The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-11-28
DOWNWARD MOVE
IN STOCK EXCHANGE
Bank Statement Did Not Affect
Money Market.
PRICES WERE OPENED HIGH
The Advance at the Opening Was the
Signal for Very Extensive Real
izing Which Was Marked
in B. & o. Issues
PRICES WERE OPENED HIGH

New York, November 27-People who
bought stocks on Thursday and Friday
found the expected market for them this
morning and awaited themselves of the OPP
portunity to sell out to large extent. The
sub-treasury operations last week made it
sufficiently obvious that a strong bank
statement would be forthcoming on Satur-
day and the new strength in the market
on account of Saturdays bank statement
had therefore been discounted.
Prices We're opened high and the advance
in Americans in London had the appearance
of being manipulated from New York for
the sake of influence on the opening here.
At all events the London market was de-
pressed generally on the rise in the money
rate and sold stocks here from the opening
until long past the usual hour for cabling.
Pennsylvania was an exception and was
eagerly bought by London. This demand
was chiefly responsible for the stocks rise
of AZ over Friday, during the first hour 1t
subsequently reacted and saved only "a OF
net gain. The high prices at the opening
were the signal for very extensive realizing
which was most marked In the Baltimore
and Ohio issues.
The opening price in the preferred ran all
the way from IS down to S3%. There was
occasional rallies in these stocks but the
pressure of profit-taklng was renewed ana
their close was near the lowest at net losses
of Ac and 17sc respectively. Union Pacific
sugar was obviously weak from the start
These were sufficiently powerful factors
to decide the general course of the market
downward The heaviness become quite
widely disseminated as the day progresses
and many net losses of point or over. VIII
be observed While the general course OF
the market was reactonary, some points OF
strength persisted Manhattan, federal
Steel, American Hoop, Chesapeake and
Ohio and Peoria, Decatur and Evansville
rose from l to points without maintain
ing the full advance. Leather continued
very erratic over range of 5R points be-
low Fridays close The late break IN sugar
to 1874 and the ST Paul statement for Octo-
Der showing a decrease In net earnings Vi
nearly 1923 900 emphasized the late weak
ness. st. PauPs increased operating eHpeh-
ses or improvements charged to that &C
count have now wiped out all of the in
crease in the gross earnings since July l,
and established a net decrease Tor that Pc
Rod of nearly 500 900. The condition OF the
money market was not greatly anected py
the statement of the banks Saturday.
The majority of the days loans were
made at 6 per cent. and the rate for ster-
ling exchange advanced sharply In response
to the money pressure In London. There
was good absorption of railroad bonds
and prices advanced. Total sales par Value
S2.960.0OO. United States rs advanced lsc
and the as and new AS Bcd In the bid
price and the SIS declined Bc.
New York. November N.-Money on call
steady at 51s@6 per cent; last loan + per
cent
Prime mercantile paper, 514@6 per cent.
Sterling exchange firm, actual business
in bankers bills at 4.S6G4.S6M for demand,
and at 4S1d4. 81A for sixty days.
Posted rates, 4.S2d4S2 and 4.S7; COM
mercial bills, 4.SO.
Silver certificates, 5SA@59Ac.
Bor silver, 5Ss4c.
Mexican dollars, 47Ac.
Government bonds irregular.
State bonds inactive.
Railroad bonds strong.