The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-10-13
STOCKS AND BoNDs.
The Market Made Two Efforts nj
Move Upward.

move Upward
New York. Oct. 12.-The stock market
made a couple of feeble efforts TO advance
this morning. The lethargy OF the trad
ing was an invitation 20 bear aggression,
and when a determined leadership devel-
oped for the faction, the professional ele-
ment among the traders was quick TO fol-
low the lead 4 single block of st. Paul
of $500 shares was quickly followed by
another of 1000 shares offered by brokers
who are usually employed by the acknowl-
edged bear leaders. Selling generally
all around the room was the sequence. The
two large blocks OF st. Paul were at l2l4
and the price had fallen to 1874 i'm few
minutes. The Changers, New York Cen
trail, Cleveland Cincinnati, Chicago and St.
Louis and the leading high priced special
ties were the principal sufferers Brook
Ign Transit was under conspicuous pres
sure. and dropped 20 S5ss. Pullman made
q brilliant advance of Sla points on the
coming absorption of the leading compel
itor which were denied later This was
an isolated instance of positive strength.
Louisville was the leader of the early
abortive advance and was rather Arm af-
ter having the advance wiped out. 9th
erwise the heaviness was quite uniform.
The news of developments in South Africa
had very little effect on the market.
Call money worked a shade easier, and
did not touch higher than per cent.
What with last Saturdays receipts of gold
from Europe, other small acrretions OF
precious metal from various sources. aud
the relaxed pressure by the sub-treasury
added 10 the further contraction OF loans
which had been made, more favorable
showing IS expected from the New York
banks IN the Saturdays statement
TIE money market outlook is considered
anything but favorable The violent up
ward movement Of " per cent in the
pound sterling exchange both for actual
rates and posted rates. Is regarded as an
admonition that an easing of the money
rate here Is likely to lead TO demand
from London for gold.
The weekly statement of the Bank OF
England dlscloses a very slight increase
of the proportion of reserve TO liability
and the statement OF the same period OF
the Bank of France shows a loss of 81
900 in gold. while demand for credits
has increased In its loans about $40. 100000.
The sterling exchange rate at Paris dropp-
ed off an additional one-half centime 1t
IS exceedingly significant that the Bank
of England parted with some fl65,000 in
gold for shipment TO Paris, which city has
been looked TO from all points as the avail
able source for relief for the need of gold.
The financial upset I'm Italy had jistufb-
ing effect In all the European money mar
kets. The sharp upward movement here
not only in sterling exchange, but also
IN French exchange, suggests a coming
pressure on this centre.
The bond market was moderately active.
and shows general declines Total sales
par value Sl,6S0OO0. United States Is adj
vanced Il and the new As registered de-
clined X in the bid price
The total sales of stocks were 346, 400
shares. including Atchison preferred, ~
720 Burlington, 1885; Rock Island, 5000;
Louisville and Nashville II 10. Manhat-
tan 1885, Missouri Pacific, 5000; st. Paul.
$3.50; Southern Pacific, $3.50; American
Steel and Wire, 1876; American Tobacco,
1920 Brooklyn Rapid Transit, s., 1885; Fed
eral Steel, 9.075; Peoples Gas, $40; Sugar,
1895; Leather, 1920