The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-10-24

1
| l72 bid, IT'S asked; Southwestern, ga bid,
| 95 asked; Atlanta and West Point stock,
| l04 bid, les asked; Atlanta and West
! point per cent. certificates, 102 bid, 1885,
asked; Savannah Construction Company,
| 81 bid, 40 asked.
| Gas Stocks-Savannah Gas Light Stock.
p bid, 221a asked; Electric Light and Pow
| er Company 81 bid, 60 asked
| Bank Stocks, Etc.-Citizens Bank 1891
| bid, 110l5 asked; Chatham Bank, 461s bid, A
asked; Germania Bank 100 bid 10
| asked; Merchants National Bank. 9215 bid.
SO asked; National Bank of Savannah,
l26 bid, 127 asked; Oglethorpe Savings and
| Trust Company, 104 bid, 1O5 asked; South
ern Bank of the State of Georgia, l53 bid,
1855 asked; Savannah Bank and Trust
| Company, 101 bid. 102 asked; Chatham Real
| Estate and Improvement Company, A, 551b
bid, 56la asked; B. 5412 bid, So asked; Peo-
! pies Savings and Loan Company, IS bid
! % asked.
Factory Bonds-Augusta Factory 6s, 101
! bid, 102 asked Enterprise Factory IS, 100
bid, 1Ol asked; Eagle and Phenix Manu-"
featuring Company per cent. bonds, 40
| bid, AZ asked; Sibley Manufacturing Com
| pany 6s, lO1 bid. 102 asked.
| Factory Stocks-Savannah Cotton Fac
tory, - bid, Is asked; Augusta Factory.
| so bid SO asked; Graniteville Factory, 145
| bid 15l asked; Langley Factory, 104 bid,
1854 asked; Enterprise Factory common,
j.. II.
| ing Company. 1Q bid. 105 asked; Sibley
Manufacturing Company, 70 bid, 76 asked;
Savannah Brewing Company, so bid, s.
| asked.
New York, Oct. 23.-Money on call was
| easy at per cent. Prime mercantile pa
per, 4Q41a per cent. Sterling exchange firm,
| with actual business in bankers bills at
$4S5 for demand, and at S4S215 for sixty
| days. The posted rates were 81 .S5G4S31
| and $4.S6. Commercial bills $751; Bar sill
yer 5Sc. Mexican dollars, 45lac. Railroad
bonds were firm. Government bonds firm
State bonds were firm.
New York, Oct 23-The weekly bank
statement shows the following changes:
Surplus reserve, increase, S. go 200; loans
decrease &C. 941, 900; specie, increase, So $685.
600 legal tenders, increase, 49, 767, coo; de-
posits, increase, 81, 1856 600 circulation, in
| crease, $104, 200. The banks now hold $22,-
904,700 in excess of the requirements of the
| Is per cent. rule.
New York Oct. 2S.-The Evening Posts
London financial cablegram says: THE
| stock markets were quiet and steady to-
day, despite the dearness of money. Rates
for money on the market again drove Dor
rowers to the Bank of England to-day
Financial houses are drawing bills on Bel
| gian and Paris, and thus raising money
| from those quarters Americans were
| steady. The publication of full details of
| the correspondence with the United States
| bimetallic commissioners on the silver
question had a good effect, although the
demands made in behalf of silver We're
| even greater than the city had imagined.
New York, oct. 23.-To-days security
market was intensely dull throughout. The
only business done was by professional
| traders, and this included some selling
for foreign account. Some of the selling
represented the placing of short contracts
by bear traders, who argued that the dan
/ Of tla If.arr n
strained relations with SPAIN indicated
that prices would decline. The Sunday
interval before trading will be resumed
made these operators cautious in their
ventures for fear of developments that
| may change the situation before Mon
day. The disposition to restrict operations
for short turns was very obvious and the
only movement of prices seems to be due
to professional manipulation.
The total sales were less than 10000
shares, a figure lower than for any Sat-
urday in months. The greater part of
these sales were of s-N.res of the Indus
trial specialties, the railway list being de-
cidedly neglected. Some firmness was
manifested in the Granger shares on the
theory that they will benefit from a fav-
orable decision in the Nebraska maximum
freight rate case, which is expected from
the supreme court on Monday-that is to
say a decision denying the right of the
charges by the railways Sugar display
ed some strength during the day, and
closed with small net gain. Chicago Gas
and Union Pacific were the only stocks
traded in to the extent of more than 10000
shares. The latter was weak on the
doubt cast upon the success of the reor-
ganization plan by talk of an opposition
syndicate, which continues to be talked of
in a well-defined way. Losses are gen
eral, but reached point or over in only a
few cases.
The increase of the surplus reserve of
the banks of SS,290O00, even with the legal
reserve point raised by an increase in de-
posits, was not counted favorable factor
in the stock market, though it naturally
tends to ease the money market and to
strengthen the position of the banks tech
nically. The increase in the holdings of
actual cash was s3,626,6O0 gold arriving
from Europe last Friday and Saturday,
being included The liquidation of loans
in face of this easy condition reached
the large total of Sc, 500. This was in
large part due to the buying of COM
mercial paper in this market by western
banks, choice single named short paper
having been placed with a Chicago bank
during the week at 81 per cent, accord
ing to a prominent authority.
Numerous other western centers have
Offered money in New York, and their de-
large payments of Indebtedness by farm
ers and eastern business men, who have
realized on the grain crop. The quick
movement of the grain crop has led to
an early cessation of demand for funds
for that purpose, and the interruption of
the movement of the cotton crop decreases
the demand from that quarter. The re-
lease of funds in New York as a conse-
quence of this condition, has led to a
marked easing of the money market call
loans yesterday and to-day being offered
in abundance at 2 per cent, and in some
cases below that.
The money market is almost plethoric.
and the falling off for funds is not looked
upon in Wall street as an altogether ia
vorable indication of the progress of gen
eral business. 1t is reported that move
ment is on foot among New York banks
to reduce the interest they pay to balances
on out-of-town banks to 112 per cent This
condition of domestic money market is
coupled with something very like strin-
gency in the Berlin money market, owing
to keen activity in business, and to
stiffening of rates in the London market
as a result of efforts by the Bank of Eng
land to prevent gold coming to the United