The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-10-28
MUCH STRENGTH IN
THE STOCK MARKET
Fear of UnfavorabIe Bank State
ment Influenced Operators.
FlRMNESS IN CALL MONEY
Bonds Eased Off During Latter Part of
the Session in Sympathy, With
s Total Sales at Par Value
of $1,e15,ooo
.FIRMNESS IN CALL MONEY

j New York, October 27.-The stock market
made considerable display of strength
s during the early hours of the dav. Later
s there were occasional advances by indfvid-
ual stocks of groups, some of which saved
gains on'the day, but in the majority of
cases the active selling movement of Lake
Shore wiped out the earlier gains and car
ried prices in some cases sharply below
last nights level. The motive of the sell
s ing was the fear of an unfavorabIe bank
statement tomorrow, as we'll as to take at
{ fractive profits on the weeks advance. The
high-priced industrial speeialties and the
iron and steel stocks were conspicuous in
the late reaction.
+ The most notable movement of the day
was the rise in some of the railroads rum
ming through the south and southwest.
Louisville and Nashville and Southern
& Railway led with an extreme advance of
1ls Missouri Pacific was a close second.
There was notable firmness also in Mobile
and Ohio, Chesapeake and Ohio, Texas Pa
cific and st. Louis Southwestern after early
weakness and the Baltimore and Ohio
stocks. The large earnings shown by
monthly returns caused the movement.
The same motive advanced the price of
Atchson, preferred, and Northern Pacific.
The speculation was mixed during the
greater part of the day, many of the Lead
ing industrials drifting up and down at a
leven on either side of last nights price.
This true of Sugar, Tobacco, Man.
haitian and the leather stocks.
Call money Hurried to 10 per cent with
the late demand for loans to carry over till
Monday and was quite firm at to per
cent. all day. According to statements by
la91inor ha thn no Of
currency TO the interior, both by express
: and by deposits at the sub-treasury for
telegraphic transfer amount to about ST.
100000. After allowing for receipts of a
considerable sum in gold from the assay
office by the banks their loss to the SUBJ
treasury still amounts to upwards of a
million dollars. Tomorrow statement is
therefore expected to show loss in cash
fully S3,500,000 Unless the loan account of
the banks have been largely diminished it
is evident that the surplus reserve which
stood last Saturday at only $1,4H0I5, must
have been wiped out and a deficit estab-
1ished.
The bond market eased off late in the day
in sympathy with stocks but earlier gains
were not in all cases wiped out Total
sales par value s1,9l5000 United States
bonds were unchanged in bid quotations.
New York, October 27.-Money on call
firm at 514@10 per cent; last loan, 8.
Prime mercantile paper, 54o1s per cent.
Sterling exchange firm, with actual
business in bankers bills at s4S7@$4S7A for
demand, and at $4.S3d$4.S314 for sixty days.
Posted rates. $4.S46$4S41a and $4SSQ$4. SS12.
Commercial bills, $4.S2@$4.S2A.
Silver certificates, 59459.
Bar silver, SITS
Mexican dollars, 47A.
Government bonds steady.
State bonds inactive.
Railroad bonds irregular.
(By Private Wire to Talbot & Palmer)