the gov
|
! gin the redemption of the currency 6s
! which mature on Jan. /, on Dec. a. as
| promising to effect the Withdrawals from
the money markets on account of Union
! Pacific payments.
Foreign exchange bankers express some
skepdcism regarding the gold engagement
! in view of the prices of exchange still
ruling. The governments trade statement
| for November, issued this week, shows
| this balance increased stin further in our
| favor by over $6f 900, 0OO, which makes the
4 balance in our favor from the beginning
! of the fiscal year to Dec. / to $239, 456 900.
! The ruling prices of exchange is known
! to be highly artificial, due to the leaving
| in England and Germany at interest of
| millions of dollars due on balance to this
! country Under the influence of a higher
| rate for money exchange, rates have de-
! clined during the week, and there has
been a cessation of the investment de-
mand for long sterling.
Bonds like stocks, went up and then
went down but still show net gains. To-
tai sales SIS, 5OOO 00. United States IS have
declined &c bid; new As, coupon, Ac, and
| do regular, 2sc, during the week, while the