The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-10-17
FIRM UNDERGONE
IN STOCK MARKET
Prominent Specialists Showed
Principal Activity
MONEY RATES RATHER EASY
Reactionary Tendency Arrested In Sew
eral Cases and Close Was Firm
Total Sales of Bonds at Par
Value, $1,775,Ooo
MONEY RATES RATHER EASY

New York, October 16.-The stock market
showed a firm undertone all day and end
ed with a vigorous upward movement in
progress in number of prominent stocks
which arrested reactionary tendency and
made the closing firm. Net gains exceeded
eight points in a few cases. The principal
activity was in the prominent specialtes,
Brooklyn Transit continuing to attract
large share of attention. There were re-
newed efforts to depress the stock, but
the support was too strong. Sugar and
Tobacco, the latter selling ex-dividend rose
at one time points each, but did not save
all their gains. Great Northern preferred
and Pullman continued their recent show
of strength, the former rising 81 and 51a
net. Pullmans extreme rise was 51R and it's
net gain 2. Metropolitan, Consolidated Gas
and Third Avenue were strong, but the
latter lost all of it's gain. Southern Pacific
was the leader of the late rally, after
falling to So, and was marked up vigorous
ly to 379s. st. Paul attained a net advance
of point. The Baltimore and Ohio stocks
were strong.
London's active dealings here were very
small, but the firmness of stocks there and
the lower rate for money in London had
a sentimental influence here. So in conse-
quence of the good showing made by the
bank of Germany the rise in the private
discount rate in Berlin suggested, however,
that the bank S recuperation was made at
the expense of the open market. The de-
cline in discounts in London was reflected
in an easier tone for sterling exchange
rates. But higher money rates are expect
ed in London, and that expectation is
factor in the speculative outlook here.
Money rates here have continued rather
n
low There was less demand for call
loans. The amount of money disbursed by
the sub-treasury on in terest account today,
according to preliminary estimates, did
not exceed 100000. This included not only
the anticipated interest of November 1 and
for the fiscal year, but also a considerable
sum of over due interest. This factor was,
therefore, not a large one in the easier
tone of the local money market. The sub
treasury, however, had a debt belance of
over million dollars at the clearing house
on account of payment of government OBJ
legations. No drain is apparent thus far
from the banks at the sub-treasury for
Geographic transfers to other points show
that the interior demand for money is not
yet satisfied.
The bond market continued moderately
active. and some of the southern issues
moved upwards. Total sales, par value.
$17750OO. United States rs advanced "A,
but the SIS declined 1s in the bid price.
New York, October 16.-Money on call
steady, 41ad6 per cent; last loan, Az per
cent.
Prime mercantile paper So per cent.
Sterling exchange easier with actual busi-
ness in bankers bills at $4.S61a6f4.S6a for
demand and $4.S21a@4.S6A for sixty days.
Posted rates, $4.S31a@4.S71a.
Commercial bills, $4.S11A.
Silver certificates, 5SAd59.
Bar silver, IS.
Mexican dollars, AZ.
Government bonds irregular.
State bonds inactive.
Railroad bonds irregular.