The age-herald., 1900-10-20
GREAT ACTIVITY IN THE STOCK MARKET  Hs Bulls Secured the Upper Hand
 in Early Trading PROFIT TAKING ON CLOSE Some Specialties Sold Of, But General
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Some specialties Sold Of, But General Average Was Higher Trading Was
 Broadly Distributed-BondM Mar ket Showed Sympathy

New York October 19.-There was a very active market for all classes of stocks to- day, in which the bull element early se- cured the upper hand and maintained It with growing success throughout the day The rise in prices was so considerable as to invite free profit taking during the clos ing hour of the market. But new stocks were picked out for an advance with such good effect on the general list that 1t was able to absorb a very large amount of the offerings before any effort began to be pro- duced.
 Prices ran off somewhat in the final deal- ings, reducing extreme gains to a consider able extent and carrying few stocks, in- cluding some of the leading industrials, be- low last night. The closing was thus made irregular and very active, but the average level of prices was considerably higher as result of the days trading. The advance was contested during the earlier part of the day, but not as vigorously as yesterday. No further effort produced than to check the advance in some quarters with out effecting any actual declines. The pear opposition appeared to be withdrawn when the course of prices turned clearly in faVor of the bulls and some of the interests which  buying side
 It was notable also that yesterdays up- ward rush in the steel stocks was desisted from today and several groups ended with net losses, the important exceptions being the American Hoop stocks, the Colorado Fuel stock, and National Tube. Sugar and People's Gas were affected by realizing. This turning from one point in the market to another is a characteristic feature oi professional operation and manlpuidliVe processes which clearly played large part in today's market, but 1t was equally clear that the professional manipulation TOT the rise had large stocks in attracting outside buying
 With the exceptions above noted the strength of the market was very general and the trading was very broadly dlstrlo- uted.
 Preliminary estimates of the weeks cash changes of the banks were decidedly con- fused. The direct shipments by express to the interior and the operations of the banks with the New York sub-treasury indicates a loss in cash of $70S,00O. This takes no ac- count of the gold which has arrived from Europe this week, and which may De too late to figure prominently in the statements. This would throw the effect of the gold im- ports aver into next weeks statement. Ihe activity in the stock market seems 10 n- dicate an expansion of loans But loans on the Stock Exchange have come large ty rom trust cOmpdlAeS, "iiiNAA their bank deposits to secure the funds' There Is thus a possibility of shrinkage III tAe deposits and consequently in reserve re- Quirements, which will be to the advantage of the surplus.
 The bond market was considerably more active today and there were some large gains Total sales, par value, $2,I2o,0VO
 United States As advanced per cent on last call
 New York October 19.-Money on call firm at 3614 per cent; last loan at per cent. Prime mercantile paper 5d6 per cent. Sterling exchange heavy, with ac- tual business in bankers bills at Si.SiA for demand and at s4.S1A for sixty days. Post ed rates s4 SO1zQ4 .S51a. Commercial bills S4.s011@4.S1.
 Silver certificates 62h@6ic; bar silver 631Rc Mexican doalrs 495sc.
 overnment bonds strong: state bonds in- active; railroad bonds strong.
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