The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-11-05
letting GO OF THEIR GOLD
nnRs OF YELLOW COIN NOW
ANXIOUS TO EXCHANGE 1T
FOR CURRENCY.
NEW YORK SUB-TREASURY KEPT BUSY
Applications Were Accepted, Subject to
Delay for Observation-Disclosures
Rise in Stocks and Bonds Fol-
lowed the Election.

l. pOS
election trading on the stock exchang
today was strong in tone and buoyar
in character and for the first quarter {
an hour prices rose sharply. The ad
yances ranged up to 8 per cent, wit
Sugar as the leader of the market
There was, however, feverishnes
about the transactions which quickly lee
to realizing sales, resulting in reaction,
of about 1 to 2 12 per cent. These were
followed by sharp drives, the deals
meanwhile being on an enormous scale
and reaching proportions that have not
been witnessed for long time past.
There was buying on orders from out of
town, which was stimulated by receipt of
cables reporting higher prices for Ameri-
can securities on London stock exchange.
Foreign buying orders also were exc
cuted in very large volumes and mate
rally assisted in the upward movement.
There was, however, large selling for
take advantage of the rise which was
expected to occur in the initial dealings,
oninions differing rs TO the stability of
the advance. The hour preceding Ioon
was marked by larry STEADY tone ana
a moderate business, which brought the
market to about its normal condition.
Approaching midday the market was
again on the inward turn, and the |
s6ecialties attained considerable promi-
nenco Inv reason of wide fluctuations.
The innuirv for the loW-priced shares
also eycitpi interest and comment, and
in some Instances the best prices of the
dav were attained notably in Chicago
GAS Reading and Rock Island. Cotton
oil stocks in contrast TO the general ten
dencv had early sagged on reports of
M ssinp of dividend moved up toward
the close / "A nor cent for the common
and 10 nor cent for tbe preferred. The
trad;na w pei c char cterizcd by nervous
moss and diminished volume of bust
moss which was. however. better dis
tr;hnte5 than in the forenoon. The
news DEVELOPMENTS bearing upon the
: r;hntorv markets. were varied and ex-
trnmoiv Interesting and in sharp contrast
RI recentIv ruling conditions. Foreign
Nv obongn was irregular and to a large
oXtont Tho mutations were nominal.
Earlv in the day actual sterling was
mated ot . cents and posted figures
cent below final rates Monday, but
Il ter rn rallied slightly. Leading houses
~orn rnnorted undecided as to the imme-
1iote cause of exchange and appeared
iiSinclined to transact much business.
The nremir1ms on gold that have ruled
or, long time past entirely disappeared
nd neOpie who had withdrawn the gold
ONE time ago made Intellectual efforts
o exchange their holdings for currency
t the Office of bullion brokers. At the
applications were rejected
kept subject to delay for examination
md in return for receipts. it being stated
hat the entire clerical force of the cs-
Adjustment was taxed to the utmost in
counting the heavy Accommodations of sill
Ter. Finally the gold was turned over
o the banks and savings institutions,
md some of the banks that are under
food TO he short on currency will. It is
,tated. nav their balances at the clearing
,ouse temporarily in gold.
Money was distinctly easier, but large
transactions were made, and the call
ate was quickly forced down from 10
,er cent to and finally to 4 per cent.
Silver certificates were conspicuous by Il
lecline of 9 1-2 per cent to 81 II in
he early dealings; subsequently, with the
LIBERAL purchases. rally cnsucd 10
a Ia The total transactions we're
l6O. 900 shares.