The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-06-28
RAILROADS ACTIVE
IN STOCK MARKET
Days Business Larger Than for
Some Time Past.
THE REPORTS OF EARNINGS
Bonds Showed Increased Strength in
Sympathy United States Paper
Advanced in Bid Price-Total
Sales Were s., 900

New York. June 27.-The activity of the
, buying of railroad STOCKS showed some
falling off in the course of the day, after
a notable opening and early buying move
ment
But the demand sprung up again in the
e., last half hour of the trading in full force
and carried prices of the railroads to the
highest of the day. New York Central
was again tn center of interest in the mar
,ket and it was final squirt of 112 points
in that stock that gave the market its
strong close. The last sale of Central
was at $140S, the highest of the day. and
215 above last nights close.
The late buying of the stock was on
very large scale, blocks of a thousand
shares and upwards showing quite fire.
quently on the tape. Manhattan was also
rushed up in the final dealings to $l15A on
the announcement of the closing of con-
tracts looking to the change to electric mo-
tive power. The bull leaders We're evident
ly in a concerted effort to make final
prices of the day the highest. The separ-
alton of the trading in the railroad and
Industrial stocks wefe not quite SO sharp
as yesterday.
Federal Steel was conspicuous at the
opening for an advance of Fac on the dis
missal of the injunction against the pay
ment of the dividend declared on the COM
mon stock Denial from official sources that
any labor trouble was impending among
the street railway employees in Greater
New York also gave an upward tendency
to Brooklyn Tranit and Steel and Wire
.fshowed some sympathy with Federal Steel,
since the directors of that company had
mi ba
Steel company as reason for not declar-
ing dividend on their common stock Su-
gar also was disposed to move upwards.
But the early prices in the steel stocks
were the best of the day and in none of
the industrial stocks were last prices the
best.
The days business as a whole was larger
Than for some time past and was remark
ably well distributed throughout the rail-
road list. Today's reports of earnings
from all sections emphasized the effect of
those received yesterday. The movement
in New York Central separated itself more
from other members of the Vanderbilt
group than was the case yesterday and the
assertion of the bull trading that the buy
ing was on account for insiders was given
color by the presence in the street OF
w. X. Vanderbilt, an event always made
much of by the bulls.
The increases in speculative activity can
hardly fail to call for increased loan ac-
commodations, and this is expected to add
to the unfaYorable bank return for Sat
urday in which gold exports of $7,50O,OOO al
ready engaged will have to figure. The
heavy dividend and interest obligations to
be met on July 1 will also make heavy
temporary demands on the money market.
The possibility of a squeeze in the cir
eumstances is taken into account by some
observers. But it was not noticeable that
todays hardening of money rates in New
York resulted in fall of the rate of ster-
ling exchange, although the rates for
money in London were also higher on the
demand incident to the stock exchange
settlement London bought stocks in New
York, which is said to represent bear COW
ering on the settlement and which had its
influence to lower the rate of exchange.
But whatever temporary furry may occur
IN the local money market, the July dis
bursement will undoubtedly bring relief
These are estimated at $15, 900 900 at New
York, at $40 100000 in Boston and at $1f,-
100000 in Philadelphia on account of inter-
est and dividends There was a larger pro-
portion than usual for today's transactions
made on three days contract
The bond market showed increased ac-
tvity and strength in sympathy with
stocks. Total sales par value, 50 327OOo
United States rs advanced "a, and the 3's
Is in the bid price.
Money on call steady at 21b6D3 per cent
last loan. 212 per cent.
Prime mercantile paper, 3a3% per cent.
Sterling exchange easier, with actual
business in bankers bills at $4.S7$la$4.SS for
demand, and at $.S51aa$4S5A for sixty
days.
Posted rates, AS61aQ$4.S7 and $LSS;k@
$4S9.
Commercial bills, d.S5H.
Silver certificates, 6012@62.
Bar silver, 6OA
Mexican dollars, 4S1a.
Government bonds strong.
State bonds inactive.
Railroad bonds firm