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


New York. Dec 1.-THE weekly bank
statement shows she following changes:
Surplus reserve, decrease. Sc, 235,525; loans,
increase, 1881, so; specie. decrease, $780,
800; legal tenders decrease, $402, 800; depos-
its, increase, $S.S91900; circulation, de-
crease, $61,S0O. The banks now hold SIS
SS7, 425 in excess of the requirements of the
% per cent rule.
New York, Dec 1.-THE Evening Posts
London financial cablegram says: THE
stock markets here were quiet to-day, but
with rather a better tone owing to the
smoothness of money and lighter contain
goes that had been expected. 1t had been
expected that the general settlement next
week will show small account, but mon
ey will be dearer American were
easier on realizations here in anticipa ton
of the settlement. Copper shares We're
duh, but steadier.
New York, Dee. 1.-THE days stock
market reflected the tendency of profess
sional traders to close up contracts at the
end of a week rather than keep them open
over Sunday, and also a natural reaction
towards a higher level after yesterday
relapse in prices. There was some bear
pressure against prices at the opening,
Manhattan being driven down IL and Su-
gar yielding a point after a small gain.
But this lead failed to induce any large
following and it became apparent that
yesterdays liquidation had run it's course
for the present
The bull contingent was prepared to Of
fer vigorous support to weak spots and
large buying orders for their account turn
ed the tide. Sugar was the center of the
markets strength and the firm resistance
of prices drove the bears to cover. There
was a noticeable sluggiShnesS of price
movement in some of the most prominent
stocks in the market on the rise. Sugar
was quite buoyant and rose to within
about two points of the highest of the
week, closing with a net gain of 1% per
cent. Its range for the day was three
points. Manhattan showed a good recuper-
alive power and closed within a fraction
of last nights close. Besides the technical
cause for the rise, the market was aided
by the recurring possibility that if a de-
cision does come, it will be in favor of the
railroads, and the fact that Monday is de-
cision day with the supreme court, has
made Saturday a day of timidity with the
shorts ever since the decision has been
pending with the court in session.
Assertions were also given consideration
that there is a growing possibility of ia
vorable action by congress on bills to au-
thoriZe pooling and against ticket "scap-
ing'' and this fact is added to the strength
of the railroads.
Northern Pacific enjoyed the benefit of
the first dividend declared yesterday by the
directors since the reorganization of the
company, and of the favorable statement
of earnings given out at the same time. The
slight recessions from the best before the
close were probably due to the bank state
ment. The large shrnkage in the surplus
is due not alone to the raising of the legal
reserve limit by the hearty increase in de-
posts, but by an actual decrease in cash
of 81 ,012 700.
The price of the United States new As
was bid up * per cent. and the old As
registered he inc hax
been reduced, as was the case last week,
by the profit taking of professional oper-
ators on Friday. The manipulation of the
market by the large interests which have
embarked upon bun campaign was very
obvious during the week and strenuous
efforts were made to. keep the course of
prices upwards by vigorous support at
weakest points, and by initiating sharp
rises in individual stocks to sustain the
general list. Some of the reports set
af1oat to effect this latter purpose contra
dicted themselves in the course of the
week, and nothing could then prevent
decline in the price of the particular stock.
with consequent unSettling effect on the
market. Thus Sugar was pushed up to
1451a on reports that an extra dividend on
the stock was certainly forthcoming, and
the declaration of only the regular divi-
dend drove the price down below 40
The week returns of railroad earnings
have made a remarkably favorable show
ing. Roads In the south and southwest
have shown especially heavy increases,
and their stocks have shown the largest
gains in price.
Money has continued cheap and easily
obtalnable. Notwithstanding the ease of
local money rates and in spite of a sharp
stiffening of discount rates in London and
Berlin, the foreign exchange market has
shown increasing weakness. Actual rates
for sterling exchange have fallen 1ac dur
ing the week, due to the offerings of bills
against grain and cotton, and to an abate-
ment of the investment demand for long
sterling. The abundance of grain bills
which has served to weaken exchange, is
said to be due to the operations of the bull
clique in pushing exports of wheat.
The strength and activity of he bond
market during the week has been even
more remarkable than in the stock mar
ket. High grade bonds have been thor
oughly gone over and lifted almost to pro-
hibitive prices, the government bonds lis
ing with the others.
Total sales of stocks to-day were 126, 800
shares.
New York Closing Storks