The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-11-21
STOCK MARKET
WAS UNSETTLED
Opened Active at Advance Over
Saturdays Close.
SOON SHOWED WEAKNESS
Break in Manhattan Affected the Whole
List-Decline Attributed to Proba-
BILE Decision of Supreme Court
Rally Failed to Hold

New York, November 20.-The stock mar
ket sconfounded all the prophets today by
turning reactionary in tone. All of the
fraternity of professional spectators came
down to Wall street inclined to the bull
side. Their operations combined with an
outside demand through commission houses
invited by last weeks course of events,
carried prices upwards for a brief period,
but realizing promptly became manifest
and Manhattan developed such conspicu-
Gus weakness as to affect the whole list.
By noon the weakness had become mark
ed in a number of industrial specialities.
This was attributed to the expectation of
a decision by the United States supreme
court in a case bearing on the validity of
the new form of industrials combination
which has been so widely used in the last
year. The industrials rallied considers
bly, when the news from Washington came
that the decision had not been handed down
today. The rally was due to operations by
room traders and the explanation of the
early weakness came from the same source
and was simply an effort to interpret the
weakness of stock, which was a palpable
fact.
The renewed weakness after the rally
showed that the explanation was rather
wide of the mark. The sufficient explana-
ton for the downward course of prices was
that large holdings of stocks were thrown
over last week to take advantage of the
strong market caused by the bond redemp-
ton plan of the treasury department. Last
weeks buyers find not large spread of de-
mand for stocks by the public at large and
the market Is considerably overweighted
with speculative holdings waiting to rea-
lie.
The outlook in the New York money mar
ket continued favorable, although the Of
ferings of government bonds for redemp-
ton today were much smaller than on pre-
vfous days. The easier money rate caused
by the redemption money already released
and the higher price which government
bonds have attained encourage the owners
of the bonds to hold them.
Todays call loan rate ranged from to 8
per cent and the movement OF New York
exchange in the interior continued in favor
of New York, promising relief from the
pressure of bonds from that source. The
probable future demands of the sub-treas-
ury are more in doubt The governments
surplus tends to increase again as the
month progresses and the sub-treasury
debit balance at the clearing house today
was small in spite of the governments
checks for payment of redeemed bonds.
There was some profit taking in specula-
tive bonds, but at other points in the list
some strength was shown. Total sales,
par value, $1,705.000. United States new As
advanced u and old As registered Is in the
bid price. a.lF
New York, November 2o.--Money on call,
firmer, at 5@6 per cent; last loan, 5.
Prime mercantile paper, 51a@6 per cent.
Sterling exchange, easy, with actual bust
ness in bankers bills at s4.S5B for demand
and at S4.S1A for sixty days.
Posted rates, s4.S21a and $4.S7.
Commercial bills, S4.H.
Silver certificates, 5SA@59R.
Bar silver, 5SB
Mexican dollars, 471s.
Government bonds strong.
State bonds inactive.
Railroad bonds irregular.