The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-10-21
PULLMAN WAS The
POINT OF INTEREST
Active Speculation Rushed Up
After Sharp Reaction.
HEAVY LOSS FOR BANKS
Threatened Outgo of Gold to London
May be Acknowledgement Ac-
tivity in Bonds, With ST.
100000 Total Sales

New York, October 20-The point of great
est interest in today's stock market was
the active speculation in Pullman which
was rushed up after yesterdays sharp re-
action an extreme 81 points to 2072i, a rec
ord price. The motives was the official
confirmation of the merging of the Pullman
and Wagner palace car companies which
the stock tape has clearly foreshadowed for
some time past.
The published assertion that the Wander
bits are to get the Pullman holdings of
Boston and Albany and Boston and Maine
stocks as an incident to the deal and that
New York Central would thus gain control
of New England railroad affairs gave the
btlls an opportunity for am active specula-
ton in New York Central They lifted the
price of that stock an extreme 81. The ef-
feet of this movement on the rest of the
list was marked, the Vanderbilts of course,
moving most closely in sympathy. The
bears covered heavily all through the list.
The prominent industrial specialties We're
most affected and particularly Sugar and
Brooklyn Rapid Transit the dealings in
which were very large. The hesitation
which caused earlier in the day by
sympathy of other industrials, was over
come by the strength of Pullman and New
York Central and prices of the railroads
rose quite generally above last nights
level.
The easing of the rate for sterling ex-
change encouraged the rise, but it gave way
to profit-taking in the last hour when the
preliminary estimated movement of money
of the week appeared and the rate for call
money stiffened to s per cent. until the
most active stocks reacted a point and in
Pullman the reaction 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 distrib-
uted and, in fact, was almost wholly con-
fined to the few most active stocks.
The banks have gained slightly from the
sub-treasury on routine operations by rea-
son of continued large disbursements for
government expenditures and ON account
of anticipated interest, but the outgo of
money to 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 in
cash by the banks of nearly 100000. The
easing of the exchange rate in spite of a
slight hardening in the London discount
rate was significant The threatened outgo
of gold to London may be averted but 1t
will be because of a higher money rate
here. Interior rates Off New York eX-
change show no cessation of demand from
those quarters.
The activity in bonds was somewhat de-
creased and there was weakness at some
points. Total sales, par value, S,470OC0
United States bonds unchanged in bid quo
tations.
New York, October 20.-Money on call,
firmer at 50lS; last loan, per cent.
Prime mercantile paper, 512666 per cent.
Sterling exchange easier, with actual
business in bankers bills at $4.S71aG$4,S7%
for demand, and at $4S3A asa. S319 for sixty
days.
Posted rates, s4S4@s4S415 and $i.SS@$i.SSA
Commercial bills $4.S212.
Silver certificates, 5S459.
Bar silver 577s.
Mexican dollars, 49,
Government bonds steady.
State bonds weak.
Railroad bonds irregular.
(Rv Private Wire to Talbot a. Palmer)