The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-10-04
BREAK IN PRICES
AT THE OPENING
Upward Tendency of Foreign
Stocks the Cause.
SELLING MOVEMENT ACTIVE
considerable Calling of Loans in the
Early Hours by National Banks
Whose Reserves Are Below
the Legal Limit

New York. October 3.-The disturbed
condition of the foreign markets for securi-
ties and the upward tendency of foreign
discounts caused break in prices at the
opening of the stock exchange here. The
selling movement was quite active in the
first hour and low prices for the day in the
majority of stocks were made in that time.
There was some pressure later in the day in
obscure quarters of the stock list. But
prices generally were better by the end of
the first hour. In the latter part of the
day the small volume of offerings invited
the bidding up of prices. The level OF
many stocks was carried above that of
last night, both in the railroads and indus
trial department. No large offerings were
brought out by the advance and even the
violent upward leap in the money rate to
40 per cent. after 2 o'clock caused only a
slight setback in prices. They hardened
again and the closing was very firm in an
almost stagnant market and only slightly
below the best of the day. There is very
fair mixture of net gains throughout the
list. The stock market was strikingy in
different to the ratio. There was consider
able calling of loans in the early hours by
national banks whose reserves are below
the legal limit. But the money rate did
not get above 20 per cent. during this
period, and at the opening loaned at per
cent 1t was after o'clock when the rate
spurted to 40 per cent, and then dropped
back again before the close. The urgent
demand for money seems confined to the
stock exchange, and the small disburse-
ments created by today's high rate indi-
Gates narrow limits of need there. These
notes. though they don't respond to the
high rates for call loans, are not offered in
asFl.l,
ing financial centers show some disposition
to advance today.
But the severe stringency seems to be
confined to New York and to a narrow
speculative circle in the stock exchange.
There is no evidence as yet of any disturb
ance of the course of general business for
lack of money. The action of the London
and Berlin money markets today and the
weekly return of the Imperial Bank of
Germany mdicte urgent need for money
there
Obviously no further movement of gold
to New York Is to be expected in the i'm
mediate future. No effect Is yet apparent
from the October distribution of dividends
and interest. but some funds expected
to make their way from this source into
the New York money market before many
days. hope is entertained in the stock
market circles that some measure of relief
by the treasury department is Imminent as
the absorption of surplus revenues is the
principal cause OF exhaustion of the local
money reserve.
The bond market was dull but prices
We're lower in response to the high money
rate. Total sales, par value, $1,295, 600.
United States declined u in the bid price,
New York, October S.-Money on call ir-
regular at COLO per cent, last loan 10 per
cent. Prime mercantile paper 5d5h per
cent Sterling exchange irregular with ac-
tual business in bankers bills at ASSET. 8S1s
for demand, and 4.S0as@4.s0A for sixty days.
Posted rates 4S1kQ4S2R and 4S6G4 S6ia
Commercial bills 4S044.S1 Silver certih-
Gates 5SdJ91ac. Bar silver &c. Mexican dol
lars 48c.
Government bonds easier; state bonds
steady; railroad bonds weak
(By Private Wire to Talbot & Palmer)