The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-10-18
GAINS CURTAILED
IN STOCK MARKET
BulIish Sentiment Strengthened
During Session.
WEAKNESS OF lNDUSTRlALS
Warning Rally in Foreign Exchange
: Rates-Bonds Moderately Active
rs With Prices Improved, and
Sales of $2,oO5,ooO
WEAKNESS OF lNDUSTRIALS

New York October 17.-There was a
short-lved demonstration by the bulls in
the stock market today, but before trading
was suspended the early gains were largely
Scurtailed and in some cases more than
wiped out. The strength was attributed TO
various causes. The temperance this
week upon the floor of the exchange Oh
several operators who took large part in
last springs big bull market and who have
been away on long summer vacations gave
strength to bullish sentiment.
The quiet tone of the money market yes
terday in. favor of operations incident ITO
the change of old Central Pacific securities
for new encouraged some sentiment Tor a
rise. There were one or two stocks In the
list which were notably strong from IN
dividual causes which were rumored but
not authoritatively disclosed and which
helped to sustain prices. Among these
were Pullman and Great Northern pre-
ferred, although the latter more than lost
the early gains. The Baltimore and ONO
stocks were conspicuously strong, the COM
mon rising an extreme 2% and the pre-
feured g. Laclede Gas continued its ad-
vance and reached as high as So me
Grangers Louisville, and Southern Pacific
were quite well taken early in the day, ap-
parently by pool interest. The public was
not in evidence at any time during the
day.
Call money continued at per cent. or
below in spite of the fact that many banks
report their cash still below the legal re-
serve: but while the money rate did not.
tighten, a number of industrial stocks, es-
pecially those classed as green in wall
street parlance, showed signs of weakness,
as might happen if they We're subjected 10
discrimination by money lenders IN the
shifting of loans The glucose stocks were
notably affected, the common dropping
nearly s points and closing near the low
est while the preferred lost 31a. The iron
and steel stocks as group, also WEAK
ened simultaneously, Steel and Wire lead
ing with an extreme decline OF "a. Othefs
of the group suffered to the extent of be-
tween / and 2 points. This unsettled the
hull movement and wiped out pretty much
the gains which had been established:
Prices struggled upward again In the nnai
dealings to a level for the most part slight
ly before last night but the snap seemed
taken out of the movement
There was warning rally IN the rates
for foreign exchange during the day which
was not unheeded. Signs of distress We're
in evidence in the German money MARKERS
and sterling exchange fell sharply at the
continental centerS, including farlS' LIS
count rates in London responded with the
advance and exchange rates here botn IN
Paris and London rose in sympathy. ADD
to this the fact that the money Is still going
to the interior in considerable volume, tnat
government payments through the sub
treasury are again falling off, promising a
renewed drain on the money market on ac-
count of revenue receipts, and that appn-
cations for anticipated payments OF the
government continue on a small scale ana
the outlook for easier money is not prom
isng This consideration was SUFFICIENT TO
give pause to the efforts to advance
prices.
The bond market was moderately active
and prices improved. Total sales par
value $2.OO5 600. United States bonds were
unchanged in bid quotations.
New York, October T.-Money on CALL
steady at 5M6: last loan per cent.
Prime mercantile paper, 51k@6 per cent.
Sterling exchange, strong, with actual
business in bankers bills at 4.S6s4m4Si Tor
demand and 81 1924 G$4.S3 for sixty days.
Posted rates, $4.s3h and &.S71a.
Commercial bills s4.S1R.
Silver certificates, 5SA@6a
Bar silver 517s.
Mexican dollars, AZ.
Government bonds steady.
State bonds inactive.
Railroad bonds strong.