The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-09-25

l45 asked; Langley Factory, 100 bid, 10l
asked; Enterprise Factory, common, 80
bid, "a asked; ]. r. King Manufacturing
Company. 100 bid, 101 asked; Sibley Manu-
featuring Company, 70 bid, 76 asked; Sa-
vannah Brewing Company. 10l bid, 1903
asked
New York, Sept 24-Money on call was
steady at 3 per cent Prime mercantile
paper, 4Q5 per cent Sterling exchange,
steady, with actual business in bankers
bills at $4SS%Q4S4 for demand, and at
$4Sll4Q4.S1l5 for sixty days; posted rates,
AS2a4.S21a and S4.S5. Commercial bills
&S0la. Silver certificates, 61AG62c. Bar
silver. 60 15-16e. Mexican dollars, 4714c
Government bonds were irregular.
New York, Sept. A.-The weekly bank
statement shows the following changes
Surplus reserve increased, S4,O12, AIS; loans,
decreased, $l1, 102, 400; specie. increased,
%46'SOO; legal tenders, increased. $4S7, 1OO
deposits, decreased, $11, 314, 300; circulation,
increased, $507 400.
The banks now hold $685., S55 in excess
of the requirements of the 25 per cent.
rule.
New York, Sept. 24-Speculation was in
clined to wait on the bank statement to-
day and there was much doubt concern
ing what the showing would be. The
realizing movement in the stock market
upon its appearance indicated that the re-
turn is not regarded as altogether favora-
bic, in spite of the rise in the net sur
plus reserve of $4.012475. The Increase in
cash was less than 81, 1000 and the re-
mainder of the increase in surplus was due
TO a reduction of reserve requirements by
a fall of 81, 314 300 in the deposits, a re-
Election from the contraction in loans of
ST., 1O2, 400.
1t was believed by some people that last
weeks heavy decrease of over $12,00OO 600
in loans was due in some way to the mys-
FERROUS system of averages used by the
banks. But in that event there should
have been some bookkeeping compensa-
ton in to-day'S statement. 1t is certain
that there has been no such drastic con-
traction of open market loans, either last
week or this, as indicated on the face of
the statement.
The more probable explanation is that
advanced in this review last week, namely
that the liquidated loans are largely those
made to outside banks TO finance sub
scripuons of the government loan. The
delivery of bonds by the government has
been delayed but is now progressing
more rapidly and the loans are liquidated
with the delivery of the bonds.
The bank returns indicate otherwise the
turn in the money market toward greater
ease. The stock market showed a quiet
but large absorption In railroad stocks,
notably the Pacific and Changers on the
traffic returns of these roads. The mis-
cellaneous list showed a tendency to re-
action, which was checked by the firm
ness of the railroad list until the realiz-
ing movement on the bank statement
Wheeling and Lake Erie consolidated
SIS rose ~ per cent, making the net rise
for the week S1a per cent.
The bond market has been dull and
heavy on the tight money market. United
States new As registered, have declined
u, old As, registered. a, new 4s. coupon,
and the IS, when issued, Ia and the 5s
have advanced Il in the bid price.
The total sales of stocks were ISL, 500
shares, including Northern Pacific, 91E;
Union Pacific, 1880; Union Pacific pre-
ferred, 1922; American Tobacco, 1880;
Peoples Gas. 1925; Sugar, 1880; United
States Rubber, 1918