The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-05-09
THE MORNING NEWS: SUNDAY, MAY 9, 1897.

Company, 10i bid. los asked: sibley Manu-
featuring Company, 20 bid. 76 asked; Sa-
vannah Brewing Company, - bid, IS ask
ed.
New York, May S.-Money on call was
easy at 11401ls per cent. Prime mercantile
paper, 3lzQ4 Sterling exchange steady,
with actual business in bankers bills at
81 .S7Ad4.S SIS for demand. and at 81 .S60
4.S6A for sixty days. Posted rates, $3.50
4SS12. Commercial bills, $4.S5q4.S5l4. Bar
silver. 609sc; Mexican dollars, 471ac. Gov
eminent bonds firm.
New York. May s.-The weekly bank
statement shows the following changes:
Reserve decrease, $4.S21, ESQ., loans, de-
crease, S9ll,6O0; speculation, increase, $780,
SJO; legal tenders, decrease S. $50 800; de-
posits, decrease, s.. 502, 600; circulation, de-
crease, 1923, 800. The banks now hold $44,-
OSoSi5 in excess of the requirement of the
% per cent. rule.
New York, May s.--The Evening Posts
special London cable says: THE stock
markets to-day were quiet but steady.
The only feature was rise in Kaffirs on
bears closing before the settlement be-
ginning on Monday
New York, May S.-Considerably over a
fourth of the dealings on the stock ex-
change to-day were in Chicago Gas, and
when the sa.es of Sugar were added, about
II.
The dealings in Chicago Gas consisted for
the most part of quite heavy realizing sales
and the prices suffered accordingly, al
though there was some recuperative pow
er in the stock. The loss amounted to
X and an accompanying drive at a number
Der OF the specialties constituted a pretty
heavy drag on the market, which was well
resisted in the case of the railways. New
| Jersey Central was subjected to special
pressure and lost rs. Sugar also sold off
Is and Western Union q. The losses were
restricted to less important fractions in
other stocks.
The history of the week as it refers to
| dealing in securities has been unusually
| barren of incidents. The unexpected re-
porting Of the tariff bill to the Senate was
accepted as a bull factor in the market.
| One or two securities showed loss of
value on account of adverse provisions in
the amended bill, and others notably Su-
| gar, showed notable strength on account
| of advantageous provisions, thus sending
| sympathetic stimulus through the mar
ket. The inferential deduction that the fin
| al enactment of the bill into law was near
er at hand than had been supposed, en-
| couraged professional traders to buy, reas-
| oning from the Wall street standpoint that
| business improvement is waiting on the
| disposal by congress of the tariff question.
Dealings on Tuesday, therefore, were ami
mated and the general trend of prices up
ward. Reports of the influential character
of the opposition to some of the provisions
| of the bill, caused a reaction next day, the
mercurial traders rushing to the opposite
| conclusion that there would probably be
no tariff bill enacted at ali.
| London paid little attention to American
| securities one way or another all week,
except some light arbitrage operations.
| The price of Sugar, which touched 118 on
the announcement of the Senate commit
| tees sugar schedule reacted next day, on
| the reports Of opposition to that schedule
| and had since shown some evidences Of
restraint, attributed to a polite purpose
| to prevent too obvious response in the
| price to the benefit to accrue from the leg
| islation. The formal offer of Intervention
| by the powers in the Greco-Turkish war
has been accepted in Wall street as ben
eficial factor in the outlook, in accordance
with the view reflected from the foreign
exchange. The subsistence of the war
| scarce has left the wheat market compar-
atively strong, which is counted an addi-
| tional benefit to the share market, espec-
| tally the Changers, as shown by the de-
mand for them. The heaviest drag on the
| market during the week has been the
heaviness of the so-called Gould stocks.
| Missouri Pacific touched TO- the lowest
! price on record, and Western Union 753s.
| The eccentrtcitieS of the exchange market
and the gold movement continue a puzzle
1 to traders The sales of the bills against
| this weeks shipments which aggregate
| 81, 100000 were made a price of 4.S714 or
under, which is considerably below where
| any profit can be figured in the transac-
| tions. Saturdays shipment came as a
| total surprise and opinions differ widely as
| to whether further shipments will be made
| next week. The low price of sterling ex-
| change, the rise in the Paris rate on Lon
| don, the reduction in the price of bar gold
and American cages in London and the
! continued low rate of discount for money
/ there all indicate the contrary. The out
| going gold movement has deterrent ef-
| feet on advance in prices but the effect
is largely sentimental and no serious ap-
prehensions are felt for the nations sup
ply of gold or for the effect on it's currency
| The total sales of stocks were 70S47
shares, including the following: Sugar
11,4O0; Chicago Gas, 1880; st. Paul, 800;
| Jersey Central, 1850.
The bond trading during the week lacked
| general feature, among the leading mort
cages, which, however. displayed a mark
| ed undertone of strength. Among the US
| ually neglected issues some noteworthy
variations either way occurred with Mis-
| souri, Pacific 5s, making an extreme break
| of 12l5, with recovery of 2lk; st. Paul
consol sinking fund IS, on the other hand
moved up 10 per cent. Business was very
| quiet but the speculation showed quite
| broadening tendency.