The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-06-03


cent. Endorsed. 80 bid, 80 asked; Brunswick
and Western As 60 bid. 20 asked; South
Bound railroad IS 67l2 bid, 69ia asked;
Southern railway S. S7l2 bid. ssh asked;
Georgia and Alabama first preferred IS,
10S bid 104 asked Georgia and Alabama
first consols. so bid. 81 asked.
Railroad Stocks-Augusta and Savan-
nah. 921s bid 9Sle asked; Georgia common,
1856 bid 160 asked; Southwestern, 9Ol2 bid,
| 91l2 asked; Atlanta and West Point rail-
road stock, 9S bid. 100 asked; Atlanta and
! West Point per cent. certificates, SO
bid. 100 asked; Savannah Construction
| Company 60 bid, 70 asked.
! Gas Stocks-Savannah Gas Light stock,
! p bid, % asked; Electric Light and
| Power Company 5712 bid 50 asked.
| Bank Stocks. Etc.-Citizens Bank, 1884,
| bid l101a asked; Chatham Bauk, IS bid as
asked; Germania Bank, los bid. 100 asked;
| Merchants National Bank, S6Ia bid, S7l5
| asked National Bank of Savannah 125 bid,
- asked; Oglethorpe Savings and Trust
| Company, 1O4 bid, 105 asked; Southern
! Bank OF the State of Georgia, 155 bid 159
asked: Savannah Bank and Trust Com
pauy, 101 bid. 102 asked Chatham Real Es-
| tate and Improvement Company, A. 55
| bid, 56 asked; b. 5S1s bid. 54l9 asked; Peo-
| pies Savings and Loan Company, 911a bid,
| 9212 asked.
Factory Bonds-Augusta Factory 81 101
| bid. 1902 asked; Enterprise Factory 6s 100
! bid, 10l asked; Eagle and PheniX Manu-
| featuring Company, per cent bonds 40
! bid, AZ asked Sbley Manufacturing Com
pany Gs, 1O1 bid. 102 asked.
| Factory Stocks-Savannah Cotton Fac
! tory, - bid, % asked Augusta Factory,
! so bid SO asked; Granitevine Factory, las
| bid, Isl asked; Langley Factory, 104 bid,
| 1854 asked; Enterprise Factory, common,
| SO bid, IS asked; j r. King Manufacturing
| Company, 1Oi bid 100 asked; Sibey Man
ufacturing Company, 20 bid, 76 asked; Sa-
| vannah Brewing Company, - bid, IS ask
| ed.
! New York, June 2, p m.-Money on call
was easy at 114Q112 per cent; the last loan
was at IA per cent; closed 1AM11a per
cent. Prime mercantile paper. 3laM4 per
cent. Sterling exchange steady. but dull
| with actual business in bankers bills at
A.s7 for demand SISSY a4.S6 for sixty days
Posted rates, AS6l3d4.S7, and ASSG4SS1a
Commercial bills. 81. S514 Bar silver, 6Oc
| Mexican dollars, 47lsc Government bonds
were firm. State bonds were dull. Railroad
| bonds were firm.
New York, June 2-Evening Posts Lon
don financial cahlegram: 1.-The stock
market had holiday appearance The
Americans opened barely up to the parity
and gradually fell away, through the alb
sence of business. The Baltimore and
Ohio defalcation was taken very quietly.
| confidence being felt in the efforts of the
Morgans to effect a satisfactory arrange
ment. 1t was rumored this morning that
| tOVJ,UOU III SOlu would leave the Bank OF
England, but the rumor proved groundless.
| II probably found it's origin in the weak
| ness of Paris exchange on London. The
Paris market was firm and the Berlin
quiet and featureiess."
New York, June at looked for a short
time after the opening of the stock mar
ket that the expected reaction from the
strength of the last few days had come
to pass, and the average prices were
about to vibrate downward again within
| the narrow limits which have character
lied the short turns of the market for
many weeks past, under manipulation of
the professional traders Prices of Ameri-
can securities came lower from London
this morning, rejecting the disappoint-
ment of the British investment public chat
Wall street had not responded with more
enthusiasm to the confidence in AmerI-
cans displayed by the London rise on
Monday. The New York traders had
in fact made up their minds that the
market had advanced as far as was usual
recently and was ripe for reaction, and
they worked to that end. The gold ship
ments for tomorrow. small as il is, help.
ed the reactionary tendency. The ship
ment, amounting TO only S650,000, was SUI
ficient to indicate that the price of de
mand sterling $4.&, was mot yet low
enough to preclude gold shipment under
the prevailing abnormal demand for gold
abroad The withdrawal of a sum OF
BOlO from the Suh-tredSury Tor deposit
in the clearing house vaults, to the ac-
count of bank, also served to Offset to
some extent, the favorable effect of part
of the shipment being secured from prl-
vate sources. instead of from the sub
treasury. The consequence of these things
was a reactionary tendency in the mar
ket through the morning hours. Liberal
sales of Jersey Central marked down the
price of that favorite of the bears. But
the depression in the market was at no
time marked, and the decline in prices
was limited to small fractions, except in
one or two special cases. The traders
aWoke to perception that their selling in
special stocks did not invite a following
and that the expected reaction halted The
buying by the commission houses for out
side account proved sufficient to hold
prices firm, even when traders had ceased
to buy. especially i'm the Changers and
some of the other leading stocks. fhe
bond market indicated equally the i'm
proved tone of the buying and the broad
ening tendency of speculation. The out
side buyers showed a marked preference
for the low-Driced shares of some of the
reorganized companies, class of securi-
ties that has been greatly improved in
demand for several days past. There was
! light recession in the final hour on profit
taking, but prices stiffened at the close
to the high figure attained in the strong
buying movement which set in in the
AFTERNOON. A uotdble feature OF the rise
was that 4 was unaccompanied by Lon
don buying in a volume and was in the
face Of the efforts by traders for a re-
action, profit taking being in marked vol
ume at times, but always well absorbed.
Net gains occurred In all stocks, with
few exceptions. The total sales Of
stocks for the day amounted to 23i,5lS
shares. including Sugar Refinery, 400;
Burlington and quincy, $3.50; Chicago
Gas. 81 $500: Chesapeake and Ohio, 800:
Louisville and Nashville, $500; New York
Central, 500; Rock Island, l0,730; ST.
Paul, 27l00; Southern Railway preferred.
$780, New York Central, 500.
The bond market participated to a mod
crate extent in the decided strength APP
parent IN the stock market. The spccu-
lative issues were the features Of the
dealings and round amounts were taken
for foreign account, with the Atchison
liens especially fancied Marked gains
were recorded IN some. The aggregate
sales were 81 $4,000 Governments were
| neglected at the board, but were steady