The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-07-25
THE MORNING NEWS: SUNDAY, JULY Is, 1897.

featuring Company. 20 bid, &c asked; sa-
vannah Brewing Company. - bid. IS asked.
New York, July 24.-Money on call was
steady at l per cent. Prime mercantile
paper, sal per cent. Sterling exchange
steady. with actual business in bankers
bills at &.S7l4 for demand and at S4.SSA
for SO days; posted rates, S4.S7dAS7l2 and
ASSq4 &12. Commercial bills, 81. S5i2. Bar
silver, 5s4c Mexican dollars, 46l4c. State
bonds dull; railroad bonds were strong;
government bonds were irregular.
New York, July 24-The weekly bank
statement shows the following changes:
The reserve, increase. $1,324, 675; loans, in
crease, $500 200; specie, increase, $146, 200;
legal tenders, increase, IS, 1872, 800; deposits,
increase, $9,25S,500; circulation, decrease.
$lO6,600 The banks now hold $47 1854, SIS in
excess of the legal requirements of the %
per cent. rule.
New York, July 24-The foregone conclu-
sion that the tariff question would be set
tied to-day, and the cereal and the cot
ton crops continuing promising, lent the
stock market further strength to-day eX-
cept in the final hour, when short sales on
realizations of profits diminished the days
raise to the merest fractions, while trivial
losses were suffered by Sugar. Lead Chi
cago Gas and the Reading shares. Com
mission houses bought literally in the ear
ly tradings, as did London. although 1t
was a holiday there. The movement in
the Changers was slightly mixed. On mod
crate dealings the Southwesterns showed
some Improvement, Missouri Pacific gain
ing ia. The squeezing of the shorts in To-
bacco caused a rise in that stock of
point and a half General Electric eXcep-
tionally fell off , per cent. from initial
price, but closed with a net loss of a
point. Advances of a point or more were
scored in the following securities: Rio
Grande and Western preferred, 2; Central
Pacific, Delaware and Hudson, Denver
and Grande preferred and Mobile and
Ohio.
High record prices have been the rule
rather than the exception, for the week
under the stimulus of the approaching
tariff settlement and that rare combina-
ton of good crops at home and shortage
abroad for the week on tremendous eX-
ports-about 100000 bushels, had made
an extreme advance of 4A and a net rise
of rs. With but three weeks before the
crop is absolutely assured, there being no
unfavorable advices, stocks naturally con-
tinued the advance of the past two months
and displayed Irresistible strength, and
predictions were not wanting that in 1897
9S might be duplicated the boom of $780,
81 The policy of severe retrenchment,
which many railroads underwent during
the late period of depression, which fore
ed some roads into bankruptcy and scaled
dividend disbursements in others, would
make possible an economical handling of
the vast tonnage expected with the COM
ing movements of crops and staples,
which would argue well for net receipts
and provide for more liberal dividend pay
ments.
Exchanges al the various clearing houses
reflected a larger business, commercial
failures are decreasing and resumption of
industrial animation, together with more
optimistic trade advices generally, stimu-
lated the market and usually unsettling
influences were disregarded such as the
engagement of $1.3OO0OO gold for export,
the strength of foreign exchange, because
of ante-tariff imports and the continuous
sale of American securities by London.
Sterling exchange demand bills were quot
ed at &.S71a in some instances, but the cur
rent rate was AS7A. The gold export in
cident caused no alarm, the treasury being
fortified with large reserve already and
constant accessions being made
by the receipt of the gold from
the Klondike district, and considera-
BILE gold, it was announced would ulti-
mately be received from Australia, in pay
ment for American wheat
The general speculation was very broad
and many long dormant shares WED with
the more active stocks in point of ANNA
ton. Investment shares were eagerly
sought and the plethora of money at the
prevalent low rates encouraged extensive
purchases for long accounts. Time loans
were in better request with short periods
in most demand. The commercial paper
market held quiet without essential change
from the current range of 3dl4 per cent,
according to the maturity The fall for the
week of ia for bar silver and % per cent.
for Mexican dollars. was in sympathy with
the decline in London.
The total sales of stocks to-day were
2n,757 shares, including Atchison preferred
S,2sS; Chicago. Burlington and Quincy 3D.
5lS; Louisville and Nashville Is, $50; Nilsson
ri Pacific 8,257; Rock Island 1853; St. Paul
6725; American Tobacco 25, SOS; Sugar 2O.755
New York Closing Stocks.