Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-10-21
STOCKS CLOSE FIRM.
SMALL NET GAINS RECORDED FOR
MOST SHARES.
PULLMAN RUSHED UP TO 2O7S-4.
Omcial Conformation of Merging OF
Pullman and Wagner PnInce-Car
Companies - Wheat Lower - Corn,
Oats, and Provisions strong.

NEW YORK. October 2O.-The point OF
greatest interest I'm to-day's stock mar
ket was the active speculation in Pull
man. which was rushed up, after yester-
days sharp reaction, en- extreme 81
points TO 2O79., a record price The mo-
tive was the official confirmation Of the
merging OF the Pullman and Wagner
Palace Car companies, which the stock
tape had clearly foreshedowed for some
time. The public had ascertalned that
the Nanderbilts are to get the holdlnSs
OF Boston and Albany and Boston and
Maine stocks, as an incident 10 the DEAL
ana the fact that the New York Central
would thus gain control OF New Ensianq
railway affairs. gave the bulls an oppor-
tunity for an active speculation In New
York Central. They lifted the price or
that stock an extreme 3A.
The influence OF this movement on tho
rest OF the list was marked, the other
Vanderbilt stocks. OF course. moving
covered heavily all through the list. The
prominent Industrial specialties were
most affected, especially Sugar and Brook
Ign Transit, the dealings in which were
very large. The hesitation which had
been caused earlier in the day by marked
weakness of the Glucose stocks. and by
sympathy Of other lndustrials. was over
come by the strength OF Pullman and
ways rose quite generally above last
MONEY sTIFFENs TO g
The easing Of the rate OF sterling ex-
change encouraged the rise, but 1t gave
way 70 proht-taldng in the last hour,
when the preliminary estimates Of the
movement of money for the week appear
ed, and the rate for call money ,stifrened
20 8 per cent. The most active stocks
reacted a point, and in Pullman the re-
action extended to nearly points. There
was some rally before the close. which
was firm and at small net gains for most
stocks
The strength Of the market, however,
was not widely distributed and, in fact
was almost wholly confined TO the few
most active stocks. The banks nave
gained slightly from m" sub. 4 rasury on
routine operations, by reason Of continued
large disbursements for government eT-
penditures, and on account or the anticl-
pated interest. but the outgO OF money
10 the interior has been heavy. The
weeks shipments by some large banks
have been the largest OF the season. The
net result is estimated by experts AT
loss Of cash by the banks Of nearly 81
O0J.O0o
The easing Of the exchange rate in spite
Of a slight hardening in the London dis
count rate was significant. The threat
eued outgo OF gold to London may be
ayerted. but it will be because OF higher
money here. Interior rates for New
York exchange show no cessation Of de-
mand from those quarters.
LESS ACTIVITY IN BONDS
The activity i'm bonds was somewhat
decreased. and there was weakness at
some points. Total sales par value. 81
10000 United States bonds unchanged
i'm price
Total sales Of stocks. 444sOO shares, In
GLIDING AtchisOn. preferred. APPS; Chi
cagO. Burlington and quincy, 1880; Chi
cagO. Cleveland Cincinnati, and st. Louis,
600; Illinois Central, 1850: Manhattan.
$40: New York Central A6Ol; Northern
Pacific. $3.50: Ontario and Western. 200;
PENNSYLVANIA 1850: St Paul. - 40: South
ern Pacific. 1G075 Southern Railway. pre-
ferred, 1902: Union Pacific. 1900; Union
Pacific preferred, 1905; American Steel
and Wire -. 43O: American Tobacco. Goo;
Brooklyn Rapid Transit. 66S.6; Federal
Steel 1850: Glucose 144N; United states
Leather, 500; Sugar, 1920; Peoples Gas,
$3.50. -
MONEY AND EXCHANGE.
Money on call lirmer al 5nS per cent;
last loan at per cent; prime mercantile
paper, 5zQ6 per cent.
Sterling exchange easier. with actual
business I'm bankers bills az A.sT sQA.Sl4
Tor demand and $iSi4 uA8lz for sixty
days: posted rates. SlA0Si Siik and 81 $50
$.Ssia: commercial bills. N&it.
Silver certificates. 5sa59; bar silver.
515s; Mexican dollars. 40.
Government bonds steady. State bonds
weak. Railroad bonds irregular.
BANK CLEARINGS.
The total bank clearings I'm the United
States for the week We're 81. 1853, 1881; per
cent. Increase. 49, Exclusive OF New
York. S7ll 6J6.ls7: per cent. increase, 32.3.