The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-09-05


Factory Stocks-Savannah Cotton Fac
tory. - bid, . asked; Augusta Factory.
so bid, SO asked; Graniteville Factory, l45
bid. Isl asked; Langley Factory, 1O4 bid.
1854 asked; Enterprise Factory, common.
% bid, So asked; ]. r. King Manufactur-
ing Company, 104 bid, 105 asked Sbley
Manufacturing Company. 20 bid, rs ask
ed; Savannah Brewing Company, - bid, IS
asked.
New York, Sept 4-Money on call was
nominal at 14d11a per cent. Prime mer-
camille paper, 3$40t4i5 per cent. Sterling
exchange steady, with actual business in
bankers bills at S4.S6G4.s6A for demand,
and at A.SSs4 d4.S4 Tor sixty days; posted
rates. 81 .S4lsQ4. S5iz and 81 S6l2d4.ST; COM
mercial bills. A,S21a. Silver certificates,
bar silver, $3.50; Mexican dollars, 417sc.
State bonds were dull; railroad bonds
were firm; government bonds were firm.
New York, Sept. 1.-The weekly bank
statement shows the following changes:
surplus reserve, December, So, 403, go;
loans, increase, s., 416, 100; specie, decrease,
Ss2O4,7OO legal tenders, decrease $4,OOS, 900;
deposits, increase, $4,763, 400; circulation,
increase, 1886, 300. The banks now hold
SS4.1l4,150 in excess of the requirements OF
the % per cent. rule.
New York, Sept. 4.-The E'inancier says
this week: "As predicted in our last
weeks issue, there are considerable
changes in the bank statement this week,
bearing out the fact of continued business
Improvement. Loans increased s., Ale, 200.
and deposits S4,763 400, while the excess in
reserve shows decrease of IS. 4O2, 600 Cur
rency shipments to the interior were be-
tween 100000 and 100000, and the state
ment reflects this in a decrease of legal
tenders to the amount of $400S,00 while
| specie is $204, 100 lower. 1t is probable that
next week will see a much larger demand
for currency In country banks. Compared
with the statement of the corresponding
period of last year, there are the following
changes:
Loans have increased SIG, 221 100, or about
25 per cent; net deposits. 1884, 900, or
about 43 per cent, and total reserve has
increased ST., 557, 500. That prosperity is
here and likely to remain cannot be no
longer doubted. Chicago and st. Louis are
to a considerable extent supplying the
| present demand for crop movements, but
the demand from these centers Is pretty
! sure to be felt soon by the New York
| banks. The strength of foreign exchange
! which is over the gold exporting figure,
! would indicate that the large trade bal
ances due us from the other side are being
utilized to purchase our own securities, or
| being lent al better rates than can be OBJ
| tanned in New York
New York Sept. 4.-The Evening Posts
London cables to-day are as follows
| ''The action of the Indian government in
in the city Options as to the precise
policy of the government differ widely, of
| course. There is no doubt that the reason
| for the action is as previously cabled you,
the low condition of the government bal
| auces in India, but the situation at the
moment, told as briefly as possible, is this
Indian banks will scarcely offer their
drafts to the government except on the
exchange basis, which is 16 pence, or
! Whereabouts. That is to say, they will
want, if necessary, to be able to ship gold
| to cover the drafts, under regulation by
| which the Indian mint win deliver rupees
| for sovereigns, at Is rupees to sovereign.
| Therefore, the market says that if eX-
! change is to be driven to the gold point,
why should not the Indian government ex-
| port gold itself? But, again, India is eX-
| pected soon to raise a large loan here, so
why, by taking gold, force the market con-
! ditions here against the success of the is
sue?
These points together with the rise of
| 20 in silver have given rise to this theory
| The government requires excuse to buy
| silver and coin it for present require
| ments. Hence the move to buy drafts, so
| that when it is found that bills are offered
! only on a gold basis, the government can
say that it is impossible to buy bills, and
| so it must coin silver. These are the
views in the stock markets at the moment
| but the best options favor the sending of
| gold to india
New York, Sept. 4.-The market held
| remarkably steady to-day, considering the
! fact that a Sunday and holiday are to in
| tervene before the resumption of trading
| and that realizing has been on quite
| large scale ell the week. London bought
| quite freely in this market of the interest
| shares and buoyant tone was also re-
! ported for Americans on the London ex
change. The advance in Northern Pacific
issues gave evidence of manipulation.
The motive assigned for to-day's adj
vance was that the benefit to the road
| resulting from the clause Of the tariff
law levying a discriminating duty on for
| eign goods brought into the country
| through continuous country. The mar
ket was under considerable pressure after
! the opening on offerings to realize and de-
| clines were general throughout the list.
| The market was rallied by the advance
! in the Northern Pacific issues, Sugar
! and Missouri Pacific. Sugar rose 194 after
a heavy opening. Missouri Pacific adj
Vanced ~ from the low point on the re-
port of it's earnings for the fourth week
in August, which showed a gain of $780,
900 over the corresponding week last
year. The extreme rise in Northern Pa.
cfic preferred was rs, on sales of $4,000
| shares, leading the list st. Paul moved
narrowly and below last nights close all
| day. Wabash common and preferred were
strong on the August statement showing
a gain of $154,549 in gross earnings. State
ments of railroad earnings published dur
ing the day were uniformly favorable and
the excellent bank statement also sustain
ed the list.
The closing showed net changes mixed.
The week has witnessed the liquidation
of some very heavy holdings of stocks to
realize profits on the RISE which COM
menced in the Changers on Monday. It
has progressed steadily since then. and
has kept the price of recent favorites in
the speculation more or less depressed.
! The market has been saved from large
reaction. in the face Of this heavy liquida-
ton by the sustaining force of individual
stocks, the prices of which have been
rushed forward in a sensational manner
under manipulation. Each day of the
week, since Monday, has seen a new
stock brought forward and put through
the operation. On Tuesday it was Sugar
which was forced up points, on new in
| depreciation of law facts regarding the
probable exclusion of Dutch refined sug-
airs. On Wednesday Sugar was made to
serve the same purpose, through the
morning hours, with jump of points,
but it was eclipsed in interest before the