The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-10-31
VIOLENT RISE In
CALL MONEY RATE
Advance Proved Serious ObSta-
Gle to Stock Prices.
THE OPENING WAS STRONG
Bonds Moved in Sympathy But Early
Gains Were Not Entirely Wiped
Out in the Reaction-To-
talSales $3.l45,ooo
THE OPENING WAS STRONG

New York, October 30.-Prices of stocks
moved upward in the early dealings today,
according to the general anticipation, but
contrary to expectations serious obstacle
was met in the violent rise in the rate of
call money. The advance did not extend far
into the second hour, when the market be-
gan to drift downward and met no effectual
check until the close, which was at about
the low point and with prices still giving
way to pressure
No serious net losses are shown in the
railroad list, but the earlier gains, which
amounted to point and upwards in many
cases, were pretty generally wiped out.
The market opened with a strong and
animated tone and large volume of out
side buying orders invited by the unexpect-
ed strength of the Saturday bank state
ment. The demand was particularly large
for the Changers and southwesterns and for
some of the southern railroad stocks, nota-
bly, Louisville, which was up IA at one
time. This stock resisted the later depres-
sion with some success, but closed rs below
the best. Even the much hammered In
dustrials had some share in the early
strength. Sugar rose an extreme points
before yielding to pressure, and the iron
and steel stocks had a shortlived period of
vigor Pressure promptly developed against
steel and wire, and it was weak for the
rest of the day, affecting other members of
the group by sympathy.
Federal steel was EXCEPTIONAL firm The
Leather stocks were largely dealt in. The
International Paper stocks were fiercely at
tackled, the common being forced down 312
and the preferred points. The latter re-
covered points of its loss. Rumors coming
from Holland of the fall of Ladysmith
were without much effect, as London SEEM
ed disposed to discredit them. The Septem-
Der statement of st. Paul had discourage
ing effect on SPECTATORS, showing as 1t did
the large increase in gross earnings OBJ
liberated by the heavy increase in operating
expenses, so that the net earnings for the
month were over 5000 less than in Sep
TENDER of last year. The effect was es-
.pecially marked upon all the grain carriers.
The days events in the call money mar
ket showed that the extent of the recu-
peraton by New York banks was grossly
exaggerated in the first enthusiasm over
the Saturday statement. The rate opened
at s per cent, and after dropping to IA per
cent rose violently in the late dealings to
80 per cent.
Bids were made at 90 per cent, but the
closing transaction was at 20 per cent 1t
was striking demonstration of the unfit
condition of the money market to maintain
an active specula ton. New York exchange
fell sharply at some southern and western
points today, although 1t was harder at
Chicago and Boston. 1t Is evident that
the demands for the interior are not yet
exhausted The sub-treasury has absorbed
considerable sum from the banks, and
extra demand is coming in the market for
November l settlement. Wall street opin-
ion upon the money outlook fell quickly
from extreme optimism down to the minut-
est figures of pessimism.
Bonds moved in sympathy with stocks,
but the early gains were not entirely wiped
out in the late reaction. Total sales, par
value, 50, 145, COO. United States IS, regis
tered, advanced 4 per cent, and United
States 5s, coupon, and 3s advanced Is per
cent bid.
New York October 30.-Money on call
firm at 669O per cent; last loan at 20 per
cent.
Prime mercantile paper 5d51s per cent
Sterling exchange easier, with actual bus
mess in bankers bills at $4.S65sM4.S6% for
demand, and at $4.S3 for sixty days.
Posted rates. $4.S4d4S 41@ and $i.SOq4.S012
Commercial bills, $S2l6.
Silver certificates, 5S0591kc.
Bar silver. 5Sc.
Mexican dollars, 47hc
Government bonds strong.
State bonds inactive.
Railroad bonds firm.
priv IN 70 U'o1 q, pa mn