The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-10-19
BULLS CONFIDENT
IN STOCK MARKET
Strength Spotty But the Tone
improved Steadily.
BEARS DID NOT CONTEST
During Latter Part of Session Demand
Grew Urgent Moderately
Active, Total Sales Amount
ing to $e,23o,Ooo

New York, October 1s.-There was con-
siderable growth of confidence on the part
of the bull party in stocks today and the
market cannot be properly characterized
otherwise than as strong. The strength
was decidedly spobty, especially during the
early hours, but the tone steadily improved
and the demand for stocks in the late deal
ings became rather urgent.
A striking evidence of underlying strength
was the indisposition of the bears to contest
the advance. This was notably true in the
group of Industrial stocks which was made
the target for ATTACK yesterday. Thus 1t
will be seen that the glucose stocks, the
members of the iron and steel group Peo-
pies Gas and local traction stocks which
have of late been quite persistently pressed
by the bear factions all show rather strik-
ing gains. Another feature of the market
was the fact that the few stocks were
picked out to be manipulated for rise did
not hold their gains well, although the ad-
vance seemed to effect the desired purpose
of inducing systematic strength at other
points in the list.
The bidding up of the Vanderbilt group
is time honored maneuver among the
professionals to signal a bull market.
Northwestern, Omaha, New York Central
and the minor Vanderbilts all came into
the movement and Union Pacific stocks
trailed on usual. The coalers were also
employed as a lever.
In the railroad list at large the strength
was not widely diffused, although the gen.
eral tone was quite firm. The grangers
added to those already specified would
about complete the list. The vigorous tone
displayed by Sugar and Brooklyn Transit
had a large influence owing to the volume
of the transactions in them. The gains In
Louisville, Southern Pacific and the Baltf-
more and Ohio stocks are small and Pull
man and Great Northern preferred show
sharp losses for the day. There was no
special development in the days news to
account for the markets strength. There
was no renewed stringency in money but
there was no actual replenishment of New
York's diminished cash supplies. Foreign
exchange in New York advanced sharply,
causing some renewal of talk of gold ex-
ports. The simultaneous advance of ster-
ling exchange here and in Paris and Berlin
indicates the drawing in by London OF out
standing resources in preparation for war
expenditures. The meagTe supply OF cotton
bills very unusual a this period Is also
factor in the strength of sterling exchange
14e scarcity of ship room, owing to the
british governments demands for transport
service is cited as the cause.
The market for bonds was moderately
active and showed numerous points OF
strength. Total sales $2,23o.0aO United
States old AS, registered, advanced 1sc In
the bid price.
Now York, October 1S.-Money on call,
steady, at 41a@6 per cent; last loan, Az.
Prime mercantile paper, 511d6 per cent.
Sterling exchange strong, with actual
business in bankers bills at $4S7@A.S7A for
demand and s4S3@$4S314 for sixty days.
Posted rates, 81. Si and $4.S71s
Commercial bills, $i.S2A6$4.S2A.
Z Silver certificates, 5I12G59.
Bar silver, 579s.
Mexican dollars AZ.
Government bonds firm
State bonds-nactive.
Railroad bonds strong.