The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-03-08

NNbA SAit bluf loo dSkGNt odNanlldu
Bank and Trust Company l02 bid. lO2la
asked; Chatham Real Estate ana I'm
provement Company, A, So bid, Sc asked; b,
6il2 bid, SO asked; Peoples Savings ana
Loan Company, % bid, 81 asked
Factory Bonds-Augusta Factory, l0l
bid l02 asked; Eagle and Phoenix Manu-
featuring Company. per cent. bonds, 80
bid, 40 asked Sibley Manufacturing Com
pany, 6s, 100 bid, l02 asked.
Factory Stocks Augusta Factory, 6a
bid, 20 asked; Granlteville Factory, l45 bid
l5l asked; Langley Factory, 10l bid. 10l
asked; Enterprise Factory, common, 80
bid, SO asked; j. r. King Manufacturing
Company, 10i bid, lO5 asked; Sibley Manu-
! featuring Company, 10 bid, Is asked Sa-
| Vannah Brewing Company, IS bid, 81
asked.
New York March Z, p. m.-Money on
| call was steady at 1908 per cent; the last
| loan was al per cent. Prime mercantile
| paper, Sat per cent. Sterling exchange
steady with actual business in bankers
| bills at $iSils for demand, and at $4.Sll2@
| ASIA for sixty days. Posted rates, A.SSdD
| 4.S5&. Commercial bills. ASl Silver certih-
Gates, 5ia66c Bar silver, 5lAc. Mexican dol
| lars. H2ic. Government bonds were weak.
| State bonds were dull. Railroad bonds
| were weak.
New York, March THE Evening Posts
| stock markets here were HAT and democrat
ized to-day by politics, consols and similar
securities closing quiet at the lowest. The
| scares were all the more potent, coming on
| the eve of the settlement. Americans
| opened flat and gave way steadily on home
| and continental selling. The arbltrage
| Houses gave no support till afternoon.
| when the support was considerable. Prices
| closed practically at the lowest, including
| N...f.a r a
| lower, There was much pressure from
Paris to sell Spanish securities, az also
! Turkish securities and all International and
| South American stocks. Still, considering
the intricacies of the political complica-
| TONS to-day's fall was no more than could
| be expected. Trouble is feared at the set
| Element il there is no recovery prior there
| TO- Bar gold is in demand for American
exports at about rs l0d. Most of the gold
| arrlyals by the Cape boat are believed TO
| have been sold TO New York. Probably
| 100000 i'm all was bought here to-day for
New York. The position of Spain and The
United States attracted the most attention.
| city financers attach much Importance to
the desperate condition of Spanish finances
end believe that this may prompt Spain 10
| aggressive action, or at least that Spain
| eight not withdraw from the position ta-
| ken up. If the worst happened, 1t Is be-
lleved that Paris might render financial
assistance to Spain. French interests in
| Spanish stocks being large. Az the same
| time, Spanish stocks are not held quite
so largely In France as they were few
years ago There was a sharp rise in
| Spanish exchange on London to-day from
! 23 IS to $40. The February trade returns
were unsatisfactory imports having de-
| creased f15OO,0OO or per cent and the
| exports f22Qe0Q, or about IA Per cent The
| chief decline IN imports Is textile materials
| from the TILTED States and elsewhere
! New York, March 7.--Relations between
| the United States and Spain caused APP
| prehension In all circles in Wall street to-
day There were large sales of securities
| by the timid holders for the purpose OF
| converting them into actual money was
doubtless true but larger portion of the
selling was due to the liquidation of specu-
! lative holdings, which have been strong
| ly held through previous declines. but
which were thrown over to-day to realize
what they will bring
There was very palpable maneuvers, all
so, by the bears to force the lowest possl-
BILE range OF quota lions at the opening, and
| their offerings TO force down prices ana
| their purchases at the decline to cover
made up no small portion of the days
business. In this connection it Is interest
ing to note that the opening sales of Bur
1 DnRtOn was reported at from jUtZ 10 oJt2i
and this quotation was not corrected un-
| til the close of the market when IL was
cancelled, with the explanation that tho
| sales reported were those of st. Paul at
! those quotations, and not of Burlington.
Instead of break in Burlington of Ia at
! the opening, that stocks extreme decline
| from Saturdays close was q. Louisville
was at one time points off, its weakness
| developing later in the day. New YorR
I
| ing. Otherwise the extreme declines In
the railroad list were restricted between
J and points.
Losses in the speclalties were great
| Metropolitan falling s points, Sugar 81
| and Manhattan 3h. The shorts we're quick
| to cover al the decline and a rally of / to
points was almost instantaneous. The
| buying TO cover short contracts was at
tributed TO Washington sources, which
were aggressive sellers In the latter part
of last week London was a heavy seller
OF stocks here during the morning, the
sales for thai account being estimated at
| 10000 shares London's pessimistic view
of values was as much Influenced by the
| threatening outlook in China and the dis
pute in the Niger region As by the Gu
| ban question. Local operators were quick
to decide that no damage was threatened
TO American securities by these compliea-
!
| OF London offerings.
Later In the day the Introduction OF
Mr. Cannon's bill to appropriate s50CO0,00O
for national defense and the passage Of
the Hawley bill providing for two new ar
nllery regiments renewed the early weak
ness and forced prices again to the low
est The later break was freer from bear
manipulation and represented more liqul-
dalton than the earlier one.
The decision favoring the railroads in
the Nebraska maximum freight case was
| almost ignored, and the news that Spain
had Withdrawn its request for Consul Gen
eral Lees recall although somewhat more
cfficacious in rallying the market had but
a temporary effect, the other threaten
ing aspects of the situaBion being regard
| ed as more important.
! Money was marked up TO per cent. in
! the early transactions, an influence In
ducing liquidation, which must NOT he
overlooked. The furry in money was
| caused by the calling In of loans by a
number of banks whose reserves had
fallen below the Is per cent. limit. The
rate eased off to ~ per cent. again be-
| fore the close of the day Closing prices
| in stocks were considerably above the low
est, but new declines in the standard
shares are stll from to oyer per cent.