The times. [volume] (Richmond, Va.) 1890-1903, 1899-10-21

Active Speculation Rushed Them up
to Record Price.
OTHER STOCKS WERE AFFECTED.
And Moved Upward Through Sympa-
thy, Although the Strength Was
Not Widely Distributed-Mar-
kct Closed Strong.

NEW YORK, oct 20-Thc point Of
greatest interest IN to-days stock mar
kct was the active speculation in Pull
man. winch was rushed up after yester-
day sharp reaction AN extreme 9h points
L. Dlri, record pucc. The motive was
the Official confirmation OF the merging
OF the PULLMAN ana Wagner Palace Car
Company. which the STOCK tape had clear
ly forcsnaoowcd for some time. The pub
liz had ascertalncd that the NandcrVflts
are 10 get the holdings OF Boston and
Albany and Boston ana Maine stocks as
an lnCuent % the deal, and that New
York Central would thus gam control OF
New England railway AFFAIRS, gave the
Dui4s an opportunity lor an active specu-
lSuon I'm New YORK Central. They lifted
The price of that stock an extreme '32t
The influence of this movement on the
rest of the INST was mdrKeu, tnc Otner
Vanderbilt stocks. of course. moving most
closely in sympathy The bears covered
heavily all through the list The prOmi-
nent industrial spccimucs were most Al
fected. especial Sugar and Brooklyn Tran
slt. the dealings I'm which were very large
The hesitation which had been caused
earlier in the day by marked weakness Of
the Glucose stocks. and by sympathy with
the other iudustrlals. was overcome by
the strength of Pullman and New YORK
Central and prices for the railways rose
quite generally above last nights level
Inc easing OF the rate for sterling eX-
NtlnNo encouraged the llSts DuA IL gave
way 90 prOfiI-taKng I'm the last hour, when
the preliminary estimates of the move
mcnt of money for the week appeared,
and the rate for call money stluened 10
s per cent The most active stocks re-
acted a point and in Pullman the reaction
extended to nearly points. There was
some rally before the close. which was
firm and at small net gains lor most
stocks.
q riI OF
was almost wholly confined 10 the rev
most active stocks. The banks nave
gained slightly from the SubIreasury on
routine operations by reason or continued
large disbursements for Government eA-
pendltures and on account OF the anllcl-
pated interest, but the Outgo Of money 10
the interior has been heavy. The week S
shipments by some large banks have been
the largest of the season. The net result
ia estimated by experts at loss or cash
by the banks Of nearly S2VooVo. ,
The easing OF the exchange rate, IN
spite OF a slight hardening i'm the London
discount rate. was significant. The threat
cned outgO OF gold 10 London may pc
averted. but IL will be because or higher
money rate here. Interior rates for New
York exchange show no cessation OF ue-
mand from those quarters
The activity in bonds was somewhat
decreased. and there was weakness M
some points. Total sales, par value.
Slfl0NN lulltA states hpiiu7 HiiN t4''++r7' "a
IN price.
Total sales OF stocks. 444 500 shares. in
GLIDING Atchison preferred. "a 30; chi
caro. Burlington and quincy 1850; c.,
G.. & and St Louis. 1000. Illinois Cen
trial. 1900. Manhattan. $40. New york
Central. "a. c01: Northern PACING, 6b!D'
Ontario and Western. GOO. PENNSYLVANIA,
200. ST. Paul. 1900. Southern Paclhc
IGo75. Southern railway preferred, tfo-i
Union Pacific, 1900. Union Facinc pre-
ferrod. 1915. American tScel ana WIRE
~ ago. American Tobacco. q 100; hroohlAh
RaDid Transit. &C 500. Federal steel L.
rio. Glucose. 14.4oT; United states
leather 600, Sugar. 4f2So; Peoples
Gas J7i0.
MONEY AND EXCHANGE.-Mon on
call hrmer at jHS per cent. last loan az
q per cent: prime mercantile paper, oiaH 3
Uer cent Sterling exchange easier, win
sctual business in bankers bills az SiNts
m4S7lt for demand and at S4o5Aa4 Sjig
FOR sixty DAYS: posted rates, SlSlHi sil2
and 81 sal $50: commercial bills SIS ~.
silver certificates, 5SuJ9; bar silver 3''s;
Mexican dollars. A.. Government bonds
steady: state bonds weak, railroad bonds
irregular.
BANK CLEARINGS-The total Oar K
rlearings I'm the United States Tor the
week we're ST 1913. 763. 81; per cent in
crease. IS Exclusive of New York, SILL
G5G lg7, per cent. increase, 32.5.