The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-11-01
PRICES OF STOCKS
FELL At OPENING
London Marketin State of Semi
Decentralization.
FEDERAL STEEL PROMINENT
Call Money Was Feverish During the
Entire Session-Tone of Bonds Bet
ter With the Total Sales
Amounting to 81 100000
FEDERAL STEEL PROMINENT

New York, October 31.-Prices of stocks
fell at the opening today under the weight
of selling for London account. The market
at that center was in a state of semi-de-
moralization on news of the loss of con-
siderable force of British troops by capture
from Ladysmith. The sales for foreign
account in New York ran up to nearly 3d.
900 shares. The resulting loss in prices
reached a point or more in several promi-
sent stocks, notably among the southern
Ailroads, which have been recent favorites
tor a rise. The experience of yesterday
left no one disposed to buy stocks, and the
London offerings were poorly taken. Active
selling of some of the prominent stocks
added to the weakness. After the opening
decline however, some support was forth
coming which seemed to be based on the
hope of a relaxation in the money strin-
gency, but quotations for money at 20 and
81 per cent. again turned prices of stocks
downward. The speculative liquidation
seemed to be concluded about noon, and
there was some recuperation during the
latter part of the day, which was enconr-
aged by strong spots in the list.
The iron and steel stocks became especial
ly prominent, led by Federal Steel. The
strength in this group was attributed to a
demand from a large outstanding short in
terest The rise in Federal Steel reached
SIS, and in Steel and Wire 3as. There was
sympathetic advances in National Steel,
Republic Steel, American Tin Plate, Ameri-
Smelling and other iron and steel
shares running from a fraction to "a, the
latter in National Steel. There was a good
demand for a number of other prominent
specialties and the railroads, especially
those in the southern group, retrieved a
good part of their losses. The Wisconsin
Central new stocks were conspicuous for
an advance to about 11s above last night's
level. The market closed firm, generally at
small net losses.
The call money market was very feverish
all day, receding several times, but recov-
ering violently and suddenly. The last loan
was at per cent, the low level, ana the
rate ranged above that to 80 per cent, the
demand being apparently urgent and large.
Loans were called by the banks on an ex-
tensive scale. The demand for time money
was good and lenders demanded per cent.
on choice collateral The extensive calling
of loans is attributed to needs for the LIST
of November settlements, and there Is a
demand reported also for payment OF SUD
scriptions to some new industrial complna-
lions. The rate for sterling exchange de-
elined further in response to the stl1t
money market in London. New York ex-
change at some southern points weakened
sharply and the b-treasury was creditor
at the clearing house today to the extent
of $126, 900.
The tone of the bond market was better
than that of stocks, and number of middle
and low grade mortgages were In good
demand Total Sales par value. 1870 0Oo
United States bonds were unchanged in the
bid quotations.
New York, October 31.-Money on call firm
at 6@6.30 per cent; last loan, per cent
ruling rate, 20 per cent.
Prime mercantile paper, 5d5R per cent.
Sterling exchange easier, with actual
business in bankers bills at s4.S612@4.s634 for
demand and $4.S224G4.S9 for sixty days.
Posted rates, s4.S4d4.sS.
Commercial bills, $.S2.
Silver certificates, 5S14Q59a.
Bar silver, 5Sk.
Silver certificates, 5S144591a.
Bar silver, 5Ss.
Mexican dollars, 47A.
Government bonds steady.
State bonds inactive.
Railroad bonds irregular.