The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-11-07
NO WEAKNESS IN
The STOCK MARKET
Practically All Early Declines
Were Recovered.
RAILROADS NOT FORTUNATE
Election Eve Caused Covering of Some
Short Contracts : Bond Prices
Made Only Partial Recovery
Total Sales SO, 900
RAILROADS NOT FORTUNATE

New York, November 6-Tae course of the
stock market today effectualy dissipated
the symptoms which were engendered by
the Saturday bank statement. The course
of prices was downward and some striking
net sains were established in a colssidera-
ble list of stocks HE downward course
proceeded to the extent of 10 to 2 points
in a number of prominent indusuials and
reached muol as a. point in number eff
the railroads, including examples from the
grangers, souuawesterns, southern coalers
ard trunk lines. Northwestern dropped at
che time 2h. In the leading in1ustrials
level of prices was subsequently established
reaching generally a point above Saturday.
The railroad group was not so fortunate,
but its downward course of the morning
was very generally retracted and fractional
met gains the rule. In Southern Pacific
the recent large and organized buying was
resumed after the decline had reached n,
and it was advanced 19s and closed there.
The speculation in lea tiler continued on an
enormous scale, the price being raised ON
running sales 10000 shares at the opening
from IS below to " above Saturdays price.
Subsequently the loss of Saturday was
more than recovered and the price lifted
ITO within shade of Al There was heavy
realizing in the stock in the late dealings,
but it was firmly supported at 49, The re-
neWed support by the speculative pool in
leather had no small influence in dssipat-
ing '51e fears of a general break in prices.
There were many soothing explanations
offered of the exhibit OF a deficit in sur
plus reserves by Saturdays bank state
ment. The favorite explanation among
spectators was That it was due to an
error in the return of a single bank
or rather to the rectfcation of an error
made in uhe previous weeks return. 1t
was this error, so 1t was said, which caus-
ed the unduly favorable statement of Oc-
toeer q. and the allowance for it which
made the deficit of last Saturday and upset
the stock market.
HE eve of the elections was also the &C.
casion for the covering of some snort con-
tracts, which had been put out on the the
DRY that this years election might be the
prelude. to the unsettled business condi-
lions Which are looked for in presidential
year. The drop in the money rate to 5
per cent late in the day accentuated the
buying demand for stocks. An incident of
the day was sale of United States Milling
at H. compared with "a for the last preced-
ing sale some time since
Prices Of bonds only partly recovered
from The early decline in sympathy with
stocks. Total sales at par value, SPOTS, 0o0
United States old as coupon advanced 4 in
the bid price.
New York, November 6.-Money on call
was firm at 5GD12 per cent; last loan at
per cent; ruling rate, 8 per cent.
Prime mercantile paper, 5d5% per cent
Sterling exchange was Irregular, with act
uai business in bankers bills at 4S63444.S7
for demand, and 4.S2aa@4S3 for 60 days
Posted rates. 4S4@4.SS.
Commercial bills, 4S2.
Silver certificates, 5S1a@591kc
Bar silver, 5SBc.
Mexican dollars, 47Ac.
Government bonds were firm
State bonds were inactive.
Railroad bonds were easier.