The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-08-11

I
western SO bid. "a asked: AT
lanta ana West Point railroad stock, 1o2
! bid, l0} asked Atlanta ana West Point s
per cent. certificates, 102 bid, 1903 asked;
| savannah Construction Company, - bid,
| 70 asked.
Gas Stocks-Nominal; Savannah Gas
Light stock, 21l2 bid 22l6 asked; Electric
Light and Power Company, So bid, 20
| asked.
Bank Stocks, Etc.-Citizens Bank 10Sla
! bid, 1892 asked Chatham Bank. Asa bid 44i5
| asked; Germania Bank, lO7 bid, 10S asked:
! Merchants National Bank So bid, S7i2 ask
| ed; National Bank of Savannah, 1A bid,
- asked Oglethorpe Savings and Trust
! Company, 1872 bid. asked; Southern
Bank of the State of Georgia, $50 bid. -
asked; Savannah Bank and Trust Com
| pany, 100 bid, asked; Chatham Real
Estate and Improvement Company, A, So
! bid asked; b, 5414 bid. asked; Peo-
pies Savings and Loan Company, 90 bid,
! 49, asked.
Factory Bonds-Augusta Factory 6s, 1Oi
| bid, 102 asked Enterprise Factory Is, 100
| bid, 101 asked; Eagle and PheniX Manu-
! featuring Company, 6 per cent. bonds, 40
| bid, AZ asked; Sibley Manufacturing Com
pany 6s, 101 bid 1902 asked
| Factory Stocks-Savannah Cotton Fac
/ tory bid % asked Augusta Factory
| so bid, So asked; Granitevlle Factory, lis
bid, ISL asked; Langley Factory, 104 bid,
/ 1856 asked Enterprise Factory, common,
90 bid, So asked; j. r. King Manufacturing
! Company 104 bid, 105 asked; Sibley Manu-
featuring Company, 20 bid, 76 asked; Sa-
! Vannah Brewing Company 49, bid IS asked.
| New York, Aug. 10-Money on call was
easy at 1Q11a per cent Prime mercantile
paper 4 per cent. Sterling exchange weak
| with actual business in bankers bills at
/ $iS5&s to 4.S513 for demand and at A.S324 a
| Asa for sixty days. Posted rates A.&l20
| 1851 and S4.S61ad4 S71A. Commercial bills
/ n
| Bar silver 552sc Mexican dollars 421ac.
/ Government bonds were weak. State
bonds were duh. Railroad bonds were
strong.
New York. Aug. 10.-The Evening Posts
London financial cabegram says: There
was a general setback in the stock mar
| ket to-day on the prospects of dearer
/ money to follow Withdrawals of bar gold
from the Bank of England. To-day's
! Withdrawals came as a surprise, il being
the first for months. A consdera bile
amount of gold will go to Austria. There
is no actual arrangement for gold ship
ments to the United States, but inquiries
in that direction have been made. A
feature to note is the rise in continental
exchange in London. Americans fluctu-
ated widely to-day. Contangoes generally
we're to 31a per cent. on dearer money
and larger accounts with arbitrage deal
| ers. In addition to the blocks of shares
| actually shipped to New York, dealers
are carrying enormous lines here Con-
tangoes on Milwaukee and St. Paul were
only per cent. After period of dull
| ness Americans closed good, and are the
most promising market. Canada Pacifics
and the leading specialties were bought
| and kaflirs were quiet. Quite a strong
! advance in continental sterling rates fol-
lowed the advance of London rates. The
| Paris and Berlin markets were firm.
New York, Aug. 10.-The price of most
/ wa iph
than last evening, the gains extending to
over a point in some of the most promi-
nent stocks. There are several reasons
why this net result of the days trading is
! particularly notable as indicating the
| recuperative power of the market In the
first place, the market opened with yes
terday's disposition to take profits
apparently still rampant.The offerings for
this purpose were very heavy, and the
market sold off sharply under the large
| transactions The decline was accelerat-
| ed by the pressure of short sales, pro-
fessional operators being convinced that
a reaction of considerable proportions
| was impending.
The Changers were subjected to the Sc
| verest pressure, but few actual stocks es-
| capped a loss of near a point BY the
| time the decline had reached this pro-
portion, the offerings began to show signs
of diminution. that unfailing indication
| of an undertone of strength in a falling
market, and prices soon became firm.
| After a period of dullness they resumed
an upward course, and advanced steadily
! and strongly for the rest of the day on
| continuing increase Of business.
| large part of the shares which were
/ precipitately thrown over in a desire to
| realize profits We're brought back to-day.
| many of them below the level at which
they were sold. The early short sellers,
many of them, felt impelled to accept the
! inevitable tendency to advance in view Of
! the decisive test of the reaCtiOnary pow
| err of the market which was given in the
| morning. This recuperation was effected
| in face OF selling for London account. in
| rather larger volume than usual, and of
especially severe decline Of Americans on
| the London exchange.
To-day was the fortnightly settlement
| or delivery day on the London exchange
| The belief here prevailed in some minds
| that the recent selling of Americans by
| London was short account and that the
! settlement would disclose the fact in an
! increased demand to cover shorts. Con-
| trary 10 the expectations OF this class
London sold all the international stocks
very freely, with the exception Of North
/ ern Pacific preferred. This goes to con-
| firm the impression that foreign capital
| Is to have really liquidating their holdings
| of American securities on a very large
| scale. The only symptom of the existence
/ of any short interest In London was some
\ demand 10 borrow stocks here on the part
| OF the representatives of London inter-
ests The disregard Of the sentimental
| effect Of London's attitude by the rally
| here was all the more marked in view OF
! these facts.
The day was marked by a further de-
| cline in sterling exchange of posted rates
| 10 81 $40 and S4.S3ia for long and short,
/ respectively. and of actual rates TO 81 .83A
| and siS52s for long and short rates for
/ time money for the longer periods harden
ed perceptibly. and this Invited some selling
! of long sterling bills for future uses. the
/ proceeds being put into loans. Discount
! hardened nj London, and there was act
/ i've bidding there for gold.
crop prospects reports Of foreign crop
| shortages and the accompanying rise IN
| the wheat market. all continue favorable
| 20 the advance in prices OF stocks. as
| did the further reports OF current rail-
/ road earnings The total decline was
/ more than recovered IN all stocks. but
! the net gains extended 20 a point In only
a few shares The rise from the lowest
| exceeded point ia all the Changers,