The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-10-24
BULL SENTIMENT
h
IN WALL STREET
Increased Animation a Feature
of Stock Market.
PRICES MADE BIG GAINS
Majority of Southern Railroads Unaf-
fected- Bonds Moderately Active
at Advance and Total Sales
Amounting to $3,S45,ooo

New York, October 23.-The market gave
convincing evidence today of a substantial
growth of bull sentiment in Wall street.
The dealings took on more appearance of
animation than at any time since the vio-
lent downward course of prices when the
money situation first began to awaken
anxiety. Dealings were very well distribu-
ted, in that almost every department of the
security market was represented in the adj
vance. Handsome gains in price were
achieved in many prominent stocks, and in
a large number of cases the last prices were
the best. In other cases profit taking made
notable inroads upon the days highest
prices and some effort was obvious in sus-
tanning the market in the closing dealings.
1t was a noticeable feature of the market
also that while number of members of a
distinct group of stocks would show great
strength and activity, other members of the
same group, seemingly dependent on the
same influences, would remain quiescent
and almost immovable. Thus while Louis
vile and the Norfolk stocks advanced Wig
orousy. other conspicuous southern lines of
railroads were quite unaffected.
While the grangers, also, as a rule, were
strong and active, northwestern scarcely
moved, and Pacific stock, including South
ern Pacific, showed very slight response to
the prevailing strength The New York
Cincinnati and ST. Louis stocks were sub
jected to rather palpable manipulation. the
first preferred rising an extreme points
and the second preferred points New
York Central was also vigorously bulled to
a maximum price of no. The high priced
speclalties included Sugar, Tobacco and
Peoples Gas, and the local traction stocks
WERE all of them, quite aggressively strong.
Tho laro 81 ixfit
stocks, and the buying in them continued
to the close. the common crossing 10 and the
preferred touching 81. This enumeration IN
cludes the most conspicuous instances OF
strength There was at the same time a
notable backward movement in Pullman,
Lacede Gas and Anaconda which show net
declines respectively of ", and points,
American mailing and one or two ot the
iron and sleel stocks also reacted ana GU
cose sugar preferred dropped poin,s IN
spite of the strength of the common stock.
How far the days strength was due to
covering by the short interests. which com
mon credence places at still larger propor-
lions. it would be difficult to say. The pub
lie had little to do with todays rise. But
professional operators OF large caiibre
took a conspicuous and confident part IN
the market.
The continued downward course of ster-
ling exchange afforded relief from all ap-
prenension of gold exports, but no pros
pect is discernible of easier money condi-
tons. Call money today was stiffe- at 8
per cent and time loans for all periods
again came back to per cent. The ex-
change continued to move in favor of the
interior as against New York. Recent
large expenditures by the government show
a declining tendency and thus threaten a
renewed drain on the New York banks in
taking up the government surplus. fa1ays
movement OF stocks demonstrates how
completely the money outlook was ignored.
There was very heavy buying OF Green
Bay income BIS al an advance Of 2k. The
bond market otherwise was moderately ac
tive at advancing prices. Total sales at
par value, $3Si5 900. United States S aG
vanced * and old As registered declined Is
in the bid price.
New York, October 23.-Money on call
steady at 50t7 per cent; last loan, 3 per
cent.
Prime mercantile paper, 5m512 per cent.
Sterling exchange easy, with actual bust
ness in bankers bills at $4.S6s4G4.S7 for de-
mand and $l.S234M4S3 for sixty days.
Posted ra ties, $4S .S4la and $i.SS@4SS1a
Commercial bills, $4S2.
Silver certificates, 5SAd59.
Bar silver. SIS.
Mexican dollars, AZ.
Government bonds irregular.
State bonds inactive.
Railroad bonds strong.