The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-08-22
THE MORNING NEWS, SUNDAY, AUGUST %. 1897.


Company, 100 bid - asked: Chatham Real
Estate and Improvement Company, 4. 90
bid, asked; b. 54A bid, asked; Peo-
pies Savings and Loan Company, 30 bid,
asked
Factory Bonds Augusta Factory 6s,
l01 bid 1O2 asked; Enterprise Factory IS,
100 bid, 101 asked; Eagle and PheniX
Manufacturing Company, G per cent.
bonds, 40 bid AZ asked Sibley Manufac-
turing Company 6s. lO1 bid, 102 asked.
Factory Stoeks-Savaunah Cotton Fac
tory, bid. % asked; Augusta Factory,
50 bid, SO asked; Graniteville Factory, 145
bid. ISL asked Langley Factory, l04 bid,
1854 asked; Enterprise Factory, common,
SO bid, 96 asked; j. r. King Manufacture
ing Company 1O4 bid 1O5 asked Sibley
Manufacturing Company, 20 bid, I6 asked;
savannah Brewing Company bid, IS
asked.
New York, Aug. 21.-Money on call was
nominally at 1A@112 per cent Prime mer-
camille paper, 315Q412 per cent. Sterling
exchange steady, with actual business in
bankers bills at $4,S5ssd4S5& for demand.
Posted rates $4.&19@4.S6, and &.S6l2a4S7.
Commercial bills. 4.S2. Bar silver, 5l7sc.
Mexican dollars 44hq44ss State bonds
dull; railroad bonds firm; government
bonds firm
New York, Aug. 21.-The weekly bank
statement shows the following changes;
Surplus reserve. increase, $S70,725; loans
Increase So, AL 500 specie, increase, 1898, 300;
legal tender, increase, ST. 29. 800; deposits,
increase, $5,4G7,500; circulation, increase,
$66,70O. The banks now hold S39 75S. $50 in
excess of the requirements of the % per
cent. rule.
New York. Aug. 21.--The dominant ten
dency of to-days stock market was still
distinctly reactionary. Notwithstanding
the fact that to-day's trading resulted in
fractionally higher average of prices.
fa11f n, fI,a ro1
ume of trading and the rally which
brought prices up at the close was on
comparatively light purchases by the
short interest to cover over Sunday.
There was no evidence of any Reaction
of the large speculative interest which
has carried the market for so many
weeks.
For the first time in considerably over
a month. no one stock was sold to a total
amount as great as 10000 shares, St. Paul
leading the list with sales of 1900 shares.
The total sales for the day were consid-
erably less than one-half the total of
Saturday a week ago.
The crop prospects was the principal
weapon of the bears. and they were able
to achieve sharp declines i'm number of
the active stocks the Changers. and the
International being prominent examples.
| In only nine of these except New Jer-
sey Central and Rubber, did the fall
reach point and the subsequent rally
| on covering more than wiped out the de
| cline. Only in two or three instances did
the net gain reach as high as a point
The reaction in the stock market which
set in late on Monday, had continued prac-
| teally without abatement all the week
Monday morning looked like a continual
| ton of the eager buying and continued
| rise of prices which had been the charac-
teristic of the market during the previous
| week. But it was the only working off
] n hn fafa1. -
the hand of the commission houses over
! Sunday. When these had been disposed
| or the market began to fall, and each
| succeeding day, with one exception, show
a gradual decline in the level of the mar
ket. The nominal motive for the de-
| cline was the alleged damage to the corn
| crop and the disappointing yield developed
| by the threshing of the spring wheat crop
| in the northwest. There are other condi-
| lions in the market which may account
| for the decline. Some of the largest inter-
ests in the market have realized enor-
| nous profits on the long sustained adj
vance and sold out on the belief that a
| reaction was normally due in prices even
| with all conditions remains favora BILE to
values This element was willing to see
reaction in order to enable them to re-
| purchase stocks at a profit. The profes.
sional bears were ready to aid them with
| snort selling of the market. There was 4
| feeling prevalent in all circles that specu-
| lation was taking a reckless tone that
| boded no good for the future.
1t was felt that stocks were getting into
weak hands and that such state of af-
| fairs afforded an unstable basis to values,
and the bun interest retired for the time
being, perfectly willing TO see a reaction
| sufficient to shake out weakly margined
| holdings, and which would improve the
| tone of the market and put 1t on a more
substantial basis. The state of mind in
| Wall street must be taken account of In
| properly estimating the Importance OF the
weeks reaction as a barometer of bust
| ness conditions in general At the same
| time there is known to be an enormous
| speculative interest on the bull side of the
| market. For many weeks past the stock
| market has moved in sympathy with the
| grain market. Reduced crop Yields are a
! bull factor in the grain market, and
| bear factor In the stock market. the fact
that the dominant interests for the time
! i'm the stock markets is the bear element
and in the grain market the bun element.
! should be considered in connection with
| the ready credence given to the reports
of reduced crop yield.
Another fact that has aided the reac-
ton in the stock market was the harden
| ing in rates of exchange, which seemed
| last week to be fast falling to the gold inn
port point. Last Saturday predictions
were frequent that there would be engage
ments of gold for import within a week.
| The check to the fall in exchange seems
to be due to manipulative efforts on the
part of the Bank Of England and Of
! French and German financial Institutions.
| The continued low rates for money in New
York tend to make easier the efforts of
foreigners to defer the flow OF gold TO
New York. AS stocks had been bought
on the belief that gold imports were immi-
nent, IL was natural that a change In the
prospects in this regard should be an aid
! 10 the reactionary tendency
The general conditions all continued to
favor an increase 70 values OF securities.
| All reports agree that business. both
| mercantile and manufacturing. Is greatly
improved. Reports of railroad earnings
| show continued large increase. second
week In August reports for St. Paul, Mis-
souri, Pacific. Southern Railway. Ches-
| apeake and ohio. Chicago Great Western
and Louisville and Nashville being nota-
| BILE examples.
Most Of the prominent stocks had an
extreme decline from the highest to the
| lowest Of between and points. This
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