The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-08-31
THE MORNING NEWS: WEDNESDAY. AUGUST 81, 1898

savannah 00tSttUCtAoAi COMPANY ~ DiNt
SO asked.
Gas stocks-Savannah Gas Light stock.
22A bid % asked; Electric Light and
Power Company. Il BID, 121k asked.
Bank Stocks, Etc.-Citizens Bank, 11JA
bid, Ill asked; Chatham Bank. A bid, As
asked; Germania Bank, u0ia bid. 11112
asked: National Bank of Savannah, 125
bid, 126 asked; Merchants National Bank.
50 bid S41s asked; Oglethorpe Savings
and Trust Company, 104 bid, 105 asked
Southern Bank of the State of Georgia
1870 bid, 1871 asked; Savannah Bank and
Trust Company, 102 bid, 10S asked; Chat
ham Real Estate and Improvement Com
pany, A, 55j5 bid, Sc asked; Is, SAY bid So
asked; Peoples Savings and Loan Compa-
ny, SO bid, % asked.
Factory Bonds-Augusta Factory. 1o5
bid, 106 asked; Sibey Manufacturing Com
pany, Is, 100 bid, l02 asked.
Factory Stocks-Augusta Factory IS bid
65 asked; Graniteville Factory, 40 bid, las
asked Langley Factory, 100 bid, 101 ask
ed; Enterprise Factory, common. 80 bid
81 asked: j. r. King Manufacturing Com
pany, 100 bid, 101 asked; Sibley Manufac-
turing Company, 20 bid &c asked; Savan-
nah Brewing Company 95 bid. 100 asked
New York, Aug. SO.-Money on call was
steady at 2Q212 per cent; the last loan was
at 2l2 per cent. Prime mercantile paper,
S&@412 per cent; sterling exchange weak
with actual business in bankers bills az
740Af.oo lOi utitidtlu. anu at 9tGoIt loo "A
for sixty days The posted rates were
a. S444S412 and 1886. Commercial bills,
&.S2Q4.S214. Silver certificates, 5934 d60l5c.
Bar silver $3.50. Mexican dollars, 461ac.
Government bonds were steady.
New York. Aug. 3O-The bears attempt
ed to continue their campaign against
prices of stocks to-day Their efforts
were at one time attended with moderate
success. But before the days session had
ended they found themselves under the
pressure of advancing prices and they
were obliged themselves to contribute to
the advance by buying to cover short
contracts. There We're several elements of
the situation in their favor. There was
continued f1rmneSs in the rates for money
and continued loses by banks to the sub
treasury to pay for government bond al
lotments, causing apprehension of
money squeeze at a later period There
was also some evidence that the opened
advance In prices was manipulated to af-
ford opportunity for profit taking, thus
giving encoura cement to the bears
During the first hour acute depression
developed in the coalers on account of the
report from Philadelphia that tidewater
prices for Anthracite had been cut % cents
and that the companies had abandoned
the effort to control the trade this sea-
son. Losses In the group extended to 3A
per cent, with weakness in some of the
specialties which broke the whole mate
rally below last nights level. There was
evidence of powerful support in many
stocks at a level slightly below Yesterdays
prices and there was large general buy
ing also invited by any decline. Evidence
of this influenced the recovery. Buying
for London account, which held a num-
Der of the international favorites firm
nearly all day also formed an effective
point of resistance. There were authori-
tatiVe denials late in the day on behalf of
the officials of the coalers of any extensive
price cutting. Further weakning of ex-
change gave promise OF early gold i'm
ports though the reported buying of gold
In London for New York account was not
confirmed. There was some growth also
of assurance that tightness in the money
market would soon be relieved by the
early distribution of the new government
3 per cents. All these factors tended to
the recovery in stocks, and a late break
of points in Manhattan caused only
fractional reaction in the general list,
which closed at net gain in nearly all
cases.
Some of the speculative bonds reacted
early in sympathy with stocks, but gem
orally recovered before the close. Total
sales, $3,035 900.
United States IS, when issued, declined
u in the bid price Government bonds
were otherwise unchanged. The total sales
of stocks to-day were $4,000 shares.