The Savannah morning news., 1902-08-12

OF things by reason of the change in
control OF the Louisville and Nashville
and the passing of the Chicago and
Eastern Illinois to the st. Louis and
San Francisco is generally recognized.
Attention was diverted anew TO the
money market to-day, in view of the
heavy inroad upon the surplus re-
serves of the banks revealed by the
Saturday bank statement. Many glow
ing reports We're received in Wall
street of the promise of the harvest,
the large traffic moving on the rail-
roads and the, indications for an I'M
usually large fall trade in all branches
The present high level of prices for
grain-carrying railroads is the result
of former buying to discount these
very conditions. It is certain, also,
that the more active business is, the
more demand there will be for cash
in the country's circulation, thus draw
ing it from bank reserves, where 1t
might serve as basis for credits. West
ern banks, in common with those of
the East, are loaned close to their
available resources, and the demand
for cash upon Eastern banks is ex-
peeted to be rather more than less
than usual at the crop moving season,
now close at hand. 1t Is also OBJ
served that foreign exchange bankers
are hesitating to offer exchange bills
against future shipments of merchan-
disc, owing to the knowledge that a
large short interest already exists In
exchange on account of borrowing from
abroad which mature in the fall
The July foreign trade statement ex-
plains the continued shortage in the
exchange market, exports of domestic
products having fallen more than $751;
100000 below those of the same month
last year, over half the decrease oc-
curing in breadstuffs. Attention was
also attracted by the estimate OF the
Canadian gold commissioner that the
gold output of the Klondike for this
season would probably not exceed $14,-
10000 as compared with $2l, 000,0 for
last season. Call money rates rose
above per cent. to-day as result of
these consideration on the part Of
lenders Of money and time money
rates were also firmer. During the
final hour the pressure to sell became
urgent and prices declined sharply
throughout the list. st. Louis and
Southwestern preferred Norfolk and
Western and Western Union were con-
spicuously strong in the early deal
ings, but they lost most of their gains
in the late reaction. st. Louis and
Southwestern preferred stiffened sud
denly TO the best at the last. The
closing generally was irregular.
Selling to realize made the bond
market easier. Total sales, par value,
t1,710,0o0 U. S. As advanced " per
cent. on the last call.
The total sales of stocks to-day were
SIG, 400 shares. including Atchison, 35,-
900; Canadian Pacific, $500; Baltimore
and Ohio. 600; Cincinnati and Ohis,
2,e00 Colorado Southern second pre-
ferred. s,4O0; Erie. $4,000; Illinois Cen
trail, 1900; Louisville and Nashville,
go 400: Manhattan. $4,000; Missouri Pa
cifc, 1880; Norfolk and Western, S.
200: Pennsylvania. 10.400; Reading. g.
700: st. Louis and Southwestern. IS
500; St. Louis and Southwestern pre-
ferred. 1900; ST. Faul, 10000: South
ern Pacific, $500; Southern Railway.
1920; Texas ana Pacific. 1880; Union
Pacific. 1890; Amalgamated Copper.
1900; American Car and Foundry. L.
100: Sugar. 1900; United States Steel.
s.109; Western Union, $500.
New York stock and Bond List.