The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-05-21


which enjoy franchise privileges in this
state, were weak on the prospect of the
franchise tax bill becoming a law, the
prospect of material mobilization not be-
ing considered likely.
The American Smelling Stock was also
under pressure and continued rather weak
all day. Anaconda, on the other hand,
continued its show of strength and ended
the day 21s points higher. Sugar made en-
aggressive resistance to the pressure
against 1t and kept above yesterdays
level after the opening decline. There was
a duI resistance to the occasional at
lacks on the market also by the railroad
stocks, especially those in the South and
West. Manhattan and Third Avenue
were firm early, but yielded later, the lat
ter breaking 6 points.
The bears We're disposed to caution in
anticipation of the favorable bank state
ment, but when the market failed TO re-
spond 70 this an attack was made on val
ues. SO little stock was brought out on
the decline that the bears covered, max
ing the close firm at small changes, tX-
cept IN special cases The bank state
ment showed larger increase in cash than
was expected. The heavy contraction in
loans was, of course, a reelection in part
of the drastic liquidation of last Saturday
AS a consequence the increase in cash al
most all went to swell the surplus re-
| servo of the banks
There was a marked continuance of the
recent heavy absorption of new issues of
railroad bonds, several individual trans
actions of from 100000 to over $4,000 be-
ing recorded.
The stock market has been so much I'M
settled during the week by the contending
struggles of the bulls and bears over the
Flower group of stocks that there has
been little opportunity to discern any re-
hectlon of general conditions in it's move.
ments. There was some slight continual
ton on Monday of the eager selling pres
| sure on those stocks, which had been mar
velously advanced in calue under the fos-
tering of the late Mr.. Flower But the de-
termined and extensive buying by the de-
| ceased tinanciers associated in those prop
critics who had Joined resources for The
| protection of values, soon alayed the APP
! prehenson of timid holders, and induced
| the shorts to cover The movement to-
wards recovery seemed to meet with no
| opposition from the bears, Notwithstanding
the pronounced bear position assumed by
| one of the largest professional operators
! in the street. But the bear element was
| looking forward only a short time, as the
case proved, for an opportunity to attack
values. They offered no very vigorous OPP
| position to the progress of reconstruction
of values, while it was pursued with set
| purpose.
But the rise of Wednesday, which
brought the Flower specialties back to or
/ above the prices Of the preceding Friday
before Mr.. Flowers death, seemed to sat
| isfy the bull element for the time being.
! and on Thursday there was evidence of
| realizing on some of the large holdings
which it had been necessary to accumu-
| late earlier in order to check the down
| ward tendency Of the market. This profit
| taking had the advantage of a rising ten
| dency in the railway list due to good traf-
| fic returns, to sustain it.
| The rise in wheat aud the bulk of crop
| damage caused the railroads TO waver,
and then the bears attacked the special
ties, notably Sugar, Brooklyn Transit and
the New York Traction shares, with great
violence and determination, causing nota-
| BILE recessions. The uncertainties thus en-
| gendered led to subsequent dullnesS 1t
/ seemed to be demonstrated that the large
lines accumulated for the lifting of prices
| were held over the market, and powerful
bear force stood ready 10 take the market
from any attempt at proft-taking.
There are enough uncertainties in the
general outlook to confirm the hesitation
of speculation, and a disposition to await
further developments to indicate whether
the present level of prices is consonant
with the conditions of money and bust
ness.
There is the inevitable uncertainty re-
! garding the crops at this time OF the year.
| Talk of crop damage has bearing on the
future earnings of railways, and it is not
an answer TO this to compare the present
low prices of wheat with last years level,
when the high price was due to the clamor
of the whole world for our very abundant
| product
| More to the purpose are the current sta
tistics of railroad earnings, which are
well In excess of those of last year for the
! grain carrying roads, in spite of the phe-
/ nomenaly heavy movement of wheat at
! that time in connection with the Letter
| deal. Great attention is given also, to the
| condition of our international trade bal
| ance as bearing on the dominance of the
worlds money markets recently enjoyed
! by New York The financing of the $20,-
| 600 900 payment to Spain, completed on
| Monday without the expectation of a dol
| lar of gold, was striking evidence of a res
| idue of our exchange credit balance. But
| the question arises whether the residue is
not exhausted by this important operation
| and whether the present movement of in
ternational trade gives any promise of re-
| newing il.
| The rate of exchange on London had
risen NC on the pound at New York dur
|
| reported scanty Imports continue well
above not only last years level, but above
the normal of recent years. SIN exports
though far below last years unprecedent
| ed level owing to the reduced prices of
breadstuffs, are stnl well above the aver
| age for this time of the year, and the ex-
| cess of exports for April holds the record
! for that month, If fast years is excepted
| AS this continued advantage of position is
! due to the increased exports of our man
ufactured products that the future of the
| iron trade has an important bearing on
/ the future trade balance the continued
inward tendency of iron and steel product
| is expected to curtail exports in that line
! Under these circumstances the DISPOSE
ton of the London market toward Ameri-
can securities is keenly scrutinized, as
selling movement of large proportions
there might precipitate gold exports.
! Money continues in abundance both at
| New York and at interior points, and
! there is no suggestion of scarcity in the
| immediate future.