The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-11-23
AN AIMLESS DRIFT
In STOCK MARKET
There Was a General Depression
Throughout Country.
WILL CLOSE ON SATURDAY
Out of Respect for Vice-President Ho-
bart the Stock Exchange Will
Suspend Business Few
Small Net Gains

New York, November 22.-The stock mar
ket drffted rather amlessly today under
the influence of the renewed uneasiness
over the money situation. moderate de-
mand for London account lifted prices at
THE opening and during the course of the
day there were isolated movements in a
number of individual stocks. But the in
fuence of these demonstrations of strength
I'm spots on the general market was small
and the tone sluggish throughout. Deal
ings were narrow and wholly professional.
The money rate rose to per cent during
the day and there was renewal of the
disposition to discriminate sharply against
the industrial stocks as collateral.
The nominal rate of interest IN such cases
was eked out by the requirements of extra
commission and the margin between the
amounts loaned and the ruling market vail
uation of the stocks was increased. The
offering of government bonds for redemp-
tion at the sub-treasury fell to insignifi-
cant proportions. New York exchange was
notably weak at number of important do
mestic centers, falling to 20 cents discount
at Chicago against par yesterday and de-
clining sharply ait st. Louis and Cincinnati
Persons interested in the money outlook
The hardening discounts in London today
may be significant of future pressure from
that source, though the situation in New
X ork was sufficiently pressing to cause
decline in sterling rates in spite of the Lon
don movement. The Paris discount rates
held firm at V per cent ABOVE the banks,
giving ground for the expectatio of an ad-
vance tomorrow in the Bank of Frances
rate. New York banks have gained $685.
900 on sub+treasury operations since last
Thursday and to-days clearing house
statement showed a debit balance against
the sub treasury of over $2,000,000. These
are reflections of the government bond
statement. The proceeds of the bond re-
demption have not afforded any relief
to the speculative world and the market
is disposed to await further developments.
Small net gains are the rule on the day
and a few stocks show notable advances.
General Electric gains 31a and c., C., c. q
ST. l.. 2B. Burlington & Quincy rose over
"a point and the coalers showed some
strength. The Chicago indianapolis &
Louisville stocks, the Chicago Terminal
stocks the Rio Grande Western stocks,
Buffalo, Rochester e. PittSburg and one or
two others show gains from to 3la. Mime
sofa & St. Louis a lower and losses OF a
point are shown by number of inconsp1c-
uous stocks. There was realizing in some
of the bonds of the speculative grade, but
Total sales at par value, s2,275,O00. United
States Is advanced " and the IS. and old
and new As, u in the bid price. The stock
exchange will be closed on Saturday out
of respect to the late Vice-President Ho-
bart.
New York, November 22.-Money on call
firm ait COS per cent; last loan at per
cent.
Prime mercantile paper, 51a@6 per cent.
Sterling exchange weak, with actual
business in bankers bills at $4.S51zQ4.S5A
for demand and at $4.S11k@4S1A for sixty
days.
Posted rates, s4.S212d487.
Commercial bills, $4.S1h.
Silver certificates, 58A@59Rc.
Bar silver. SOC.
Mexican dollars. 471zc.
Government bonds strong.
State bonds inactive.
Railroad bonds irregular.