The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-11-10
The BULL ELEMENT
SELL OUT STOCKS
Disposition to Liquidate in Spec
uIative Holdings Manifest.
SONOON CABLES WERE HIGH
The. Weakness of the Market Was Well
Distributed Except for the Special
Collapse in Leather, Which
Affected the Whole List.

New York, November "a general dis
position to liquidate in speculative holdings
was manifest in the stock market today.
Early in the day some general strength
as manifested which was due primarily
to the higher quotations cabled from Lon
don and which was aided by strength in
special stock; but the growing stiffness of
money and the total absence of any out
side buying demand discouraged the bull
element and they were sellers of the whole
list as the day advanced. The weakness
of stocks was very well distributed, except
for the special collapse in Leather, and
affected all departments of the list. The
declines in the dndustrials and speciaIties
are rather greater, because the commit
ments for the long account lin those stocks
were larger. There was heavy selling
Throughout the railroad list and large num-
Der of prominent stocks in that department
show met declines of a point or upward.
In the speclalties the average runs between
] and points for the leading stocks. An
exception Should be made for the iron and
steel stocks, several of which offered good
resistance to the decline. Steel and Wire
and American Hoop were examples. At
tention was almost wholly centered in the
money market outlook. The continuing de-
mands on the New York banks are re-
sarded as foreshadowing a still further de-
crease mn the proportion in cash reserves
IN the next bank statement The emphatic
utterances of treasury officials against the
poNcy of any further measures of relief by
the government dissipated the hopes that
We're prevalent in Wall street yesterday. AS
the banks have lost already to the sub
treasury something like s., 900 900 since last
FRIDAY, uhe attitude cf the trade is inn
poItant, Shipments by the New York banks
no u4lelf interior correspondents are reported
TO be on as large a scale as a week ago
New york exchange alt Chicago fell again
today to 10c discount compared with 10c
premium at the opening of the week The
continued expansion in THE interior need
Oh money and Jne absorption by the treas
ufy by means of the surplus in the reye-
nues is met by the calling in of loans, par
ucuiariy In the stock market on stock col
fateral There was sharp fall in sterling
exchange, partly due to the firmer local
money market and partly to an Increased
supply OH COTTON oils, which are now COM
ang forward in larger volume But .he
weekly statement of the bank of England
showing progressive decline in the rro-
portion of reserve to liability precIudes
tie hope of relief from that quarter. Tine
Iecuperation shown by the bank of Franco
IN It's weakly statement relieves the aopre-
hension of an immediate rise in that. instD-
tueoh rate OF Mseount, but this is small
paIilation OF the generally hardening ten
dency of tine worlds money r,,arlets rrha
closing of the stock market was easv and
near the low price of the day for most
STOCKS An incident of the day was tne
demand for silver certificates at a sharn
advance. ~
New YORK, November 9.-Money on call
4ul4 per cent; last loan per cent: ruling
rate, 10 per cent.
arfne mercantile paper, 5a5a4 per cent.
sSteflins exchange weak with actual bust
ness IN bankers bills at $4SeAa4. S6h for
demand and a.s11z@4.S 2A for sixty DAYS.
Posted rates, $s91s and s4S71k.
Commercial bills, $4Sk14.S2.
Silver certificates, 591a@601s.
Bar silver 5S%
Mexican dollars, 471k
Government bonds irregular.
State bonds inactive.
Railroad bonds weak