The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-11-24

The Great Bull Movement I'm Wal
Street.

The Great Bull Movement I'm Wall
street.
NEW YORK. November 23.-Tbe great
"buII movement" IN stocks continues and
increases, and there II great excitement in
Wall street TO-DAY with food Of orders by
telegraph from the lambs TO buy everything
on the list.
One Cause Of the stock Boom.
EUROPEAN BUYERS or AMERICAN SECURITIES.
NEw York, November 23.--A prominent
German A mefican clearinghouse OF Broad
street report that tDeir special European
cable sdvlces are TO the effect that London
and Amsterdam investors are buying Ameri-
can securities largely, and in Paris pool OF
Spectators has been oigInized who are
taking about $4,000 shares Of prime United
States railway stocks.
Flood Tide I'm wall street.
SOME STOCKS AT A HIGHER PRICE THAN EVER
BEFORE.
NEW YoRK. November 23.-The Posts
financial article says: While the course OF
prices OF stocks has been more irregular
than II was yesterday there Is no slackenine
in the speculative pace. and again u Is true
that the highest prices for several socks
ever paid have been paid to-day. Lake
Shore has been bought a. high as 1924,
Michigan Central list, and Union Pacific
1921. In exception to the general list,
Western Union Telegraph and Bun lington
and Quincy have at times been weak, the
former falling to 1904 against 1045-
the highest price yesterday-and tbe
latter 10 1859 from 1854 Yesterday.
Western Union Telegraph declined be-
cause OF the failure to harmonic with The
American Union, and Burlington and Quin-
CIV because Of the official denial OF the story
to the effect that Mr.. Vanderbilt Is organ
izing a trans. continental system to rival that
Of Mr.. Gould. The general stock market
in the early dealings sympstbiZed with the
decline in Western Union Telegraph, but
from the first hour until shortly after noon
the whole list doomed IN sympathy with the
rise In the three stocks first named as bav.
ing sold at unprecedeutedly high figures.
Aside from the same named the following
stocks have been notably active: Erie up TO
4G4 Delaware, Lackawanna and Western up
to 1918 Jersey Central to Sl2; Northwest
to 1lS; Milwaukee aud ST. Paul TO 1913;
Reading TO 80; Ontario TO 3Qs; Northern
Pacific preferred has advanced to 6i3;
Chesapeake and Ohio TO 2lt. Since noon
there has been rejection OF 4Gl per cent,
led by New York Central and Western
Union Telegraph. The local money mar
ket is fully active at 6 per cent. and ~
turned ont that some OF the brokers who
were yesterday offering money at 4 per cent.
| lust before the close paid after the close OF
bank hours 6 per cent. and commission OF
| II for enough to make their bank accounts
good. While there is this activity for call
loans, holders OF good collateral can bor-
row up 10 the end of the year at per
cent. up 10 the beginning OF Fe6rn-
aiy at per cent. Prime mercantile
paper Is 4t@6 per cent. The banks are
| losing TO the south and west, aud 10 the
Treasury much more money than they are
gaining by gold imports. and on the rising
volume Of borrowers at the Stock Exchange
| the demand from that quarter for loans Is OF
course increasing TO the extent that STOCKS
are bought on margins at current prices.
The number OF shares OF stocks dealt IN at
the Stock Exchange yesterday was 633,So0-
that Is 10 say, in the excitement TINS amount
was reached. It is likely that fully 100000
shares, OF the par value OF SI0,0O0,0Oo,
changed hands, the largest transactions 10
single stock having been 5000 shares IN
Erie. The market for foreign exchange
is dull and weak, principally on account
OF the active demand for money here
the supply Of commercial bills being COM
paratively small, and the movement OF Sc
curities being not wholly in our favor. The
leading drawers OF sterling reduced their
posted rates this morning 10 ASH and 4S3 (;
the actual rates are 4SCt @4S2t. Cable trans
fers are 1929 @4S3. Prime commercial bills
are 41Sl@479. These rates. 1t is unneces'
sary 10 say. warrant gold imports, but they
thus far this week are below calculation.
The Treasury thus far to-day has teen un-
able to get any OF the 6's Of 1880 at the limit
ed but liberal price OF 1929.